Australian Bitcoin [BTC] ATM Startup Says Its Raking in $360,000 Per Week

Australian Bitcoin [BTC] ATM Startup Says Its Raking in $360,000 Per Week

A bitcoin [BTC] ATM company from Australia has reported a weekly turnover of $500,000 AUD (roughly $360,000 USD) despite the cryptocurrency bear market. 

$360,000 Weekly Turnaround

Auscoin, an Australian bitcoin $BTC [BTC] ATM company, has reported a weekly turnaround of $360,000 in 2018. According to the reports, it’s currently operating 31 ATMs throughout Australia but it’s planning to expand.

Speaking on the matter, Sam Karagiozis, founder at Auscoin, said:

We currently have 31 Auscoin ATMs in Australia… and our turnover is $500,000 a week, which is just insane considering how much the price of bitcoin [BTC] has dropped. […] It just shows there really is a market for it and cryptocurrency is seen as a way of the future for many.

Auscoin bitcoin $BTC [BTC] ATM

The company had an underwhelming ICO in 2018 after it managed to raise only $2 million of the projected $30 million. However, it hopes to expand to a network of more than 1200 bitcoin $BTC [BTC] ATMs across Australia.

It’s Getting Easier to Buy bitcoin [BTC]

It’s becoming increasingly easier for people to buy bitcoin [BTC] at a range of physical locations. According to Karagiozis, accessibility is the main barrier to entry for regular people:

We believe the most significant barrier to entry for everyday people in the cryptocurrency market is accessibility.

Bitcoinist reported that the number of bitcoin [BTC] ATMs has doubled in 2018, growing to more than 4,000 in 76 different countries. According to the tracking website Coinatmradar, Australia has 54 bitcoin [BTC] ATMs in operation.

At the beginning of the month, France started selling bitcoin [BTC] at tobacco shops. The plan is to expand buying bitcoin $BTC [BTC] to 24,000 tobacco kiosks across the country in the near future.

Just a couple of days ago, US-based bitcoin [BTC] ATM company Coinme partnered up with international coin counter Coinstar. The initiative has enabled users to buy bitcoin [BTC] at 20,000 Coinstar kiosk locations.

Meanwhile, Venezuela is also expected to see its first bitcoin $BTC [BTC] vending machine go live within the next two weeks.

What do you think of the growing popularity of bitcoin [BTC] ATMs? Will this have a positive impact on its widespread adoption? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock

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source: https://bitcoinist.com/australian-bitcoin-atm-auscoin-turnover/

Published at Sun, 20 Jan 2019 18:00:26 +0000