Cryptocurrency adopters in Australia will now be able to purchase bitcoin and ethereum from 1,200 newsstands across the country.
Thanks to a new partnership between domestic cryptocurrency exchange Bitcoin Australia and payments provider Blueshyft, some 1,200 newsstands in Australia will be equipped to resell bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization. To make the purchase, customers will need to download a digital wallet to enter their email and mobile number to register. The user can then scan a QR code displayed at the newsagent via an iPad to make the purchase and complete the transaction at a fee of 5 percent, a 9Finance report reveals. Buyers will, on average, see their crypto purchases reflect in their wallets in under 20 minutes.
Bitcoin Australia chief executive Rupert Hackett says that the move to offer cryptocurrencies at newsstands was about “democratizing” the process of adopting the digital product at the traditional physical newsstand, in an interview with the Australian Financial Review.
Further, he contends that a physical vendor selling bitcoin will gain trust from a new adopter who may have trepidation investing in cryptocurrencies online. “When your product is totally digital it can be hard to gain trust from consumers because there’s no tangible product being handed over,” he told 9Finance, adding:
“Using newsagents provides consumers with a convenient and trusted way for investors to buy cryptocurrency.”
As reported in mid-2016, the endeavor first began with purchases of bitcoin alone but the advent of Ethereum in recent years has seen the cryptocurrency join bitcoin in being sold over the counter. “Traditionally, the only people who knew about Ethereum or wanted to buy it were those who already had bought Bitcoin,” Hackett said. “But now that cryptocurrency is more well-known we found that Ethereum’s cheaper price point made it a more digestible value proposition for buyers.”
Selling bitcoin and Ethereum over the counter will also help the legacy industry of newsstands in the digital age as a new source of income and the accompanying mainstream interest in cryptocurrencies.