First bitcoin ATM in Sydney hotel

14 December, 2017 by Vanessa Cavasinni

A bitcoin ATM has been launched in Sydney, housed in the Metropolitan Hotel in the CBD. Created by blockchain payment platform BitPOS, the ATM can be used by anyone with a bitcoin wallet on their phone.

BitPOS founders Jason Williams and Alex Taylor said the launch of bitcoin ATMs was in response to the growing popularity of the cryptocurrency.

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“Things are moving forward for Bitcoin, it’s now becoming an everyday currency, with financial institutions, forward thinking investors, as well as mums and dad investors paying close attention,” said Williams.

“Our emphasis is on a satisfying customer experience. We’ve put a lot of work into ensuring when a customer puts money into our machine, there are no frustrating delays or downtime and what they purchase will arrive in their wallets within seconds.”

Peter Phillips, owner of the Metropolitan Hotel, is proud to be one of the first hotels to include the software on their premises. Not only can patrons buy and sell bitcoin through the ATM, but they can also use bitcoin to buy food and beverage at the pub.

“All my staff have the software loaded on their mobile phones, when food or beverage is ordered we simply enter the relevant amount into our phones and then scan the customer’s phone. Funds are then converted into $A dollar and directed into my bank account that night – furthermore it works out cheaper for me than credit card transactions.

“There is also a great deal of transparency on both ends as it is also interfaced with our point of sale system. Initially it was only the Bitcoin Group that used the system however I have noticed over the past couple of years that people are now becoming more aware of bitcoin and it is now being used regularly, especially through our interstate guests.”

Phillips says that he is seeing more customers buy and sell bitcoin through the ATM, with some seeing the value of the currency appreciate while having a beer in the pub.

At the time of publication, one bitcoin is valued at AUD 21,884.