The first bitcoin ATM in Australia was launched in Sydney on Tuesday. The machine, which looks similar to the normal banking ATM, is located in Westfield on Pitt Street in the CBD.
Chris Gruzowski, the CEO of ABA (Australia Bitcoin ATMs) Technologies, which is behind the machine, said that the ATM is one of the several slated for launch across Australia. He said the ATM will facilitate easier access to “regular people” to deal with bitcoin and that online exchanges are still too complicated for average users, reported Sydney Morning Herald.
“Here we have it in a Westfield shopping centre where it’s available immediately and securely for everyone,” he said. “We want to allow every Australian to easily buy and sell bitcoin.”
It will take about five minutes to open a bitcoin account with the ATM. The machine will scan the driver’s license or other government-issued identification, and match the user’s face with the photo using facial recognition technology. Users will also be required to scan their palms on the ATM, which will complement their phone numbers and PIN to verify their identity.
The users will be able to deal (buy or sell) with bitcoin at the prevailing market prices. Like a foreign exchange, ABA Technologies will earn profit through the difference between buying and selling prices.
The ATM was purchased from Robocoin, the world’s first bitcoin ATM maker, and is the 11th such machine to be unveiled worldwide.
Gruzowski revealed that the transactions will be secured using SSL (Secure Socket Layer) cryptography and are protect against the Heartbleed malware. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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