CoinJar Confident Despite Recent Difficulties

CoinJar, an Australian company self-described as "Australia’s leading bitcoin platform", have released a blog update in which they state despite difficulties, the team remains agile, adaptable and confident for what the future might bring.

The update does not go into specific detail regarding what the difficulties are other than to say they are recent. After the ATO1 released a guidance paper on the tax treatment of Bitcoin in Australia, CoinJar quickly implemented the 10% GST on bitcoin purchases, bringing the fee total to 12%2.

While CoinJar has always been a dubious place to store and send bitcoin due to its founder's3 reputation, implementing the GST meant the website became the worst place to purchase bitcoin in Australia as well. These changes might explain the recent difficulties CoinJar refer to and it's possible Circle, which launched just as CoinJar implemented the GST, are eating their market share as it allows Australians to purchase bitcoin instantly and at a cheaper rate, even after currency conversion fees whereas CoinJar can take 2 business days simply to deposit funds to.

With plans to expand into London under way and the CoinJar zero fee bitcoin EFTPOS card limited to only 100 customers at this time, it is unsure what future CoinJar have in the Australian market.

Source –

  1. Australian Tax Office. 

  2. CoinJar charge a 2.00% buy order fee. 

  3. "Ryan" Zhou Tong. 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>