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15 Apr 2014

Australia gets its first Bitcoin in Sydney

Australia got its first Bitcoin in Sydney inside Westfield located on Pitt St. in Sydney on Tuesday. Bitcoin installations have been highly criticised by the National Australia Bank (NAB), which considers the technology as highly unsafe. The bank has even threatened to close the accounts of the businesses, which will be a part of this trading system.

 

However, Mr. Chris Gruzowski, co-owner of ABA Technologies which are the manufacturer of these Bitcoin ATMs has a different view on it. According to him, the technology will make lives of people extremely easy while they are out for shopping and other such activities. The introduction of Bitcoin will prove to be a boon especially for the retail industry.

 

The users of Bitcoins will be able to withdraw cash using their Bitcoin wallets. And for people who do not have accounts for Bitcoin wallets will be able to buy the digital money in exchange for cash. The technology is said to be a major achievement in the advancement towards online retail industry.

 

To register an account at a Bitcoin, a user needs to identify itself with the machine. The machine will require a photo-identity proof such as driver’s license or any other government-issued ID to identify a person. The machine uses the facial recognition technology to match the photo and the face of the person who is creating the account.

 

Once the account is created, account holders can do a palm scan used with a PIN and phone number for verification in future potential transactions. Registered users can sell and but Bitcoin at market price from their virtual wallet. ABA Technologies which is the manufacturer of Bitcoin ATM’s claim that the technology is secured by SSL cryptography. The software is also secure from the latest Heartbleed bug which has created havoc worldwide.

 

The country is set to see a several Bitcoins which will be installed across the country in the near future.

 

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