Although the whole the cryptocurrency global market capitalization has seen somewhat of a downturn since its peak of over $1 Trillion Australian Dollars on January 8th, there’s one sector of the cryptocurrency space in Australia that shows no sign of slowing down; Bitcoin ATM machines.
The first Bitcoin ATM installed in Australia was installed in 2014 in Pitt St Mall, Sydney, and up until the end of 2017, only 20 more had been installed across the country. However, according to Australian Bitcoin ATM locator site FindBitcoinATM, that number has more than doubled in the first half of 2018 alone – with a further 24 being installed.
Previously, only people living in the largest cities such as Sydney and Melbourne had access to a Bitcoin ATM, but now, users in the smaller cities and even some regional towns will be able to find a Bitcoin ATM within close proximity.
On the east coast of Australia, there is no shortage of ATMs – with a total of 18 available from Sydney, to Tweed Heads, Brisbane and Cairns. In the south of Australia, the city of Adelaide had their first BTC ATMs installed, there are now 4 available – from the western suburbs right through to Norwood. Victoria has seen the strongest growth rate out of any state this year, with 8 being installed in Melbourne and the suburbs – the state now has the highest number of Bitcoin ATMs in Australia, with a total of 13.
The Benefits Of Using A Bitcoin ATM
Bitcoin ATMs have many benefits over traditional ways to buy and sell Bitcoin, such as online exchanges, and the rapid growth of these machines will no doubt help the adoption of Bitcoin and other cryptocurrencies. Some of the benefits include:
Ease Of Use
Unlike using an online exchange, which can require a lengthy sign-up and verification process, Bitcoin ATMs are extremely easy to use. It’s simply a matter of using the touchscreen to select how much Bitcoin is required, inserting your cash and then having the Bitcoin sent to a mobile or paper wallet. The process is extremely quick and simple, with some machine manufacturers boasting being able to buy Bitcoin within 15 seconds.
To sell Bitcoin, the process is simply reversed and the ATM will dispense cash.
Although some Bitcoin ATMs in Australia require that you show identification for Know Your Customer/ Anti-Money Laundering (KYC/AML) laws, there are many that do not. These machines have become popular among people who wish to keep their cryptocurrency purchases private.
This isn’t to say they are doing anything illegal, a lot of people like to keep their Bitcoin wealth hidden from potential thieves and hackers. There have been several cases reported in the media of large Bitcoin holders being abducted and forced to hand of their private keys.
Having no name, address or even email address tied to Bitcoin purchases is extremely attractive to the privacy-conscious.
All Bitcoin ATMs in Australia have support numbers available should the user run into any issues. Not only that, some machines are owned and operated by the stores that they are located in, which means you would have support within minutes. This is vastly different from online exchanges, which can sometimes take days or even weeks to answer support tickets – especially during busy periods.
Having such fast and accessible support no doubt brings a lot of peace of mind to users – particularly those new to cryptocurrency.
Australia has been extremely open and welcoming to cryptocurrencies, there have been several blockchain startups born in the country and retailers and businesses are adopting Bitcoin payments in huge numbers. As the popularity grows there’s no doubt crypto ATMs will continue to see huge growth across the rest of 2018 and into the future.
If you are interested in even more cryptocurrency-related articles and information from us here at Bit Rebels then we have a lot to choose from.