[2017-09-04] Number of Bitcoin ATMs Will Increase in Australia from 20 to 500

[nickbelski]

Australia could gain up to 500 two-way Bitcoin ATMs following a partnership between two native fintech firms.

Under the deal between Stargroup and Digital X, bespoke ATM software will run in tandem with a special API to ‘retrofit’ Stargroup’s standard ATMs with Bitcoin purchase and sales functionality.

Once complete, a full roll-out would see the number of Bitcoin ATMs increase in multiples from the current nationwide total of just 20 machines.

“This development may also be able to be applied to other cryptocurrencies and be distributed internationally,” Stargroup’s CEO Todd Zani said in an accompanying press release.

Australia has been comparatively quiet in the ATM sector until now. In the US, competition has heated up among manufacturers aiming to corner the market with roll-outs of dozens of machines across the country this year.

The move marks a show of confidence from Digital X, which in June received a $4.35 mln investment package from local consortium Blockchain Global.

“... We view this opportunity as a suitable fit to offer ordinary Australians exposure to cryptocurrency,” CEO Leigh Travers commented.

At legislative level, Australia has only now taking formal steps to regulate cryptocurrency, having approved Bitcoin as a legal currency last month.

Source
https://cointelegraph.com/news/number-of-bitcoin-atms-will-increase-in-australia-from-20-to-500

[1714901030]

1714901030

[TravelMug]

This is no surprise since Australia has already legalized bitcoin last July 1. Well I do agree that its a welcoming news for those Australian that doesn't know about bitcoin. 500 would be a huge numbers and it would really attract curiosity for those non-crypto Autralian. However, I'm expecting that exorbitant fee would be impose fee around it as seen on other ATM that has already been put up around the world. But still this is a positive news for bitcoin market in general. Bitcoin is adoption is kinda slow as compare to Japan though. Let us see what will it bring to the Ozzies.

[BitHodler]

I initially thought that Bitcoin ATM's weren't really used, till I personally have seen one in real life in a so called 'night store' where people can also send and receive money through MoneyGram.

The owner has said that due to the latest volatility and news coverage, his store has been infested with people buying and selling coins on a daily basis in his store.

I am happy and proud at the same time with how things are progressing lately. I however would also like to see this level of progression stretching out all the way to Europe ~ everything seems to take ages here.

[1Referee]

I initially thought that Bitcoin ATM's weren't really used, till I personally have seen one in real life in a so called 'night store' where people can also send and receive money through MoneyGram.

The owner has said that due to the latest volatility and news coverage, his store has been infested with people buying and selling coins on a daily basis in his store.

It's nice and all that people are looking to buy themselves into Bitcoin, but we shouldn't forget that the form of usage you described is purely speculative. People are only interested in the volatility of the market, and may just be playing this market as a short term thingy. I have been searching for statistical information over a longer period of time in terms of BATM usage, but there is nothing the companies behind them are willing to share, or at least, nothing of useful nature. Only time will tell how much usage these machines will continue to experience - real test will be when the market remains calm for a while. If these machines then still experience a decent level of usage, then there is some legit growth that has been going on lately, but I have my doubts.

[CryptoBry]

Maybe this is is a good news that can lessen the gloomy effect of the recent news from China. I am happy that Australia embraced Bitcoin though we have to compromised for some regulations in return for being allowed to be utilized by the people or Bitcoin enthusiasts all over Australia.

It is maybe time that we all have a solidarity in showing that we don't actually need the China market to push forward the Bitcoin agenda. I am actually wishing that China will totally ban Bitcoin in that country so that miners will have to locate elsewhere like Australia where solar power is on the advanced stage of development. 

[IAMYOURLEADER]

Australia isn't afraid of progress and that is what I like about them. I hope neighboring countries would be next to them and welcome bitcoin as new currency of this era.