1200 Australian newsagents to resell bitcoin

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1200 Australian newsagents to resell bitcoin

Australians can now buy cryptocurrencies bitcoin and ethereum from 1200 newsagents across the country, thanks to a partnership between Bitcoin Australia and Blueshyft, a payments platforms provider that targets retailers.

Customers will need to download a digital wallet, then provide Bitcoin Australia with their email and mobile number, and make the order online.

After that, they can get a QR code, which they can take to any one of the 1200 newsagents to complete their transaction, which carries a fee of 5 percent.

Customers can also go to their bank branch and make a cash deposit in person, which will be converted into cryptocurrency.

Domenic Zizza, owner of a NewsXpress outlet in Oxenford, Queensland, told The Australian Financial Review it would help drive new business for the newsagency.

"[The take-up] has been fairly substantial to say the least. In some instances it's been a bit of a frenzy... people's aspirations are high and this has provided an opportunity for punters to have a go, but at a small scale.

"The traditional newsagent is a dinosaur. There's been a substantial decline in newspaper and magazine sales in the last three years and the transition to bring in additional value-added services to keep the business alive is a positive," he said.

Bitcoin is available at newsagents across Sydney and Australia. Source: Blueshyft

Blueshyft claims to have clinched a world first by allowing customers with a bitcoin.com.au account to purchase the cryptocurrency immediately in-store by depositing cash.

"Since launch, over $13 million in cash deposits have been taken through the Blueshyft platform, and customer convenience and transaction speed have increased dramatically," according to the company.

The value of bitcoin has changed wildly over the past year. It surged to an all-time high of more than US$19,000 in December 2017 before falling below US$6000 by February.

Bitcoin is currently trading at more than US$11,000, according to Bitcoin.com.

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