Australia Based Diamond Circle to Stop Offering Free Bitcoin Wallet Services

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Australia Based Diamond Circle to Stop Offering Free Bitcoin Wallet Services

Diamond Circle, an Australia-based manufacturer of Bitcoin ATM and a developer of Bitcoin services, says that it will cease its free wallet service within seven days. In a press note the company founder and CEO Stephen Rowlison admitted that the company is advising its users to login to https//portal.diamondcircle.net and transfer Bitcoin to another wallet.

Clarifying the issue further Stephen Rowlison said that the company will make a statement concerning the purpose and reasons behind this decision within the next few days. He thanked the users for registering their card and hoped that he will bring them good news in the future on whether this service will be re-activated.

The official website of Diamond Circle says that the company provided a payment network for crypto-currency storage and exchange. It offered the hardware, software and service support for peer-to-peer money transfer in and out of personal Bitcoin wallets. Additionally, it also brought in a Bitcoin debit card and a Bitcoin point-of-sale device.

The company has been quite proactive innovative Bitcoin technology when it first launched its first Bitcoin ATM in March 2014. It was the first cashless Bitcoin ATM that employs what is called near field communication (NFC), a set of communication standards that enables two devices to establish radio communication by bringing them into proximity with each other.

The Bitcoin ATM made buying Bitcoin as here the buyers just needed to have a Visa or MasterCard branded ATM to buy a Diamond Circle debit card. Even the cost of the debit card was kept low at $5. Interestingly, the debit card can also function as an offline storage wallet which it wants to discontinue now.

Easy Bitcoin Transactions at the Bitcoin ATMs

Launching the Diamond Circle Debit Card was a major development after the installation of Bitcoin ATM at the Bluff Café, Burleigh Heads, by the Gold Coast’s Surfers Paradise in the state of Queensland Australia. It believes that by only supporting Visa and MasterCard for the purchase of Bitcoin and cards, the Bitcoin ATM reduces security threats.

The Bitcoin ATM also reduces the cost of holding cash. Thus, increasing margins and ongoing residual payments to distributors and owner or operators, it helped in popularizing the digital currency in the locality. As the machine accepts retail barcode scanners that allow consumers to check out purchases without operator assistance, it will further increase popularity.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com