Friday, 22 August 2014
ATM accepting three major cryptocurrencies Bitcoin, Dogecoin and Litecoin opens in ACT
The alternative online currencies are gaining traction nationally, with observers estimating there are close to 50,000 users in Australia.
The ATM is the first of its kind in Australia to trade all three digital currencies, but others have appeared in capital cities specifically for bitcoin users.
Alex Hume from the group behind setting up the new ATM, Bit2Bit, said more users and businesses were becoming interested in the online currencies.
"I suspect that bitcoins are going to take off, and with all these other cryptocurrencies coming on board I think it's going to become a huge part of retail, even in the next five to 10 years," he said.
Mr Hume said there were at least nine businesses in Canberra accepting bitcoin, including the local bus system ACTION.
That is up from only four companies a month ago.
"There's a lot of people interested in it, a lot of them are quite young," Mr Hume said.
Chris Guzowski from the Australian Digital Currency Commerce Association said there are close to 1,000 Australian businesses that now accept the alternative currencies.
"The usage has been very impressive, so it's clearly a technology that people are excited about," he said.
"Early adopters are with enthusiasm telling their friends about it and there's an upward trend of adoption."