100 Bitcoin ATMs Land In Australia

Overstock.com Will Accept Bitcoin, Immediately Exchange for Dollars

Australian Bitcoin ATMs is a company that does exactly what you think it does: roll-out Bitcoin ATMs around this great country of ours. Now the company has announced it will soon open 100 Bitcoin ATMs around the country so you can convert your digital currency to physical dollars on the street.

The ATMs will facilitate the conversion of Bitcoin to physical currency, and vice versa.

The head of the company tells the ABC that customers will tell the ATM how much Bitcoin they want to sell, before going out into the marketplace to conduct said trade and convert it into physical currency on the spot.

In the same way, the ATM will also allow you to deposit cash to purchase more Bitcoins.

The deregulated cryptocurrency is still fairly volatile, but its value appears to have levelled out in recent weeks. One Bitcoin will cost you around $US800-$US1100 at the time of publication. [The World Today]



    Can Bitcoins be broken down into "cents"? Because quite frankly, I wouldn't want to withdraw $800 as a minimum...
    Also, is there really that many people in Aus using bitcoin, that it is profitable to have 100 ATMs?

    Last edited 03/02/14 9:01 am

      Yes, Bitcoins go down to 7 decimal places, not just 2 decimals for 'cents'.

        Actually it's eight decimal places! The smallest unit is called a "satoshi". So there are 100 million satoshis in a bitcoin.

      You can infinitely divide every bitcoin. It's a number.

    jeez why? the luddites who voted in abbott wouldnt know what a bitcoin is.
    and why am i using this for electronic transactions where i can already do paypass/pay with cold hard cash?
    i also wonder how regulated these things are...do they have to conform to the same standards as a bank's atm?

      You obviously don't have any Bitcoins and are not the intended user.

        tell me who is the intended user? the numerous amount of bitcoin users in australia? tell me what percentage of the population actually use bitcoin enough that these atm's are warranted??
        if crypto currencies actually catch on enough, do you honestly believe there will be no fee's and no taxes associated with them? wouldnt a business accepting bitcoin need to convert it to currency to actually make money? this involves a transaction fee also passed on to you which would negate any savings you make over traditional eftpos?
        im just not seeing the business case here.

        Last edited 03/02/14 11:34 am

          how would they know about the bitcoin transactions to regulate it?

          do you realise that the whole point of bitcoin is that its anonymous

            Do you not realise that Bitcoin is not anonymous. it is also used heavly in buying drugs off the internet, this will bring the attention of the government, may not be today but they will come to the table.

              Fureien, you do realise that there is a thing called CASH which is the main currency used to buy drugs, maybe we should not use that either...

              the level of bitcoin/crypto currency ignorance here is astounding.

              the belief that bitcoin is primarily used to buy drugs off the internet is false, bitcoins value was is clearly not tied to the silk road

              Please, our current government is still coming to terms with the existence of the internet.

            Like Heath1980 pointed out, BitCoin is not anonymous. Every client gets the entire transaction log for the whole currency (technically called the block chain).

            This includes the history of what coins have been mined, what transactions have been carried out with which coins and the wallets of the transaction participants.

            So it is possible to track and even hack BitCoin wallets. BitCoin is more obscure than anonymous.

          There is no fees associated and no one controlling body, before you object blidly, do a little digging and you will find out how big crycurrency actually is. Tgese guys will charge a transaction fee abd will make a ton of cash, good idea

            i have done a bit of digging and im not objecting blindly - im not seeing the business case.
            bitcoin is fine for digital transactions. my point is, as soon as this becomes accepted by businesses, regardless of how anonymous it is or having no controlling body, the government will want its cut. there is no way it is going to let businesses get away with generating non taxable income.
            my other point is that it might be used online, but nowhere near used enough in real life transactions to warrant atm's. maybe the accepting of physical money to buy bitcoins *MIGHT* have a use, but wouldnt people who buy bitcoins do it digitally anyways?

            maybe all you downvoters should look at what im saying from a business perspective rather than just blindly downvote for some anti-government pro anonymity stance.

            Last edited 03/02/14 1:57 pm

              Sometimes it's nicer to deal with something physical.

                nice cover - that girl can sing :)

              No one is seriously suggesting that the point of Bitcoin is to evade taxes. It's a completely transparent public ledger. The point is to adopt all the conveniences and technological advantages that come along with a world-wide decentralized digital currency.

              The purpose of the Bitcoin ATM's is to give people an easy and convenient way of acquiring Bitcoin. The world's first bitcoin ATM, a $20,000 machine, did $1,000,000 in revenue in the first month. Surely from a business perspective you can appreciate that, rather than just blindly downvoting it. There is a consumer need, acquiring bitcoins, that is going mostly unfulfilled. This company bringing out the 100 bitcoin ATMs in australia is obviously aiming to meet that unfulfilled consumer need. I'm not sure how i can make the case any more simply in your own terms. Maybe instead of jumping to the conclusion that people are downvoting you because they are not thinking clearly, you should consider that these people might have done much more research on the subject of bitcoin from both a technological and economic perspective, than you have (no offense).

              Bitcoin does require more than a bit of digging, especially if you don't have a technical/computer background. Try searching YouTube for a video called "The True Value of Bitcoin: What You Really Need to Know" - it should give you a pretty strong idea of bitcoin's value propositon.

                Surely from a business perspective you can appreciate that, rather than just blindly downvoting it.
                how am i blindly downvoting it? i am asking how there is such a perceived use of bitcoin in australia that it warrants atm's. out of all my tech savvy friends, only 1 has done any bitcoin mining, and only then in a small amount a few years ago.

                There is a consumer need, acquiring bitcoins, that is going mostly unfulfilled. This company bringing out the 100 bitcoin ATMs in australia is obviously aiming to meet that unfulfilled consumer need.
                what need are you citing? i dont see people asking businesses to accept bitcoin or clamouring in the streets for an additional way to pay. my point is i believe (and all these posts are just my opinions) that this need is overhyped. if people have done their research on bitcoin, thats great - they can use it to their hearts content. are they or are they not in significant enough numbers to make 100 bitcoin atm's a feasible business though?

              > im not seeing the business case.

              Well if i travel from my country to australia, i can draw cash for my bitcoins there - which sounds much cheaper than other methods of transferring money.

          The intended user is someone who would rather use a form of money that increases in purchasing power every year due to a finite, limited supply, rather than a form of money that decreases in purchasing power every year. The intended user is someone who values being able to send wealth across the globe, instantaneously. The intended user is someone who does not want to give out all of their financial and personal information and thereby risk identity theft, every time they make a purchase on the internet. The intended user is someone who wants to see how the money they donate to charity is spent, through the transparency of a public ledger. The intended user is someone who wants to take part in a system that would see the 3.5 billion people in the world without a bank account, finally have unfettered and unrestricted access to one. The intended user is someone who does not want to see the people of undeveloped countries suffer as their politicians and bankers destroy the wealth of the middle and lower classes with 10 or 15 percent annual inflation rates. The intended user is someone who believes in the separation of money and state. The intended user is someone who feels that the 8% of the economy that is gobbled up by the financial services industry ought to be returned to the people through a system of free banking, free remittance, and free decentralized autonomous stock exchanges.

            i think you've got some misconceptions there bob, about how currency works, regardless of in what format it is.

            The intended user is someone who wants to see how the money they donate to charity is spent, through the transparency of a public ledger.
            hmm not sure how bitcoin magically shows how the money is spent? a public ledger of transactional amounts given to the charity does not suddenly open its books on opex and capex.

            The intended user is someone who wants to take part in a system that would see the 3.5 billion people in the world without a bank account, finally have unfettered and unrestricted access to one.
            a digital wallet is not a bank account. just like my piggy bank isnt a bank account. its a holding area for funds. a bank is an institution whether it is community run (bendigo bank for example) or not. saying people will have access to a bank account is a misnomer. once those 3.5 billion people form community banks that accept and deal in bitcoin, sure, but not until then.

            The intended user is someone who believes in the separation of money and state.
            impossible. the state is made up of its citizen's who will have a voice in determining what is 'money'. otherwise everyone will have a different idea of what money is. consensus is what drives value, even with bitcoin.

            Last edited 03/02/14 2:42 pm

              Zen, Bitcoin is a public ledger. If i send bitcoin's to someone else, i can see not only that they've received them, but i can see how they spend them. More importantly, i can see how they spend their bitcoins in general, before i make the decision to send them any. While the mechanics of this are not user friendly for the non-tech savvy right now, they do exist. So, no doubt some programmers who feel strongly about this issue will design a user-friendly user interface for exploring how charities and non-profits spend their bitcoins. There are already a few bitcoin-only charities already pushing this transparency agenda, inviting their donors to examine the public ledger and to see exactly how they are spending their bitcoins. After working with charities for about 7 years of my life as an IT person, i can tell you, i will be very glad when there is some real transparency in this industry.

              A digital wallet provides the same key services that a checking and/or savings account does, and more. It provides a safe place to store your wealth while simultaneously having convenient access to it, for the purpose of spending. But not just spending on local goods and services, it potentially allows a user to to reach the global marketplace for the first time, something desperately needed for the 3.5 billion unbanked.

              The separation of money and state is possible in the same way the separation of church and state is possible. Just because most of america is christian, does not mean that the government must insist that everyone be christian. Just because the citizens of some country prefer to use x as a medium of exchange, does not mean that the government must insist that everyone use x as a medium of exchange. But the purpose of my comment was really to say that there are some people out there that believe it is immoral for a certain group of individuals to have a legal monopoly on the creation of money and simultaneously use threats of violence to force people to use whatever it is they're creating, as money. Whether you agree with these people or not, I am simply answering your question "who is the intended user?"

                bitcoinbob - regarding charities - i truly did not know there are bitcoin only charities. if they stick to bitcoin-in to bitcoin-out, then yes you are correct in that the public can see exactly how much money they spend.wont it become a bit murkier however, when they use some bitcoins from transaction a and some from transaction b, to do transaction c? can each and every bitcoin be tracked and accounted for, or only the transaction? this is something i have not looked in to.

                regarding seperation of money and state - money is not the same thing as religion. you can believe in a different religion without affecting the economic status of another. believing in and participating in another currency leads to another economy which CAN result in an impact on an individual. if some citizens of a government ONLY use a certain currency i doubt the government would care if they kept it between themselves. its when tax paying businesses get involved that the government sticks its hand out for taxes. you would need to live in a country with no taxes on business for the government not to look at bitcoin as a method of payment with an appraising eye.

                who would you say has a legal monopoly on the creation of money in australia?
                in this case, i am asking who is the intended user in australia. all your answers seem to do with international users and uses for bitcoin which im not really disputing. i dont dispute the value of bitcoin as a currency. i just dont see the need for atm's for this particular currency.

                Explains it all! http://www.youtube.com/watch?v=OqE7GTvbJ9I

          If you don't understand, you shouldn't criticise, mate. You're just exhibiting your ignorance.

            where does it say i dont understand? not seeing is not the same as not understanding.

          “It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”

          ― Murray N. Rothbard

      Why do people like you always need to bring politics into every single damn discussion. Abott or not, we are talking about bitcoin atms! Play the issue, not the man.

        because politics unfortunately regulates every aspect of our lives, so because of this unpleasant fact it needs to be considered each time we try and exercise our own free will in enterprise.

        i wholeheartedly agree that discussing degenerates like abott is annoying, but sooner or later our central planning overlords will try and put their finger to ensure they get their cut so it needs to be considered.

    Fees almost zero, no government control, by the people for the people. Not Infinity expandable currency supply, No debt attached to each unit, investment opportunity, Pure mathematical encryption giving it intrinsic value, Totally secure.

    Buy 2% of your monthly salary in Bitcoin every month, it won't affect you lifestyle at all, wait a year or two. Thank me.


      Please explain how encryption can possibly give something intrinsic value?

      Unless you don't know what that term actually means, in which case kill yourself.

        They have value because we give it value. If a lot of people agree that something has value, then it does.

          Except not that many people (in global terms) would think it has value. A litre of water would have more value, really.

          After all, I don't have any bitcoins, so don't think they have value. Yet if I had some, I would want them to have value and I would want everyone else to think they had value, so that I had something they didn't, so that I could wield their monetary power.

          Last edited 03/02/14 1:27 pm

            "One Bitcoin will cost you around $US800-$US1100 at the time of publication."

            Supply > Demand > Value

            Not many people in South Africa would consider a Honk Kong Dollar valuable either, but inside of the community that uses the currency I think you'd find a lot of people that find it valuable. While there is a demand for something with a non-infinite supply, be it Gold Bullion, US Dollars or Bitcoin, it will have value.

        The line above states 'Not Infinity expandable currency supply' and 'no debt attached, investment opportunity'. I'm going to take a shot in the dark and say that he reads a lot of blogs and very few textbooks.

    but does it do dogecoins?

    I'd like to go to a bitcoin atm, deposit some money and get a receipt just saying "such 100 dogecoin, wow"

    Will the machines also dispense tinfoil hats so I can stop the NSA, the World Bank, the Reverse Vampires and TEH FIAT CURRENCY from spying on me when I use one?

    Hello, yes, I'd like to withdraw all of the 0.00006 bitcoins I currently have.

    Yes, a receipt would be good. I want to be reminded of just how filthy rich I am from the weeks of mining at 43Mhash/s!

    (And of how much it'll cost to repair my overheating GPU while mining..)

    So that's pretty cool! I understand folks making fun, but stuff like this goes a long way to helping the public understand what bitcoin (and other digital currencies) are.

    For bitcoin to survive and thrive, we need people to USE bitcoin. I'm helping a friend of mine set up his online store, and it's been cool to read about retailers starting to accept Bitcoin (http://www.overstock.com/, http://www.tigerdirect.com/) for instance. I've also noticed that the payment platforms are getting a LOT better, https://bitpay.com/ and https://www.gocoin.com/ are so far beyond their predecessors it's not even funny.

    My point is that for Bitcoin to make it, there needs to be a fully fleshed out ecosystem that allows people to use it easily, and while ATM's might not seem to make a whole lot of sense, they absolutely help folks at large understand bitcoin and accept it as an alternative currency of sorts.

    Stomp on it Abbott. The known world is turning against it, to hell with being among the handful of countries left to support this bad omen.

    Finally the 100 Bitcoin users in Australia can each have one own ATM at home.

      You have an extra zero in there :)

    Note this business is run by an alleged serial con man http://bitcoin-betting-guide.com/james-cannings-blog/get-rich-quick-spruiker-launches-australian-bitcoin-exchange/

    Tulips. Wait for the crash.

    "bitcoinmoneyatm seeks to help facilitate this gap in the market by seamlessly integrating both buy and sell operations."

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