Bitcoin ATMs Coming to Australia and New Zealand

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By Reissa Su | February 4, 2014 7:04 PM EST

A hundred Bitcoin ATMs will be coming to Australia and New Zealand. According to ABC Online, Australian Bitcoin ATMs would be rolling out ATMs in Australia as well as in Auckland, New Zealand.

Reuters
Some of Bitcoin enthusiast Mike Caldwell's coins are pictured at his office in Sandy, Utah, September 17, 2013.REUTERS/Jim Urquhart

CEO Chris Guzowski said Bitcoin owners can type how the number of coins they want to sell. The ATM will connect to an international Bitcoin exchange and processes the transaction their behalf. The ATM will release the cash once the Bitcoin exchange is successful. Those who want to buy Bitcoin can simply do so using the ATM and pay in cash.

Based on the given information, the ATM will be capable of two-way transactions. According to Coindesk, the image on the company's Web site suggests that ATMs will be Robocoin machines.

In the ABC interview, David Glance from the University of Western Australia's Centre for Software Practice has declared that ATMs are not enough for the mass adoption of Bitcoin as a currency.

Bitcoin milestone

Bitcoin may be here to stay as the value of the digital currency has reached above $1,000 for the first time Nov. 27. The spectacular rise of Bitcoin has extended its 400 percent rise in just a month. Some Bitcoin believers see the virtual currency as a growing asset that continues to remain a mystery to the majority.

At the start of November, Bitcoin was traded at $215. The popular digital currency is neither supported by the Central Bank nor the government. Analysts speculate that Bitcoin's price surge will be seen as overvalued in a short amount of time due to its increasing demand but limited supply.

Bitcoin is traded daily at 24 hours a day unlike the stock exchange which observes certain times. The digital currency's value is determined by the amount of confidence the people have in Bitcoin. It has been slowly gaining acceptance by investors and the general public. But it has yet to be allowed as a mode of payment in major retailer Web sites like Amazon.com.  

Australian regulators have not released formal guidelines regarding Bitcoin as of late. 

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(Photo: Reuters / )
Some of Bitcoin enthusiast Mike Caldwell's coins are pictured at his office in Sandy, Utah, September 17, 2013.REUTERS/Jim Urquhart
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