Bitcoin Now for Sale at Australian Post Offices

There’s another marketplace for purchasing bitcoin: Australian Post Offices.

As of 24 June 2020, those interested in purchasing bitcoin can do so at any of the over 3,500 Australian post office branches. 

This service, spearheaded and facilitated by bitcoin.com.au, seeks to promote cryptocurrencies to mainstream audiences, including businesses and nonprofits. 

Bitcoin has become popular in Australia, and recent initiatives have resulted in consumers being able to pay for purchases at various places including Coca-Cola-branded vending machines. This collaboration with the post office should increase the use of bitcoin as a currency alternative.

Bitcoin Becomes Mainstream

In addition to being the first cryptocurrency ever, bitcoin is also the most well-known and valuable of all the digital currencies in existence. However, it has been seen for many years as an asset of interest only to speculators, despite its potential as an alternative to fiat currencies.

This concept is no longer a novelty. Cryptocurrencies (especially bitcoin) are increasingly seen as a viable asset that can be used the way currencies normally are. This is happening in a few ways.

First, bitcoin is becoming easier to purchase. Those interested in owning bitcoin outright can purchase it from Coinstar kiosks or from any of the growing numbers of bitcoin ATMs.

Trading Bitcoin

Second, investors who want to speculate on the price movements of bitcoin can do so on major exchanges like the Chicago Mercantile Exchange (CME) or the Intercontinental Exchange (ICE). Bitcoin futures traded on these exchanges are cash-settled, providing additional assurance to institutional investors. 

Retail traders can choose from dozens of government-regulated brokers like eToro and Plus500.

Finally, bitcoin is accepted in lieu of currency for a large collection of goods and services. Many major companies (including Microsoft, Expedia, and AT&T) accept bitcoin. Furthermore, an HSB study found that 36% of small- to medium-sized businesses accept bitcoin as payment. 

Buying Bitcoin at an Australian Post Office

The Australian Post Office hopes that offering bitcoin sales at its 3,500 branches will increase accessibility to consumers, especially those that live far from urban areas. 

One of the biggest perks of bitcoin (and other digital currencies) is its speed, security, and lower fees. But a significant hurdle has been getting bitcoin into the hands of users. 

The Australian Post Office is, therefore, adding connections to the overall network needed for bitcoin transactions.

Summary

There are a lot of perks to using bitcoin, but there are also a lot of barriers to its widespread use. The new partnership between bitcoin.com.au and the Australian Post Office System means that the challenges faced with getting bitcoin are lessening.

July 09, 2020