The OzBitcoin Exchange is now open in testing mode. OzBitcoin Exchange is an Australian Dollar—Bitcoin exchange based on GLBSE. Each asset with the ticker symbol Oz.AUD is equivalent with and redeemable from the issuer for Australian dollars. To convert Bitcoin to AUD, you may buy Oz.AUD on GLBSE and then submit a redemption request on our website to have Australian dollars credited to your Australian bank account. To buy bitcoin for AUD, submit a deposit request on out website, then transfer funds to the OzBitcoin bank account and we will credit your GLBSE account with Oz.AUD, which you can then sell on GLBSE for bitcoin. We hope to offer other funding and redemption methods in the future.
During the beta phase, no deposit, withdrawal fees or transaction fees will be charged. The beta phase will run until at least the end of August, possibly longer.
We note a few issues that we hope to have ironed out in the future. Currently, because you are buying and selling AUD equivalents, the prices are inverted from those usually quoted for bitcoin prices expressed in fiat. For example, to buy a bitcoin for $10, you need to sell 10 Oz.AUD for 0.1 BTC each.
Also, the contract does not currently display correctly on the GLBSE assets page. Here is the correct contract:
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<contract_text>
<type>
stored value asset
</type>
<issuer>
<contact>
<email>
ozbitcoin@ozbitcoin.com</email>
<public_key>
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</contact>
<officers />
<name>
<organisation />
</name>
<address>
<website />
<offices />
</address>
</issuer>
<terms>
OzBitcoin Exchange
Asset ID: OzBitcoin.AUD
This asset acts as a stored value facility for Australian Dollars.
One Asset is equivalent to and exchangable with Australian Dollars from the issuer.
The formula for exchange shall be
Buying OzBitcoin.AUD
--------------------------------
Cost of 1 OzBitcoin.AUD = 1 AUD plus exchange handling deposit fee
Selling OzBitcoin.AUD
--------------------------------
Proceeds of 1 OzBitcoin.AUD = 1 AUD minus exchange handling withdrawal fee
The exchange handling fee is dependent on the method of exchange and is given in the terms and conditions of OzBitcoin.AUD.
The terms and conditions are subject to change and and are available on request from the issuer.
Any changes to the terms and conditions will be published on ozbitcoin.com or elsewhere as the issuer deems appropriate at least
20 days prior to the change taking place.
OzBitcoin.AUD is also exchangeable for Bitcoin on the GLBSE.
OzBitcoin.AUD operates under Australian law and abides by the EFT Code of Practice.
No account holder may purchase more than 1000 AUD worth of OzBitcoin.AUD
By purchasing this asset, you agree that you will not purchase more than 1000 OzBitcoin.AUD and that you will abide by the terms and conditions.
</terms>
<bylaws>
http://ozbitcoin.com/terms-and-conditions/</bylaws>
</contract_text>
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If you have any questions, feel free to ask here, or email me at
ozbtcoin@ozbitcoin.com
