A trial of the first eftpos cards linked to bitcoin accounts will be done with about 100 people over the next couple of weeks, and then they will be made available generally. <\/p>\n
Melbourne-based bitcoin exchange Coinjar is hoping to nudge the digital currency into the mainstream next month with the offer of the first eftpos card in Australia linked to a bitcoin account. <\/p>\n
Coinjar co-founder Asher Tan said many of its customers had bought bitcoin as an investment and there was a growing number of companies that accepted it, but they were keen to use it for everyday transactions. <\/p>\n
\"Many people who have bought Bitcoin ask 'where do I spend it?',\" he said. \"This means anywhere that accepts eftpos accepts bitcoin now.\" <\/p>\n
A trial of the cards will be done with about 100 people who already have bitcoin accounts over the next couple of weeks, and then they will be made available generally. <\/p>\n
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Coinjar, which has about 30,000 users and has so far processed about $50 million, makes its money by charging a 2 per cent transaction fee on exchanging bitcoin into standard currency and vice versa. <\/p>\n
The exchange into Australian dollars will occur when Coinjar account holders load their cards from their bitcoin account rather than when they buy products with the card. <\/p>\n
Asked why people would want to use bitcoin rather than standard currency, Mr Tan said it would expose more people to the benefits of a currency that can be instantly transferred and used outside the traditional payments network, with no cost apart from Coinjar's own fee. <\/p>\n
\"It is a first step, but it does open up a lot of opportunities,\" he said. \"You could receive say $500 worth of bitcoin value from overseas for say an online job, like graphic design for [an overseas client] then you could be off spending your money in a matter of minutes.\" <\/p>\n
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Bitcoin moves towards mainstream with eftpos cards<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A trial of the first eftpos cards linked to bitcoin accounts will be done with about 100 people over the next couple of weeks, and then they will be made available generally. Melbourne-based bitcoin exchange Coinjar is hoping to nudge the digital currency into the mainstream next month with the offer of the first eftpos card in Australia linked to a bitcoin account. Coinjar co-founder Asher Tan said many of its customers had bought bitcoin as an investment and there was a growing number of companies that accepted it, but they were keen to use it for everyday transactions Continue reading