1,200 Australian newsstands begin selling Bitcoin and Ethereum

1,200 newsstands in Australia now support the buying and selling of Bitcoin and Ethereum, greatly improving the convenience of trading these two cryptocurrencies in the country. The service was launched by cryptocurrency exchange bitcoin.com.au, which has been installing infrastructure in various locations since 2016. According to the company's CEO, the service will greatly improve the convenience of transactions and eliminate investors' concerns about investing in digital currencies, thereby promoting the mainstream adoption of Bitcoin and Ethereum.

Translation: Clover

It is now very easy to buy Bitcoin or Ethereum in Australia. You can do it by walking to the nearest newsagent on the street.

Cryptocurrency exchange bitcoin.com.au launched the convenient service after it began installing infrastructure at various locations in 2016.

But while it’s easier than ever, many people are still not used to the idea of ​​buying digital products from physical vendors. Rupert Hackett, the company’s CEO, explained in an interview with 9Finance:

“If your product is entirely digital, it’s difficult to gain consumer trust because there’s no tangible product being delivered. Using newsagents gives consumers a convenient and reliable way for investors to buy cryptocurrencies.”

The addition of Ethereum as an option for a Bitcoin-focused exchange may come as a bit of a surprise, but Hackett believes it’s necessary as Bitcoin’s high price could scare off new investors:

“Traditionally, the only people who knew about Ethereum or wanted to buy Ethereum were those who had already bought Bitcoin. But now that cryptocurrencies are more familiar, we find that Ethereum’s lower price makes it an easier value proposition for buyers to understand.”

Assuming users have properly set up their own mobile, desktop or cold storage wallet, buyers can select their cryptocurrency in their digital wallet in an average of 20 minutes or less, Hackett said.

However, buying cryptocurrencies from these newsstands is not cheap. There will be no transaction fees on March 1, but after that, the transaction fee will be as high as 5%. However, Hackett believes that these fees are worth it for the convenience, explaining:

“The fact that you can now buy Bitcoin and Ethereum in the same places you buy drinks and stationery really shows how institutionalised cryptocurrencies have become. For anyone who has hesitated to buy Bitcoin because it was too complicated, this is the perfect setup that removes the fear factor of investing in digital currencies.”

For Australians, increasing the ease of purchase is undoubtedly another positive step towards mainstream adoption of Bitcoin and Ethereum as viable cryptocurrencies.