BRISBANE will soon have its first automatic teller for the internet currency bitcoin.
An Automatic Bitcoin Machine will be established in the CBD to allow members of the public to deposit cash in exchange for digital bitcoin.
At a launch event on George St on Monday night it was revealed that the ABM, developed by Ezy-Bit and commissioned locally by Brisbane Bitcoin, is expected to be in operation later this year.
“It will be very easy for the public to access bitcoin through this machine,” Brisbane Bitcoin co-founder Trent Churchill said.
“Before this you had to have technical knowledge of bitcoin.
“You had to know what you were doing with the software, have an account with a bitcoin exchange and link that account with a bank account.”
Now traders will need to open an online bitcoin ‘wallet’ and scan their account number at the ABM using a smartphone.
Cash inserted into the machine will be converted to bitcoin coding which can then be used to make peer-to-peer purchases online.
Despite its hype as an efficient and convenient method of payment, bitcoin’s image has been marred by bad press.
The currency was believed to have been widely used to trade drugs and weapons via the website Silk Road before it was shut down by the FBI last October.
Last month, the value of bitcoin plummeted after MtGox, a major Japan-based exchange, filed for bankruptcy.
But the currency is now being accepted by major companies like Google and Amazon.
“There are a lot of products you can buy online (using bitcoin) and new business are turning on to it every day,” Trent Churchill said.
“What we’re hoping to do here in Brisbane is get some of those bricks and mortar businesses to take bitcoin over the counter.”