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Sydney Bitcoin ATM brings cryptocurrency into the real world

The global cryptocurrency Bitcoin is set to inch further into the real world tomorrow with a new Bitcoin ATM being installed in the Sydney CBD.

The global cryptocurrency Bitcoin is set to inch further into the real world tomorrow with a new Bitcoin ATM being installed in the Sydney CBD.

Bitcoin: coming to a shopping centre near you. (Bitcoin image by Marc van der Chijs, CC BY-ND 2.0)

The ATM will allow shoppers in Westfield Sydney to withdraw cash instantly from their Bitcoin wallets (though you'll need an existing bitcoin wallet to play); those who don't have any bitcoins to withdraw can also purchase the digital currency for cold hard cash.

The ATM is being installed by Australian Bitcoin ATMs (ABA), a self-styled "team of experienced entrepreneurs and investors" that import, distribute and operate Bitcoin ATMs in Australia.

According to the company's website, "Bitcoin ATMs remove the indimidating [sic] and difficult aspects of buying and selling bitcoins."

"With an intuitive, straight-forward interface and the convenience of immediate liquidity, Bitcoin ATMs attract both first time users with almost no knowledge of the cryptocurrency and its seasoned traders."

The company has a goal of installing 100 Bitcoin ATMs in Australia by 2015, and more than 500 across the world by 2016. According to a spokesperson for Westfield, tomorrow's opening will offer "the first opportunity for Australians to buy and sell the global cryptocurrency with the safety and convenience of transacting in a major retail shopping centre".

Those wanting to get their hands (so to speak) on their very own bitcoins can head to the ATM in Westfield Sydney from tomorrow. Cash withdrawals and Bitcoin purchasing will be available where all good cryptocurrencies are exchanged – in the Ground Level Food Court under Myer.