CoinJar is one of the few remaining Bitcoin exchange platforms servicing Australian customers right now. Ever since country officials decided to make bitcoin subject to taxation, most of the exchanges have left the country in favor of less expensive alternatives. CoinJar, on the other hand, is not planning to go anywhere, as they have recently enabled bank account deposits using POLi.

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POLi Bank Account Deposits for CoinJar users

Bringing more convenient deposit and withdrawal methods to Bitcoin exchanges is the right way forward. Most everyday consumers struggle with the concept of buying their first Bitcoin from an exchange, and instant bank account deposits will be a valuable addition in the long run.

CoinJar users will be able to use POLi bank account deposits, assuming their account is verified. Deposits of up to AU$500 will be processed instantly, whereas higher amounts will still take 1-2 business days to clear. POLi makes it more convenient for novice users to buy their digital currency, as most of them will do so in smaller quantities.

POLi is an online payment option that is specifically tailored to facilitating internet banking payments to a merchant. Having payments clear faster between both parties is beneficial for everyone, as the buyer will receive their goods faster, and sellers don’t have to wait weeks before funds are available to them.

CoinJar has enabled the POLi option on their “Quick Deposit” page, and users can go through this process by selecting “pay with Internet Banking” on the POLi page. As part of the payment process, users will be able to log into their online banking account, and complete the payment. Depending on the amount they are planning to spend, it will either be instant or take 1-2 business days. The best part about POLi is how there are no additional fees associated with the process.

Modern Banking Is Beneficial To Bitcoin

Without online banking, it would take up to a week – or longer – for Bitcoin purchase deposits to clear. In this regard, modern banking services, such as POLi or SOFORT, are quite beneficial to the world of Bitcoin. There is no valid reason both types of finance cannot peacefully co-exist for a time, and complement one another.

That being said, Bitcoin is still a clear example of why traditional banking is no longer a viable business model. Even though there are several innovative ways to conduct business, nothing beats instant transfers for any amount or value. Bitcoin provides exactly that, and does so in a global fashion, as the digital currency is not restricted by country borders.

Source: CoinJar Blog

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