iTWire – Bitcoin ATM comes to Canberra

Bitcoin ATM comes to Canberra

21 July 2014 By  David Swan Published in Business Technology

Canberra has got its own Bitcoin ATM machine thanks to Aussie Bitcoin ATM provider ABA Technology.

ABA Technology today opened Canberra’s first, and the company’s third, Bitcoin ATM in the Canberra Centre, next to the 2nd floor food court in the upmarket Canberra Centre.

The Bitcoin ATM, ready for use immediately enables customers to buy and sell bitcoins for cash. First time users are required to provide identification and undertake a verification process before they can trade bitcoins.

This will be the first opportunity for Canberrians to buy and sell the global cryptocurrency with the safety and convenience of transacting in a major retail shopping centre.

ABA Technology director Robert Masters said the ATM in the second floor food court would allow a new user to create an account within three to six minutes, instead of waiting weeks for verification using a home computer.

“It’s done firstly by setting a phone number,” Masters told reporters. ”It will send you a pin, you verify the pin, [and] it will then ask you for a fingerprint and eye scan.”

“You can send money directly across the globe with no fees, it’s instantly traceable and secure, and there’s no bank or Western Union (type) intermediaries.”

Canberra already has several cafes that accept the currency.

The news follows similar launches of machines in Melbourne, Sydney and Brisbane. The Melbourne ATM is located on level two of the in the Emporium Retail Centre.

ABA Technology’s CEO Chris Guzowski told iTWire the bitcoin ATM has full encryption security in place to protect consumers and is compliant with international regulations concerning unlawful transactions.

Guzowski also said customers in Sydney so far have ranged from first-time users, to savvy technologists. “Our customer research shows that many people have been using the machine to send bitcoins to friends and family overseas. Many other users have been selling bitcoins and we have seen sales of $50 to $5000 of bitcoins.”

Bitcoin, described as a “technological tour de force” by Bill Gates, is a software-based payment system described by Satoshi Nakamoto in 2008, and is currently trading at around $660 for 1 bitcoin.

The company has the objective of installing 100 bitcoin ATMs in Australia by 2015 and more than 500 globally by the end of 2016. For more info check out their website here.

via iTWire – Bitcoin ATM comes to Canberra.

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