Local cryptocurrency exchange gets certified
As investors and regulators around the world attempt to peer into the deep, dark jungle that is digital currency, one Australian exchange operator hopes it has found a way to shine a bit of light by becoming the first business of its kind to get industry certification. BTC Markets is the first Australian exchange to be certified by the Australian Digital Commerce Association, the industry body for the digital currency sector. The Melbourne-based cryptocurrency exchange demonstrated that “rigorous” standards were achieved in meeting the expectations of multiple Australian regulators, most notably AUSTRAC. Operators of Australian exchanges for Bitcoin and other digital currencies need to register with the country’s anti-money laundering […]
Bitcoin: Westpac, NAB and ANZ hold off on CBA-style credit card ban
ANZ, Westpac and NAB have confirmed they do not currently plan to emulate the Commonwealth Bank’s ban on the use of its credit cards to purchase Bitcoin and similar cryptocurrencies. “Due to the unregulated and highly volatile nature of virtual currencies, customers will no longer be able to use their CommBank credit cards to buy virtual currencies,” CBA announced earlier this week. Bitcoin’s value has swung wildly in recent months, dropping from US$19,000 in late 2017 to close to $6000 earlier this month. Coinmarketcap currently pegs it at just over $10,000. CBA said that customers could still purchase Bitcoin as well as other digital currencies by using their debit cards […]
Is it worth mining bitcoin in Australia?
The fluctuating market for bitcoin and cost of producing coins mean players in the market need to think about whether mining is worth the cost. With the price of bitcoin moving through peaks and troughs almost every week and energy costs on the rise, the question of whether it’s worth mining bitcoin needs to be addressed. It’s possible that trading coins that are already in the market is a better strategy that expending the energy to mine your own coins. Reporting on data collated by Elite Fixtures that was sourced from Blockchain.info and reported by CNBC, bitcoin mining is most expensive in South Korea with Venezuela being the least expensive […]
Crypto hype drives new partnership
An SMSF administrator is teaming up with a cryptocurrency brokerage firm to help investors achieve greater portfolio diversification. A new partnership between Xpress Super and Bitcoin Trader will provide SMSF investors with access to five of the top cryptocurrencies in the market: bitcoin, ethereum, bitcoin cash, DASH and ripple. Xpress Super chief executive Olivia Long said the new partnership is in response to growing investor demand for digital currencies, saying the administrator has been inundated with inquiries from trustees. “Our role as SMSF compliance specialists isn’t to give advice to self-directed investors on whether this is the right investment option for their fund, but to ensure they are compliant if […]
Despite bitcoin crash, initial coin offerings attract Aussies to make money online
Warren Stokes knew nothing about bitcoin until his son began receiving yellow postal bags filled with $50 notes in the mail. The cash was from cryptocurrency trading when his son was still in high school — about seven years ago. “He explained to me he was on a group on reddit — 1,000 people were joining their computers together to mine, and again, honestly, I had no idea what he was talking about.” Mr Stokes, 58, is now a casual “crypto” investor himself. At a recent cryptocurrency meet-up in Sydney, he was there to learn about the latest craze: initial coin offerings (ICOs). An ICO uses blockchain technology to issue […]
CBA blocks credit card purchases of Bitcoin, other digital currencies
Commonwealth Bank customers will no longer be allowed to use their credit cards to purchase Bitcoin and similar digital currencies. The bank announced the new policy today. “Due to the unregulated and highly volatile nature of virtual currencies, customers will no longer be able to use their CommBank credit cards to buy virtual currencies,” the bank said. CBA customers will still be able to purchase and sell Bitcoin and its ilk through their transaction accounts and debit cards. “We have made this decision because we believe virtual currencies do not meet minimum standard of regulation, reliability, and reputation when compared to currencies that we offer to our customers,” the bank […]
Spendher bitcoin buying app launches in Australia
You don’t see instant verification, quick transfers and no daily limits, even for new customers, too often. A new cryptocurrency app called Spendher has launched in Australia. Unusually, it offers instant customer verification and no limits other than a whopping $100,000 per transaction. Unless you’re a big spend(h)er aiming to plonk down more than $100,000 on bitcoin, you won’t run into any limits at all. This is made possible with a fortuitous combination of timing, including the changing of rules around the InstantID system which Spendher uses. To get instantly verified, users can simply enter their details for on-the-spot verification rather than uploading photos, writing out statements or dealing with […]
Bitcoin on the map in Sydney’s city
Cryptocurrency has been hailed as the way of the future — digital assets which can be deposited, spent and exchanged for real world goods. Operating outside of central banks, cryptocurrency has increased in popularity since the concept found form in bitcoin — claimed to be the first of its type — just under a decade ago. At the end April last year the total value of all existing bitcoins exceeded $2.5 billion Australian dollars, millions of which are exchanged each day — including in the heart of Sydney’s CBD. Coinmap, a heatmap of registered businesses and ATMs which accept bitcoin, shows 30 locations in the City of Sydney — including […]
