BUSINESS BOOMS WITH BITCOIN

BUSINESS BOOMS WITH BITCOIN

BRISBANE’S The Roastery Cafe is home to Queensland’s first Bitcoin ATM, following a successful launch last Friday.

The machine is the first multiple-currency machine of its kind, allowing users to create an e-wallet and safely exchange a number of digital currencies for cash and vice versa – and it’s attracting people from all over the country.

Bitcoin is the most common digital currency in the market, with variants Litecoin and Dogecoin growing in popularity.

The system was developed in 2009 to allow online peer-to-peer payments, avoiding traditional fees imposed by a bank or financial institution.

Bruce Carrall, co-owner of Rouge Coffee which is based at the cafe, says the extended compatibility of the ATM has proven to be a hit with the public.

“Traditionally you’re looking at about 90 per cent of people who buy and sell Bitcoin are male, highly-educated with a high disposable income.

“But it’s attracted people from all walks of life. I’ve had people fly in from Perth and Adelaide coming to see and use the machine.

“It’s really working well and bringing in a lot of new faces into the business,” he says.

It generally takes more than a week to purchase or sell Bitcoins, whereas with the ATM it takes less than two minutes.

“There has been a big issue with Bitcoin, where people don’t feel very secure using it.

“For it to become more usable it needs more identification processes - we have facial recognition on the ATM, biometrics finger scanner and SMS verification.”

He says the currency has generated a lot of interest in the business and helps tap into a market that is yet to be fully utilised.

There’s a one per cent flat fee to process a Bitcoin payment, in comparison to closer to two per cent using EFTPOS.

“If you look at it at a higher level, you’ve got Virgin Galactic or Shopify in America using companies like Bitpay – where you can pay around $30 a month to do $300,000 worth of transactions or for $300 a month do up to $3 million worth.

“So those companies will benefit greatly from saving on fees, at my level of business it’s just tapping into the market.”

At time of press, the value of one Bitcoin was $536 – but it has hit as high as $1000 previously.

“Over time, they are going to release 21 million Bitcoins and it will steady out. At the moment it’s fluctuating rapidly and very volatile, because there’s not much supply in the market.

A Robocoin ATM was unveiled in Sydney’s Westfield shopping centre last month, with more and more retailers taking up the currency.

Carrall says it appears to be the way of the future, likening it to the start of the dotcom era.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

In an effort to appease Australian and New Zealand regulator concer...

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

After securing an $830 million contract from Dexus (ASX: DXS), Melb...

QLD to launch Star Entertainment review in July as former judge appointed to probe casino operator

QLD to launch Star Entertainment review in July as former judge appointed to probe casino operator

Casino operations that account for more than half of The Star Enter...

Collection House calls in administrators: Was Volt collapse the spark?

Collection House calls in administrators: Was Volt collapse the spark?

A recapitalisation plan has failed to save debt collector Collectio...