The Australian business community has mixed reviews on Bitcoin

Published 16 January 2014, 14:48 AEST

Although some people criticize the virtual currency system as unreliable, in real life, this virtual currency is becoming more and more popular among business people in Australia.

Shop sign welcomes bitcoin purchases The Australian business community has mixed reviews on Bitcoin (Credit: ABC)

The online virtual currency Bitcoin was launched in 2009. The promise at the time was that it would reduce bank fees, but since then it has been linked to drug networks and has aroused dissatisfaction with the Chinese government. Nevertheless, many people in the Australian business community say that Bitcoin gives them an advantage in an increasingly competitive market.

Tomcar, an all-terrain vehicle manufacturer based in Melbourne, Australia, accepts Bitcoin. They sell their products online to farmers, military personnel and emergency services. The head of the company, Bream, told ABC that using Bitcoin to pay overseas suppliers has saved them a lot of exchange costs and bank fees.

For example, he said that they only need to pay a 1% handling fee to buy parts from Israel with Bitcoin. He said that they can easily save XNUMX Australian dollars, and this money can be used for research and development and customer service. He thinks this is very important to them.

Bream said that their customers in New Zealand also use Bitcoin to pay. He said that now they are only selling parts to Canada and the United States, but they have not yet used Bitcoin to sell the entire car.

Gramsci, director of the Software Center at the University of Western Australia, warned that there are certain risks in using Bitcoin. One is that the price is unstable, and the other is that the virtual currency placed online will be stolen by hackers.