An Australian news outlet 9Finance reported that, since yesterday (01 March), Australians can purchase Bitcoin and Ethereum in-store from over 1200 newsagents all around the country.
The service is provided by a local cryptocurrency exchange bitcoin.com.au.
Rupert Hackett, bitcoin.com.au CEO, explained that the biggest challenge of selling cryptocurrency in a physical retail store, was trust:
“When your product is totally digital it can be hard to gain trust from consumers because there’s no tangible product being handed over,”
Ethereum was added to the in-store offer, to provide a lower entry point for buyers.
“Traditionally, the only people who knew about Ethereum or wanted to buy it were those who already had bought Bitcoin. But now that cryptocurrency is more well-known we found that Ethereum’s cheaper price point made it a more digestible value proposition for buyers.”
– Hackett explained.
In order to purchase the cryptocurrency, a client needs to download the wallet app. The they can scan the QR code from newsagent’s iPad mini and complete the transaction. Most users have the cryptocurrency in their wallet within 20 minutes, says Hackett.
Big win for adoption
“The fact that you can now buy Bitcoin and Ethereum from the same place you purchase soft drinks and stationery really speaks to how institutionalised cryptocurrency has become,”
– Hackett said and added:
“For anyone who has hesitated about buying Bitcoin because it all seemed too complicated, this is the perfect setup that takes the fear factor out of investing in digital currencies.”
This is a huge thing indeed.