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The 3. CoinSpot offsets its slightly-higher spreads with fees from 0. Swyftx does it the other way around, and offsets its slightly higher commission fees of 0. Both also provide a nice, easy cryptocurrency brokerage service and have a much wider selection than Bitcoin.
It gets even cheaper if you're happy to dispense with the brokerage service and just directly buy on the open market on exchanges like BTC Markets which get you within a hair's breadth of mid-market rates with typical trading fees of 0. These numbers are actually insane.
To put this in perspective, if you use this Australia Post payment method it could be: Easily more than twice as expensive as other cash payment methods at cryptocurrency brokers Well over five times as expensive as non-cash payment methods at cryptocurrency brokers More than ten times as expensive as some of the most cost-effective ways of buying Bitcoin Opinion: With and without rose-tinted glasses For practical purposes, such as actually purchasing Bitcoin, this new payment method is underwhelming, to say the least.
It only seems to be practical for people who want to pay with cash but don't mind providing identification , who don't mind paying truly majestic fees on their purchases and who can more conveniently get to a post office than a Blueshyft-supporting convenience store. But that's probably too narrow a view. Firstly, despite all the reports on the demise of cash, the cold hard currency is still plenty popular. Admittedly, most of the cash in circulation is being lost, hoarded or used for illicit purposes, but it still has a robust fan base.
Plus, there's likely some overlap on the Venn diagram of cash hoarders and Bitcoin buyers, so there might be more demand than one would expect. There's also still an understandable preference for cash as a trusted, tangible payment method and it's the perfect match for an entity like Australia Post, which is often ranked as one of Australia's most trusted institutions, especially in regional areas.
There's an argument to be made that when you buy Bitcoin with cash at Australia Post, the digital currency is infinitely more tangible than it would be any other way. Plus it's worth drawing attention to the partnership itself as an achievement, and as the joining of one of Australia's most venerable institutions with the idea of cryptocurrency.
Once we take them off, that heartwarming story of trusted institutions partnering to advance cryptocurrency fades away, and it's replaced with a scene where a cryptocurrency platform with a snazzy URL takes advantage of people's trust to charge exorbitant fees. It's not innately any more or less trustworthy than other exchanges.
But newcomers in search of a trustworthy platform could get blinded by its URL and don't necessarily know that. Plus, Australia Post's Post Billpay service has been around and enabling payments for a long time now. This almost certainly shouldn't be construed as some kind of big endorsement or giant leap by Australia Post. It's great that people can feel comfortable buying cryptocurrency with a trusted payment method, it's great that people can surround themselves with trusted entities and it's great that Bitcoin is receiving a congenial nod from Australia Post, but it's less great that all this is being used as a vehicle to charge exorbitant fees.
And it's hard to see why those high fees would be necessary to cover costs. A Privacy for Usability Tradeoff Using this new way to buy bitcoin in Australia may indeed become the easiest method currently available. At the same time, there is a tradeoff for people who may value privacy over speed and convenience.
In other words, users should expect to pay capital gains tax since their newly-purchased bitcoin can be easily traced to their digital ID. Nevertheless, this has not stopped Australians from buying bitcoin as the number of cryptocurrency holders has nearly tripled since the beginning of Therefore, Australia Post, which services Would you use Australia Post to buy bitcoin? Let us know below! For updates and exclusive offers enter your email. Sign Up I consent to my submitted data being collected and stored.
Leave this field empty if you're human: Allen Scott Allen is the editor-in-chief at Bitcoinist. He has a background in journalism and economics and had his Bitcoin "Aha!
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