C ryptocurrency adopters in Australia will now be able to buy bitcoin and ethereum from 1,200 newsstands across the country.
A new joint venture between domestic cryptocurrency exchange Bitcoin Australia and payments provider Blueshyft, 1,200 newsstands in Australia will be able to resell Bitcoin and Ethereum which are the two leading cryptocurrencies by market capitalization. To make the purchase, customers have to download a digital wallet where they have to enter their email and mobile number to register. The user can then scan a QR code displayed at the newsagent via an iPad to make the purchase and complete the transaction at a fee of 5 percent. Buyers will see their crypto purchases in their wallets within 20 minutes.
In an interview with Australian Financial review, Bitcoin Australia chief executive Rupert Hackett says that the move to put forward cryptocurrencies at newsstands was about “democratizing” the process of adopting the digital product at the customary physical newsstand.
Further, he assured that a physical retailer selling bitcoin will get confidence from a new adopter who may have fear investing in cryptocurrencies online. “When your product is absolutely digital it can be tough to achieve trust from consumers because there’s no substantial product being handed over. Using newsagents provides consumers with a convenient and trusted way for investors to buy cryptocurrency.”
The attempt primarily started with to put money into bitcoin only but the advent of Ethereum in recent years has seen the cryptocurrency join bitcoin in being sold over the counter. “Initially, the only people who knew about Ethereum or wanted to buy it were those who already had bought Bitcoin,” Hackett said. “But now that cryptocurrency is more popular, we found that Ethereum’s affordable price point made it an easier to understand value offer for buyers.”
Selling bitcoin and Ethereum over the counter will also facilitate the legacy industry of newsstands in the digital age as a new source of income and the accompanying mainstream interest in cryptocurrencies.