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Sorry, No Papers, But We’ve Got Bitcoin: Newsagent Future?

Australian newsagents may soon be without two of their major money-spinners – the daily print editions of Fairfax newspapers including the Melbourne Age and the Sydney Morning Herald, which are being discontinued – but they may have a possibly more lucrative new line of business: selling bitcoins.

Sydney fintech systems business Blueshyft and bitcoin exchange Bitcoin.com.au have launched a plan that they hope will see newsagents flogging bitcoins to their customers.

If the scheme takes off, it would be the first time Australians have been able to buy the digital currency over the counter for cash.

Blueshyft is said to be owned by a nephew of Rupert Murdoch, Matt Handbury. Bitcoin.com.au is part of Global Internet Ventures, a company organised by Internet entrepreneur Domenic Carosa, onetime promoter of the Destra Web entertainment and hosting site.

The partners say they expect about 15 million transactions in the first year with the average transaction size of about $150 to $200, which is a tad more than the cost of an SMH or Age, or even an Oz Lotto flutter.

Newsagents who sign up for the venture will be issued with an iPad and an app that connects to bitcoin services, they say. And presumably be paid in bitcoins…

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