March 14, 2016 by Jorge Watts

The Rise Of Bitcoin ATMs in Australia

Online transactionsAustralia is quickly becoming one of the core countries where bitcoin has gained massive popularity. There has been an upward trend of bitcoin usage in the Oceanian country for several years now and that doesn’t seem like it will stop any time soon. This is after several companies recently launched their bitcoin ATMs in Australia. These ATMs are expected to spur bitcoin trading in the country and consequently support the currency’s progress towards becoming a more accepted form of currency.

First Cashless Bitcoin ATMs Developed in Australia

Diamond Circle, a company hailed for having developed in the first cashless bitcoin ATM, was among the first firms to launch a bitcoin ATM in Queensland, Australia in 2014. Through these ATMs, users can buy and sell bitcoins using their credit or bank cards. Any proceeds from the transaction are then transferred directly to the user’s pre-registered bank account. However, when users wish to buy bitcoins online in Australia, they prefer to use the website buyabitcoin.com.au.

How Cashless Bitcoin ATMs Operate

ATMCashless bitcoin ATMs largely rely on the Near Field Communication (NFC) technology that enables two devices to communicate with each other using radio waves. To complete a transaction using these ATMs, users are required to possess a VISA or MasterCard branded ATM which they can then use to buy a Diamond Circle debit card. This debit card serves as an offline storage wallet.

Users are then given unique pin codes that helps to secure their wallets. Paper receipts are also provided and function as printed records of the transactions. Users also receive SMS notifications on their smartphones on any completed transaction including queries for bank balances.

More Bitcoin ATMs Launched in Various Cities in Australia

Sydney

Sydney Harbour

ABA Technology was the first company to set up a bitcoin ATM for a mall in Sydney in 2014. The ATM which is found in Central Plaza supports both withdrawals and deposits to individuals’ own wallets.

The main aim of setting this ATM was to bring bitcoin nearer to the masses especially at a time when a majority of the people are yet to familiarize themselves with this digital currency. According to ABA Technology, more bitcoin ATMs are expected to be rolled out not only in Australia but also in other parts of the world. The ultimate target is to set up about 500 ATMs by the end of this 2016 (find a bitcoin ATM here).

ABA Technology aims to develop easy-to-use, intuitive machines for their ATMs which anyone can easily operate even without having prior knowledge of the technology. With this, more people can be attracted to using this form of currency and as a result, help it gain even more acceptance.

Melbourne

Melbourne-AU

In mid-2014, ABA Technology launched another bitcoin ATM in Melbourne which in the process became the third city that the firm has set up its operations in Australia. That move followed the installation of other similar machines in Sydney and Brisbane during the previous months. The ATM in Melbourne can be accessed at the Emporium Retail Center which opened its doors to the public in April 2014.

Following this ATM launch, ABA Technology announced that its other ATM at Sydney had performed quite well and thus hoped the one in Melbourne would follow suit. These ATMs were expected to use an operation model similar to that of the Western Union only that these ones dealt with bitcoins. The kiosks installed by ABA are developed by Robocoin which is a Las Vegas-based money remittance firm.

How To Use Robocoin ATMs For Bitcoin Transfers

To begin with, users can store, access, and even send bitcoins to any Robocoin “branch” in a method similar to that of Western Union. The recipient of these bitcoins can then convert the cryptocurrency into cash instantly if they so desire. On the sender’s end, all is required is a smartphone, a secret PIN, as well as their palm scan.

With Robocoin ATMs, senders only need to send their bitcoins to a recipient’s phone number which means no addresses or QR codes are required to complete these transactions. The use of palm vein scan is one of the three levels of authentication work that helps to safeguard customers against fraud.

The best part about using Robocoin ATMs is that customers do not have to wait for long confirmation times to complete their bitcoin transactions.

Conclusion

Australia has been making great strides in the past few years in matter of bitcoin and its usage as a currency. The launch of bitcoin ATMs in Australia by various operators have helped to increase the acceptability of the digital currency as a valid form of currency in the country.