The prospect of using bitcoin may have many Canberrans talking but it appears only a handful of people have actually used the digital coins to purchase products in the ACT.

As it stands, Canberrans can use bitcoins to buy coffee or cake at cafes, to top-up their MyWay card on ACTION Bus's mobile application, or use a newly installed bitcoin ATM in the Canberra Centre.

Australian Bitcoin ATMs director Robert Masters uses Canberra's first Two-Way Bitcoin ATM at the Canberra Centre. Credit:Jamila Toderas

Bitcoin is commonly defined as an online currency used for direct payment between people and businesses that is unregulated and operates outside of the financial establishment.

Once people acquire bitcoins, which are a purely digital currency, they can be kept in a digital wallet with smartphone apps and online accounts allowing people to transfer their bitcoins to others in payment of goods and services.