Australians Can Now Purchase Bitcoin with Cash at 1200 Newsstands

Sydney-based digital payments platform Blueshyft has partnered with Australian bitcoin exchange Bitcoin.com.au, to give consumers in Australia the ability to purchase Bitcoin with cash at over 1200 newsstands across the country.

Blueshyft’s payment platform features an easily accessible iPad terminal that consumer can use to purchase the digital currency. At launch, the minimum transaction amount is set at $50 AUD, with consumers paying a 4% service fee. However, Rupert Hackett, general manager of Bitcoin.com.au, told Mashable Australia that the minimum may eventually be dropped down to $1 AUD.

According to a Financial Review report, Blueshyft and Bitcoin.com.au are forecasting about 15 million transactions being completed in the first year of business, with the average transaction being anywhere between $150 – $200 AUD.

Ladbrokes, Australia’s largest online betting site, currently uses Blueshyft payment terminals to allow Australians to top-up their gaming accounts, and the Bitcoin purchasing option is displayed right above the Ladbrokes one, on all Blueshyft terminals.

Bitcoin is mostly traded for cash at numerous digital currency exchanges, but many consumers have not taken a liking to this cumbersome process. Rupert Hackett is hopeful that the new partnership will give Australians a more direct way to experience the benefits of owning and using Bitcoin.

Hackett explains:

“We believe that through this retail partnership, we’re offering proper branding that will give a lot of trust to the consumer.”

Blueshyft’s existing payments infrastructure also allows newsstand owners to begin offering digital currency services without any additional overhead costs, which translates to increased foot traffic and more business, “It’s techy and makes our business interesting,” said Manoj Shah, owner of Kingsford Bus Stop Newsagency.

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