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1,200 NEWSSTANDS IN AUSTRALIA NOW SELLING BITCOIN AND ETHEREUM

As of today, Australians are now able to buy Bitcoin and Ethereum from more than 1,200 newsagents around the continent.

AUSTRALIA FOR BITCOIN

Buying Bitcoin or Ethereum in Australia is now as easy as walking to the nearest newsstand.

Cryptocurrency exchange bitcoin.com.au has launched the convenient service, after installing out the infrastructure in various locations since 2016.

Though easier than ever, many individuals still aren’t accustomed to the idea of buying a digital product from a physical vendor. In an interview with 9Finance, CEO Rupert Hackett explains:

When your product is totally digital it can be hard to gain trust from consumers because there’s no tangible product being handed over. Using newsagents provides consumers with a convenient and trusted way for investors to buy cryptocurrency.

The addition of Ethereum sales to the Bitcoin-focused exchange’s might come as a bit of a surprise, but Hackett claims it was necessary, due to the steep price tag of Bitcoin potentially scaring off new investors:

Traditionally, the only people who knew about Ethereum or wanted to buy it were those who already had bought Bitcoin. But now that cryptocurrency is more well-known we found that Ethereum’s cheaper price point made it a more digestible value proposition for buyers.

Assuming users have properly set up their own mobile, desktop or cold-storage wallets, Hackett says buyers will have their cryptocurrency of choice in their digital wallets in 20 minutes or less, on average.

Purchases from these newsstands aren’t exactly cheap, however. Purchase made on March 1 are fee-free, but any purchases made after that carry a rather hefty 5 percent fee. Hackett claims the fee is worth it, however, for the convenience, explaining:

The fact that you can now buy Bitcoin and Ethereum from the same place you purchase soft drinks and stationery really speaks to how institutionalised cryptocurrency has become. For anyone who has hesitated about buying Bitcoin because it all seemed too complicated, this is the perfect setup that takes the fear factor out of investing in digital currencies.

The increased ease of purchase for Australians undoubtedly represents yet another positive step towards the mainstream adoption of Bitcoin and Ethereum as viable cryptocurrencies.

Author: ADAM JAMES · MARCH 1, 2018 · 6:00 PM

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

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Bitcoin SUCCESS sees Australia pledge creation of price stable gold-backed cryptocurrency

A NEW cryptocurrency backed by gold is set to be made by Australia’s largest gold refinery after the Chief Executive announced plans to increase investment in the country’s metals.

Perth Mint have said they are hoping to capitalise on the rise the trading of digital currencies as a way to help increase interest in investing in Australia.

A number of cryptocurrencies have risen in popularity over the past 12 months with bitcoin, Ripple, and Ethereum all seeing surges.

Richard Hayes, Chief Executive of Perth Mint said: “I think as the world moves through times of increasing uncertainty, you’re seeing people look for alternate offerings.

“And you’re seeing this massive flow of funds into the likes of Bitcoin at the moment because people are looking for something outside of the traditional investments.”

He added that the proposed online money would “bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies.”

Bitcoin was the original virtual currency and since it first mined in 2009, has seen its value surge and reach an all-time high of more than $17,000 (£12,000) in December 2017.

However, the value of bitcoin has plunged since then and last week saw its value drop to just £8,300.

Mr Hayes argued the decision of the mint to develop a gold-backed currency, similar to how physical currencies have previously been linked in the past, would help bring greater price stability to those investing in the digital money.

He claimed his plans would mean people could trust that the cryptocurrency was actually worth a physical amount.

He said: “With a crypto-gold or a crypto-precious metals offering, what you will see is that gold is actually backing it.

“So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.”

The Perth Mint are not the first to announce their intentions of creating a currency linked to gold.

Last year a cryptocurrency linked to gold called Onegram was announced by finance firm Shariah-compliant , leading to significant media attention.

However, sale of the currency flopped, with less than 0.14 per cent of the company’s target being sold in the first phase of the initial coin offering.

Venezuela has also announced plans to launch a cryptocurrency, called the Petro, that will be supported by gold.

Author DAN FALVEY UPDATED: 02:09, Sun, Jan 28, 2018

Posted by David Ogden Entrepreneur
David ogden cryptocurrency entrepreneur

David