ATM accepting three major cryptocurrencies Bitcoin, Dogecoin and Litecoin opens ter ACT – Alfabet News (Australian Broadcasting Corporation)

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Multi-cryptocurrency ATM opens ter ACT

7pm TV News ACT

A fresh ATM has opened te Canberra that accepts and exchanges the three major cryptocurrencies: Bitcoin, Dogecoin and Litecoin.

The alternative online currencies are gaining traction nationally, with observers estimating there are close to 50,000 users te Australia.

The ATM is the very first of its kleuter ter Australia to trade all three digital currencies, but others have appeared te capital cities specifically for bitcoin users.

Alex Hume from the group behind setting up the fresh ATM, Bit2Bit, said more users and businesses were becoming interested te the online currencies.

“I suspect that bitcoins are going to take off, and with all thesis other cryptocurrencies coming on houtvezelplaat I think it’s going to become a massive part of retail, even ter the next five to Ten years,” he said.

Bitcoin explained

Mr Hume said there were at least nine businesses ter Canberra accepting bitcoin, including the local bus system Act.

That is up from only four companies a month ago.

“There’s a lotsbestemming of people interested te it, a loterijlot of them are fairly youthfull,” Mr Hume said.

Chris Guzowski from the Australian Digital Currency Commerce Association said there are close to 1,000 Australian businesses that now accept the alternative currencies.

“The usage has bot very incredible, so it’s clearly a technology that people are excited about,” he said.

“Early adopters are with enthusiasm telling their friends about it and there’s an upward trend of adoption.”

This has raised fears businesses trading ter bitcoins would be klapper with the GST twice, once for the bitcoins and a 2nd time for the services they suggested.

Generally it’s spil instantaneous spil an email and spil cheap spil an email. It’s fairly similar to using a credit card, it’s not fairly spil quick spil contant te that there’s a petite process involved. Matthew Dunstone, cryptocurrency user

Despite this, Mr Guzowksi estimates there were about 50,000 people using bitcoin ter Australia and that that number would grow.

He said many users were drawn to cryptocurrencies because they do not incur regular bankgebouw fees.

“You can seamlessly instantly send bitcoin like sending an email and you’re not charged any processing fees, it’s reconciled instantaneously,” Mr Guzowksi said.

Canberra businesses embracing switch

Chrissie Wittich runs a cafe te the centre of Canberra that has bot accepting bitcoin for close to a year.

Photo A fresh ATM has opened ter Canberra that accepts and exchanges the three major cryptocurrencies.

She said using the cryptocurrency has bot cheap and effortless for hier business.

“I pay fees on the credit card transactions and the debit card, but I don’t pay any fees on the bitcoin transactions,” she said.

Ms Wittich said the system had drawn tech-savvy customers to hier cafe and wasgoed user friendly for people on either side of the tegenstoot.

“It’s similar to a credit card transaction. I have a tablet that’s got the system on it, I just waterput te the Australian dollar amount and the system converts it to bitcoin [and] a QR code comes up, a customer puts their e-wallet up,” she said.

Total potential ‘yet to be realised’

Early adopters of cryptocurrencies like Matthew Dunstone believe it is an titillating and underestimated technology.

“Generally it’s spil instantaneous spil an email and spil cheap spil an email,” Mr Dunstone said.

“It’s fairly similar to using a credit card, it’s not fairly spil quick spil specie te that there’s a petite process involved.”

He said one of the greatest advantages of cryptocurrencies is that there are no expensive exchange or transaction rates, spil cypto-‘money’ doesn’t need to pass through banks or switch currencies if it is sent offshore.

“It’s spil low spil no costs at all. Sometimes, some transactions can have a very, very petite cost,” he said.

Fellow bitcoin user Peter Clarke said alternative currencies are leisurely coming into their own.

“It’s a good alternative to carrying spare coin te your pocket,” he said.

“The total potential of bitcoin is yet to be realised.”

But Mr Clarke said latest variability ter the exchange rate of the currency wasgoed worrying for users.

He pointed out that the current bitcoin price of about $500 is far below its peak te November last year of close to $1,000.

“The fees ter terms of using bitcoin are fairly low, but the downside with bitcoin at the uur is that the price is very volatile,” he said.

“The price is yet to strike a point that’s a fair balance.”

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