SYDNEY, March 27, 2014 /PRNewswire/ --
BitRocket Capital wins the race against fierce competition to launch the first Bitcoin ATM in Sydney, allowing the public to change the Aussie dollar into Bitcoin in just 15 seconds.
Those curious to experiment with Bitcoin can now convert cash into the world's fastest growing economy in just 15 seconds and three easy steps. The buyer scans their bitcoin address 'QR code' pattern, inserts notes, and presses send.
The new Bitrocket ATM is at the multi award-winning Black Star Pastry & Cafe's new branch in the up-and-coming gourmet hub of Rosebery's Dunning Ave (Cnr Hayes Rd) and is now the easiest way to for people to get their hands on the digital internet cash which was tipped Forbes magazine's best investment of 2013.
BitRocket Founder, Joe Richards believes this will be the final missing piece in the adoption of Bitcoin: "Many people have heard about Bitcoin and would like to try the peer-to-peer bank-less currency without the hassle and risk of arranging meet-ups or transferring money to foreign exchanges. BitRocket makes buying Bitcoin easy. Traditional ATMs withdraw money - with Bitcoin, you are your bank, so depositing is the true key part of the puzzle. It takes 15 seconds and even a grandma can do it.".
Around 9 in 10 citizens of the world don't have access to many financial services, such as banks or credit cards. With a local Bitcoin ATM they can now buy farming equipment online or transfer money to a relative in another country for the cost of less than a cent per transfer. BitRocket is offering a 'donation menu', where buyers of the digital currency can browse and scan a QR code for a charity or cause of their choice to send a small portion of their freshly bought coins. Even tiny donations are now practical because of the low transaction costs and ease. Of course users of BitRocket can also spend them immediately on Blackstar's specialty cakes & deserts. "There are no middle-men involved in such a transaction, this is what makes it a historical first. It is true digital cash for a digital age."
Aside from the novelty factor, he says there are other aspects that are attractive to first-world citizens: "Anyone who wants a bit of diversity to their investment portfolio can consider an investment like Bitcoin. If you'd put $10 into this ATM three years ago, you would now have $7,000." In fact the current price of around A$700 is not even its peak, as it rocketed from $100 in October to the the heady heights of A$1250 four months ago.
Christopher Thé, owner of popular Black Star says: "Accepting bitcoin was an easy decision, we like to innovate and experiment and saw several upsides of accepting bitcoin and hosting the ATM. Some of our suppliers such as Joostice Juices already transact with bitcoin. Adding convenience to our customers and suppliers requires virtually no extra effort on our part". Merchants have zero fraud or charge-back risk with Bitcoin, unlike credit cards. This opens up whole new markets for online businesses to deliver and cater to area of the world and demographics that previously were too risky for businesses to engage in. Taxis, calling card vendors and market-stall businesses also have to contend with high card fraud rates and build this risk into their prices, so Bitcoin offers a way to reduce prices for those who adopt it.
After using BitRocket, the bitcoin can then be used to buy a number of things, including the offerings of the Black Star Cafe, beers at the Old Fitzroy Hotel in Sydney, health and spa treatments or trips to outer space with Richard Branson's Virgin Galactic.
BitRocket is arranging placement of further ATMs in convenient locations around the country on behalf of other investors: focussing on cafes, pubs and malls and will work with other early ATM business adopters to streamline services. "People believe running an ATM business is as easy as finding a place to park it, secure it and empty it. It's not that easy, and ATM operators have to consider convenience of the site, currency rates & risk, logistics, accounting, compliance, security and marketing amongst other things. By working with us, and our brand, an ATM operator can focus on what they're good at.".
2014 could be the year Bitcoin comes of age. Transactions from 10c donations through to Richard Branson's $250,000 Virgin Galactic trips to space are now virtually instant and free. Micro-payments and donations are a new area, and large purchases do not require an hour talking to the bank or credit card provider to ensure the transaction goes through successfully, or that the exchange rate is not a rip-off. Richards is certainly upbeat about its uses: "Tourists can now capture the flexibility Bitcoin offers, spending it on travel, food and entertainment. Rather than struggling with travellers cheques, credit card feeds and left-over foreign currency, travellers can now leverage Bitcoin internationally with a single flick on their smart phone.".
Joe Richards explains there are other ways to get Bitcoin: "When sending money to an exchange like the recently defunct Mt Gox, you are trusting the operator in another country to not steal your funds. This is no better than when governments had to bail out banks, your money isn't under your control. Buying your Bitcoin instantly means it's securely in your wallet, no matter who goes bust or what crisis happens. Bitcoin is the first currency that could survive a total collapse of the financial system, apart from gold. You can't easily split gold up and send it to people in seconds, and checking it's genuine takes an expert. Gold has few real-world uses outside jewellery and electronics."
Share this article