Twelve months on from the parabolic rise in cryptocurrency prices the dust has settled. Now, without hype and mania, a new generation of developers are coming up with smarter solutions to propel mass adoption.
By taking a product offered by big banks for decades and remodelling it for cryptocurrency integration, Sydney-based startup BTC.com.au has created a way for Bitcoin and Ethereum to be used at any business or ATM in Australia.
The startup believes it has developed one of the best solutions yet to the biggest barrier to mainstream crypto adoption, the ability to freely spend cryptocurrencies.
The Bitcoin Card
Btc.com.au has released a crypto debit card, powered by Bitcoin or Ethereum.
The Bitcoin card redefines the traditional debit card model – there’s no need for a linked bank account, the card is free and crypto can be transferred to it from a digital wallet anywhere in the world, without fees.
Speaking to Micky, BTC.com.au CEO Danny Ariti, says the card has been designed as a platform to enable everyday Australians to integrate cryptocurrency as part of their everyday lives.
“As cryptocurrency and blockchain enthusiasts we wanted to build a product that we could see ourselves using, we noticed that there was a disconnect between quickly and easily making real world use of your cryptocurrency.
“If you were to use a traditional trading exchange it would entail you having to deposit your cryptocurrency, selling the cryptocurrency, and then withdrawing back to a bank account – it could take days before you’re able to make use of these funds.
“In the case of the BTC.com.au ATM/eftpos card, you’re using a single service to instantly deposit the cryptocurrency onto the card and turning it into Australian Dollars that can be immediately spent at eftpos terminals or withdrawn from ATMs nationwide.”
While currently only Bitcoin and Ethereum can be transferred to the BTC.com.au card, the team is working on adding support for a range of other cryptocurrencies.
New products driving crypto adoption
BTC.com.au has gained full regulatory approval for its Bitcoin card, and in just a short period of time the number of card users has exceeded the company’s expectations.
“We’ve seen an overwhelmingly positive response and the uptake has been far beyond our expectations,” says Ariti.
“The card program has given us some great insights into just how broad of a demographic this technology attracts.
“We’re seeing applications from hobbyists and professionals, some as young as 18 and as old as 80… The market never ceases to surprise us, and it’s great to see such a broad range of users making use of our platform from all ages and all walks of life.”
BTC.com.au joins a growing number of Australian companies attempting to make it easier to use crypto.
TravelByBit has developed a point of sales system helping merchants in the tourism industry accept crypto.
The company has teamed up with Binance to roll-out its crypto systems to major airports around the world.
Startups, such as LivingRoomofSatoshi, which allow Bitcoin to be used to pay for bills also continue to attract new customers.
Interestingly, Danny Ariti says BTC.com.au has found interest in cryptocurrencies is now “greater than ever” despite crypto prices falling by more than 80% during 2018.
“The recent price drop has had a surprisingly positive effect, as it is allowing people who were priced out of the market during December 2017’s bull run to now enter the market at a price point that they feel comfortable with.
“We are receiving a large amount of inquiries which is refreshing as we’re seeing renewed interest and an increasing amount of new adopters.
“The inquiries are usually followed up by questions about our Bitcoin brokerage service which offers an alternative to beginners looking to make their first purchase without being overwhelmed by traditional trading platforms that new users can often find difficult to understand.”
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This content was created and published in partnership with BTC.com.au.