Bitcoin Trading Jumping On To The Retail Bandwagon
In a bid to make Bitcoin accessible to masses, two start-ups based out of Australia are planning to launch the first ever over-the-counter platform for selling Bitcoin. This new daily service will also become another income stream for online retailers and newsagents. In all possibility, Australia will become the pioneering country in Bitcoin retailing and consumers will be seen buy Bitcoin over the counter for cash.
On the distribution front – 1200 newsagents are targeted to become the outlets for Bitcoins. Technology is getting executed that will empower these newsagents to become Bitcoins bank outlets.
Previously, exchanges have existed in Australia that have facilitated Bitcoins trading, but no over-the country service ever existed. These exchanges charge a 4 per cent fee to a transaction, every transaction will have a minimum trade of $50.
This Bitcoins retail project is backed by a joint venture of Sydney fintech solutions business Blueshyft and Bitcoin exchange Bitcoin.com.au. Both of them have been into BTC businesses for years now.
They expect 15 million transactions in the first year of the roll-out, with average transaction size of about $150 to $200.
The over-the-counter sales of Bitcoins will boost consumer confidence in Bitcoins. Earlier on, consumers have been skeptical about Bitcoin’s image as a credible currency, but now with more transparency and face to face dealing with agents, things will get better.
The general manager of Bitcoin.com.au, Mr. Rupert Hackett revealed that consumers even related BTC to criminal activity.But the new system will turn this around.
The system will operate using an iPad at every point of sale. It encourage a scope of moment in-store exchanges including payments, money stores to records, gift card acceptance, online enrollments and memberships, recognizable proof confirmation, auto bundle registration and registration of messenger organizations. The distribution system already exists, with newsagents and courier, so there is no cost of setting up that.
Huge banks and bookkeeping firms are putting resources into the fundamental innovation, Blockchain. Mr Hackett said it would opens the path for less expensive settlement administrations, betting and budgetary administrations. BTC initially pulled in for the most part well informed speculators yet the prominence of the base has enlarged with real banks and the Australian Stock Exchange researching blockchain’s ability to make keeping money operations including exchange financing and values exchanging speedier, less expensive and more proficient.
A few banks pulled back saving money administrations to neighborhood bitcoin organizations a year ago yet the Australian Competition and Consumer Commission cleared them of any wrongdoing or deceitful behavior.
It is pegged that Bitcoin is hitting a peak of its last two years performance at trade. The digital currency has already jumped 25% from the start of the year already. The kind of trade that’s already happening is between $1 billion and $2.4 billion on the Bitcoin network every 24 hours.