Wednesday, 11 July 2018 11:36

Bitcoin ATMs in Australia more than double in past 6 months

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The number 42 is the answer to life, the universe and everything but 46 is the answer to how many Bitcoin ATMs are in Australia as of July 2018.

The news comes via FindBitcoinATM, which bills itself as "a Bitcoin ATM locator website with the details of locations, limits and fees for the 46 Bitcoin ATMs operating in Australia".

"On the FindBitcoinATM website, visitors can quickly search to find their closest Bitcoin ATM. People can also submit new ATM locations and review and rate existing machines".

Until this recent growth, the company tells us that "only people in Australia's larger cities like Sydney and Melbourne had access to Bitcoin ATMs. Up to the end of 2017, there were 21 Bitcoin ATMs across Australia. The first Bitcoin ATM in Australia was installed in Sydney's Pitt Street Mall in 2014".

"On the east coast of Australia, there are 18 Bitcoin ATMs available from Cairns in the north to Sydney in the south. There are four Bitcoin ATMs across Adelaide.

"Victoria has the highest number of Bitcoin ATMs at 13 with eight of these installed in the city of Melbourne and surrounding suburbs this year alone. The remaining Bitcoin ATMs are located across Australia".

What does the company list as "a few key benefits of using Bitcoin ATMs"?

These include:

  • Ease of use
  • Anonymity
  • Fast support.

We're told that, "wthout the complexities of online exchanges, people new to the world of cryptocurrencies find the similarities between traditional ATMs and Bitcoin ATMs very attractive.

"To use a Bitcoin ATM people simply navigate a touch screen to select how much Bitcoin they want to purchase, insert their cash and the Bitcoin is deposited into a mobile or paper wallet. To sell Bitcoin, this process is reversed, and the ATM provides cash.

"In Australia, some Bitcoin ATMs require people to provide identification to comply with Know Your Customer and Anti-Money Laundering (KYC and AML) laws. There are, however, many machines that don't require identification. This is attractive to people who want to keep their cryptocurrency purchases private.

"Known to have faster support than online exchanges, Bitcoin ATMs list support numbers at each ATM so people can get help in real-time. This differs to online exchanges where it can take days, sometimes weeks, to receive a response from customer support".

James Russell, the founder of FindBitcoinATM, said the rapid growth in Bitcoin ATMs across Australia is a positive sign for cryptocurrencies, and added: "Bitcoin ATMs are simple and easy for people to use so they're a great option for people just getting started in cryptocurrency.

"Similar to traditional ATMs, Bitcoin ATMs allow people to buy and sell Bitcoin almost instantly.

"The rapid growth in Bitcoin ATMs across Australia in 2018 is exciting and shows just how receptive Australia is to this new technology.

"As cryptocurrencies become more widely accepted, I anticipate the number of Bitcoin ATMs around Australia to continue growing rapidly."

The company ends by stating: "Although market capitalisation for cryptocurrencies has decreased in recent months, the rapid growth in Bitcoin ATMs across Australia shows how receptive Australians are to cryptocurrencies and its associated technology".

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Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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