First Bitcoin ATM in Australia Launches in Sydney
By Esther Tanquintic-Misa | April 16, 2014 11:11 AM EST
Australia has launched its first Bitcoin ATM in Sydney despite troubles and a threat from the National Australia Bank (NAB) that it will close the accounts of businesses trading in crypto-currencies, including Bitcoin.
A woman stands behind a digital Bitcoin wallet during the Inside Bitcoins: The Future of Virtual Currency Conference in New York April 8, 2014. REUTERS/Lucas Jackson
Resembling a regular banking ATM, Australian Bitcoin ATMs, also known as ABA Technology Pty Ltd, unveiled the machine inside Westfield on Pitt St in Sydney's CBD on Tuesday morning.
Chris Gruzowski, chief executive of ABA, said the machine will enable "regular people" easier and faster transactions with Bitcoin.
"Here we have it in a Westfield shopping centre where it's available immediately and securely for everyone," Mr Gruzowski said. "We want to allow every Australian to easily buy and sell bitcoin."
The ATM will enable customers withdraw cash from their existing Bitcoin wallets as well as turn their real wallets into a virtual one, ABA said.
"Bitcoin ATMs remove the indimidating [sic] and difficult aspects of buying and selling bitcoins," the company said on its Web site.
"With an intuitive, straight-forward interface and the convenience of immediate liquidity, Bitcoin ATMs attract both first time users with almost no knowledge of the cryptocurrency and its seasoned traders."
Mr Guzowski said they have placed a stringent verification process before bitcoins can be traded. For one, first-time users are required to provide appropriate identification. Once verified, consumers need to provide their phone number, PIN and the palm of their hand to authenticate transactions.
ABA plans to install some 100 bitcoin ATMs by 2015 and over 500 ATMs around the world by the end of 2016.
Bitcoin rose to more than $1100 in 2013 but plummeted to below $400 last week due to tightened controls and regulation by global central banks.
"There are more companies accepting Bitcoin, the more people accept it, the more people use it, there are tens of thousands of users in Australia and thousands new people entering the Bitcoin economy on a daily basis," Mr Guzowski said.
To report problems or to leave feedback about this article, e-mail:
To contact the editor, e-mail:
Most Popular Slideshows
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Angelina Jolie & Brad Pitt’s Top Secret Wedding Tramps Jennifer Aniston’s ‘Friends’ Reunion & Pregnancy Talks [PHOTOS]
- 2014 US Open: Hottest Male Tennis Players To Watch [PHOTOS]
Join the Conversation
- Pricey iPhone 6 on Release Date Likely but with 3X Retina Resolution & Mobile Payment Service – Reports
- 5.5-Inch iPhone 6 is iPhone Air on Sept 19 Release Date: 5 Things to Consider Before Buying
- Nexus 6 Release Date Update: Moto X+1 Look Leaked, Nexus X or Shamu Moved to Demo Phase
- Google Nexus 8 Confirmed as HTC T1 aka Volantis/Flounder with Freshly-Leaked Specs & Features – Reports
- Europe, US Next on ISIS’ Hit List, Says Saudi King; Seized ISIS Laptop Reveals Terrifying Bio-Warfare Plans
- iPhone 6 On Release Date To Feature Qualcomm MDM9625M LTE, 1GB RAM, Mobile Payment Deal With AMEX, 1334x750 Display
- Leaker of Actresses Nude Photos Accepting PayPal Donations in Exchange For Posting Alleged Sex Video of Jennifer Lawrence, Has Naked Pictures of 100 Hollywood A-Listers