Bitcoin can be used to buy anything, anywhere in Australia with an EFTPOS machine, by using Coinjar’s Swipe, from today.
Swipe, which converts Bitcoins into Australian dollars to make everyday purchases, has been trialled over the past five months by 61 users who made nearly $30,000 worth of transactions.
Despite the easy, innovative technology and the trendy, trading currency, Australians aren’t spending it on anything special, just everyday household goods – food, drink and groceries.
According to CoinJar’s Samuel Tate, that’s is exactly what the startup was hoping to achieve: making Bitcoin available for everyone, not just speculative traders.
“We’re working to make Bitcoin a stable and more useful digital currency for everyone,” he says. “People are already using their cards daily to pull out cash or make everyday purchases.”
At the beginning of the trial Coinjar had processed more than $50 million worth of Bitcoin transactions in 12 months.
At Europe’s biggest financial technology innovation conference, Finovate, the venture-backed Aussie startup announced “hedged accounts”, which allow users to peg the price of Bitcoin against the fiat currency of their choice. Read more on that here.
The use of Bitcoin is spreading slowly in Australia and remains niche. Last year Melbourne had 53 retailers accepting Bitcoin payments, followed by Sydney with 27.
Currently approximately 500,000 Australians are already using Bitcoin.