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You can now buy Bitcoin and Ethereum at 1,200 newsagents in Australia

Posted: 2 March 2018 12:15 pm
News

Aussies can now buy cryptocurrency at the newsagent, with just a phone and email address. $50 minimum.

Do you want to buy at least $50 worth of bitcoin or Ethereum? Do you want to pick up a Women's Weekly and a cold drink to go with it? You're in luck. Bitcoin.com.au has rolled out to over 1,200 newsagencies around Australia, letting almost anyone pick up crypto just down the road. It's been available for a while, but this marks a significant expansion of its available locations.


How does it work?

Like this.

Source: Bitcoin.com.au


What you're looking at there is someone handing over cash. Specifically two twenties and probably a pair of fivers. They must be going with the $50 minimum. The newsagent then taps the appropriate buttons and does their thing on their mini iPad, and prepares it to scan a QR code. To receive the bitcoin or Ethereum, the cryptocurrency buyer just lets the iPad scan their QR code.

That QR code is automatically generated by a mobile cryptocurrency wallet. These are just downloadable apps, available on the App Store. Apologies to anyone hoping for something more dramatic, but you could literally download and install the wallet while waiting in line at the newsagent.

In most cases, they're designed to be easy, and once the wallet is set up generating your QR code, it's as easy as just following the prompts.

How to get your wallet and QR code

This service lets you buy either bitcoin or Ethereum, so you'll have to make sure you choose a wallet that can hold the correct cryptocurrency.

For bitcoin only, one of the most user friendly options is probably a wallet called Bread. You can find a step by step guide to setting it up here. The main downside is that it can only hold bitcoin.

If you're interested in both bitcoin and Ethereum, or want the option of holding many different kinds of cryptocurrencies, a multi-currency wallet might be preferable. Coinomi is one of the more popular multi-currency options, but at this stage, it's for Android phones only.

Just what am I meant to do with bitcoin? Why would I buy it?

At this stage mostly just to feel cool. Maybe some minor bragging rights, depending on which circles you move in. Perhaps you'd buy it for the same reason people buy lotto tickets at newsagents.

It's not entirely useless though. There are dozens of stores around Australia that accept bitcoin as payment. If you buy some bitcoin, its price goes up and you end up spending it at one of those stores, it's kind of like free money. Free money that you purchased for at least $50 including 5% commission because the future is wild.


Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, SALT, BTC, NANO

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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