Australian businesses continue accepting Bitcoin despite Mt. Gox collapse

Fancy a game of mini-golf? A game at Glowgolf Docklands will set you back at 0.02 BTC.

Several Australian businesses are still trading with Bitcoin weeks after exchange company Mt. Gox went bankrupt.

Two Melbourne businesses who accept Bitcoin payments say they are unfazed by the scandal which has resulted in the loss of $446 million worth of the online currency. 

Imbiss25 owners Scott Rigg and Simon Hawkins insist Bitcoin is still reliable.

Imbiss25 café owners Scott Rigg and Simon Hawkins say Bitcoin is still reliable and will continue to be accepted in their St. Kilda shop.

Yeah of course, it’ll be interesting to see what we have to do on our tax return. It’s just a small hiccup and something we have to learn, but it’s fine. We’ll continue using it for sure.

Glowgolf Docklands owner Michael Blyth says he still trusts Bitcoin payments despite its volatile nature.

We’ll always promote it. They’ve been hacked before and recovered. It’ll have no virtual impact (on us), it’s just what people will spend.

The peer-to-peer payment system was introduced in 2009 as a currency acquired through Bitcoin miningThis is done by using computers to solve a number of algorithms, creating the virtual currency in the process. Critics claim its decentralised nature and unregulated process make it a volatile form of currency.

 

Japanese-based Bitcoin exchange Mt. Gox collapsed earlier this month after 750,000 Bitcoins went missing. The troubled company saw its Bitcoin price plummet $250 before the collapse while other exchanges steadied at around $640. CEO Mark Karpelès blamed its flawed website which allowed criminals to make false withdrawals resulting in the theft of almost $500 million.

Both Imbliss and Glowgolf will to continue to accept Bitcoin and Dogecoin payments

Image via atlasobscura

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