Rodney Stevens
Clarence Valley residents who are fed up with banks and governments can now leave them behind and trade in Bitcoin after two of the Cryptocurrency Automatic Teller Machines ATMS were installed at Service Stations at South Grafton and Yamba recently.
Bitcoin is a decentralised digital payment system and currency invented in 2009, making it the world’s oldest and most well-known cryptocurrency, which is essentially a digital version of cash that exists outside the established framework of national governments and central and private banks.
By using Bitcoin, two people can exchange value without the need for any banks to facilitate the payment.
Another characteristic of Bitcoin is that it is not limited by national borders, so users can exchange value with someone across a counter or on the other side of the world by sending them Bitcoin in seconds, eliminating the calculation of exchange rates involved in national currencies.
Using Bitcoin is simple, users transfer Bitcoins from their digital wallet, which were purchased on a crypto exchange, to someone else’s digital wallet using an online application or website.
Payments via Bitcoin rely on digital wallet addresses, unique digital identifiers enabling secure and transparent transactions, and when a payment is initiated, the transaction is broadcast to the entire Bitcoin network.
The transactions are processed and verified by a network of miners who use specialised software on their computers to solve complex mathematical problems, which validate the transactions and add them to the blockchain – a public ledger of all Bitcoin transactions.
Known as “Bitcoin mining”, this process verifies transactions and maintains the integrity and security of the entire Bitcoin network.
Bitcoin can be bought, sold, or used to purchase goods or services from companies like Microsoft, Express VPN, or Wikipedia, with more and more businesses accepting Bitcoin as a form of payment.
Each Bitcoin can also be subdivided into 100 million individual units known as Satoshis.
When this story was written last Thursday, one Bitcoin was valued at $89328.80 and according to Roy Morgan research more than 1 million Australians aged 18 and over, or 5 per-cent of the Australian population invest in cryptocurrency.
To purchase Cryptocurrency users can start their registration on the ATMs by entering their phone number and they will receive an SMS with a unique code and registration link which can be completed on a smart phone using a driver’s licence for verification.
Two different brand Bitcoin ATMs have been installed recently at Ampol South Grafton on Schwinghammer St and Shell Yamba.
The Coinflip ATM at Ampol South Grafton allows users to purchase 5 types of Cryptocurrencies – Bitcoin, Ether, Litecoin, Dogecoin, and Tether, in daily transactions of up to $19,000.
The Localcoin ATM at Shell Yamba allows users to purchase 5 types of Cryptocurrencies – Bitcoin, Ether, Litecoin, Dogecoin, USD coin, and Tether, in daily transactions up to $9500.
For more information search https://coinatmradar.com/