Bitcoin price might be down compared to the highs of late 2017, but one business down under is doing very well thank you, according to one ATM operator.
Auscoin, an Australia-based Bitcoin automated teller machine (ATM) firm with 31 ATMs across the country, is planning to expand its locations to 1,200 soon due to the volume of traffic using its yellow boxes. With a massive AUS 500,000 (USD 360,000) being generated from the company’s current stock of machines, it is not hard to see why an increase may be on the way.
It seems the slump in the market has done little to affect the use of the ATMs, according to Auscoin founder Sam Karagiozis.
He said, “…our turnover is AUD 500,000 a week, which is absolutely a huge sum considering the recent drop in the price of Bitcoin. It clearly shows there is a real market for it [Bitcoin] and many hodlers see digital assets as the future of finance.”
Auscoin clearly has the Australian market and Karagiozis feels that is because of the visibility of the ATMs both in Australia and across the globe that the market has gained the credibility that it has. He argues that it is availability which has opened up the market to all comers: “We believe the most significant barrier to entry for everyday people in the cryptocurrency market is accessibility.”
With stores in France and Spain coming online to sell Bitcoin, and the increase of new ATMs increasing, it is quite clear that cryptocurrencies are being well used, not simply sitting in hard wallets waiting for the market to hit a bull run.
Last year, the small beachside town of Agnes Water in Northern Queensland, with only 1,800 inhabitants, surprised everyone when it declared itself to be the first “digital currency friendly town”, offering Bitcoin and other cryptocurrency payments at 31 businesses around the town.
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