Australian newsstands selling Bitcoin

How to get Bitcoin more conveniently? Australian Bitcoin enthusiasts have solved the problem by allowing consumers to buy Bitcoin at local street newsstands.

Where to buy newspapers, you can buy Bitcoin

Two Australian startups are about to launch a new service that will allow people to buy Bitcoin as easily as buying newspapers. That means in the coming weeks, about 1,200 newsstands in Australia will sell Bitcoin. It can be purchased in cash, which means consumers do not need to provide ID. The minimum purchase amount is 50 Australian dollars per time, which includes a 4% commission.

This way, Bitcoin enters places that people frequent. Newsstands are places where people often buy newspapers and magazines, and selling Bitcoin also brings opportunities for newsstand owners to earn extra income while promoting Bitcoin.

Bitcoin.com.au is an Australian exchange that wants to promote Bitcoin across Australia. This idea became a reality after it became a partner with financial technology startup Blueshyft. It is worth mentioning that the owner of Blueshyft is the nephew of media tycoon Rupert Murdoch, and Bitcoin.com.au is a subsidiary of Global Internet Ventures.

Kain Warwick, CEO of Blueshyft, told the media:

Our sales platform has networked newspaper agents, courier service provider TNT and bookmaker Ladbrokes, which brings diversified benefits to newspaper distributors and also provides an entry point for online businesses. This allows online businesses and digital sellers to expand their products and services to local retailers without having to spend money on deployment.

Bitcoin.com.au may be well known to Australian bitcoin enthusiasts as the company is involved in two different bitcoin exchanges, Buyabitcoin and Bit Trade. The exchanges must verify their IDs when processing bitcoin purchases. However, with the newsagents’ over-the-counter purchase solution, ID verification is no longer required.

Newsstand sales are convenient

Newsstands can sell Bitcoins through iPads equipped with user interfaces. This process of buying Bitcoins allows users to experience the purchase process in a tangible way. It remains to be seen whether consumers are interested in this method. Many people still associate Bitcoin with illegal activities.

If all goes to plan, the two startups hope to complete 15 million transactions in the first year. This means that each newsstand will sell 34 bitcoins a day. In addition, the company team expects that the average bitcoin sales will be between 150 and 200 Australian dollars.