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August 09 Edition Cover

Glowing review of Bitcoin

11 Feb 2014

Glowing review of Bitcoin Image

A Docklands business has become one of a limited number of Melbourne retailers to accept Bitcoin.

Last month Glow Golf at Harbour Town began accepting bitcoins, a digital currency traded through peer-to-peer technology.

Bitcoins are primarily traded online but Glow Golf has decided to become one of the small number of shopfront retailers to accept the new form of payment.

According to http://www.coinmap.org, which maps “brick and mortar” retailers who accept bitcoins, there are less than 30 retailers in Melbourne who accept the currency, and just one in the CBD.

Michael and Julie Blyth have operated their Docklands-based mini-golf business for the past four years and have been considering accepting the currency for the past six months.

Mr Blyth said he decided to introduce the new form of payment last month in order stay ahead of new technologies.

According to Mr Blyth, the benefits of accepting bitcoins include minimal transaction fees and no delay in payment being transferred to his account, as is the case with standard eftpos and credit card transactions.

Making a payment using bitcoins is relatively simple, with the transaction processed via a phone app.

To get bitcoins you can convert currency or can become bitcoin miner, however the profitability of this method is questionable with it becoming increasingly difficult for the average person to earn enough bitcoins to make it worthwhile.

The currency has no central or governing authority and is potentially volatile with a rapidly fluctuating value.

According to Mr Blyth, this time last year one bitcoin was worth around $15 AUD. Today, one bitcoin sits at around $850 AUD.

Although just one customer has paid using bitcoins since Glow Golf began accepting bitcoins in January, Mr Blyth said he believed Bitcoin would become an increasingly popular method of payment.

“I think when eBay and the like start adopting it we’ll see it become more mainstream,” Mr Blyth said.

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