Purchase of bitcoin is made very easy and faster in Australia by a prominent institution in the country, Australia Post. The institution is utilizing Digital ID service for the project, which was reported by local news outlet, Micky, as one of the first adopters of the service.
Bitcoin Sales By Australia Institution
One of the factors still elusive in the crypto space is the presence of institutions. When an institution chooses to venture into cryptocurrency which is rare to see as the market is still nascent, there is bound to be more growth.
The recent step of a prominent Australian institution, Australia post into the crypto space was revealed through a local news outlet, Micky of recent. The institution is set to offer sales of bitcoin with ease to buyers. It is noted that customers will be able to complete a purchase of cryptocurrency in minutes as it is offering an improved registration process.
According to Josh Lehman, the founder of Digital ID services, he noted that Digital ID allows the firm to verify the identity of prospective buyers of bitcoin in minutes instead of days it takes most exchanges. Josh further stated that for the first time, Australians could log on to a computer, punch in their driver’s license or passport details and buy bitcoin within minutes.
The general manager of Australia post’s digital ID, Cameron Gough stated that digital ID gives people more control over the personal data they share with an organization. Gough noted an example that most people hand over their driver license to prove that they can legally go to a bar, but what is needed is only a name and a birth date which does not include other details on the ID Card.
Meanwhile, Digital ID service will also be working with Australian companies such as Coinjar, and Coin Loft to give more confidence to potential investors who were previously reluctant to undergo questionable verification processes.
The Use Of Digital ID service and Its Weakness
The use of the digital ID service is simple and easy, as it only requires the use of a valid ID card and QR code.
Though this seems straightforward and easy, information stored on the digital ID service is at risk of a hack. The platform stores customers information on a centralized system which is prone to hack at any time.