Bitcoin company Independent Reserve has launched a new exchange in Sydney touting a robust, secure and faster way to use the crypto-currency.

Bitcoin has gained traction, with an estimated 76,000 merchants who accept the commodity globally.

Independent Reserve believes the volatile digital currency is on the brink of becoming mainstream.

The company's chief technology officer Adrian Przelozny says the virtual exchange "is robust, secure and easy to use."

"As an Australian you will be able to open an account and be verified in a matter of minutes," he said.

Bitcoin has seen wild price fluctuations, from as low as a few dollars to more than $1,200, and is currently valued at around $400.

The new exchange plans to embark on a recruitment drive to spruik the value Bitcoins to local online traders and the taxi industry.

"Ebay is about to start accepting Bitcoin, you can buy a holiday on Expedia using Bitcoin, and you can buy a computer from Dell using Bitcoin," Mr Przelony said.

Sceptics label currency 'a charade'

For sceptics like Jeffrey Robinson, the American author of BitCon - The Naked Truth About Bitcoin, it is a just a pretend currency.

"The currency is a charade and the commodity aspect is pump and dump, with Bitcoin what you see is not what you get," he said.

Mr Robinson said in actuality many sites that claimed to trade in Bitcoin did not accept the currency.

"Bitcoin people will tell you, 'look at all the places that accept Bitcoin' - except they don't," he said.

"What happens is you get on their site and you click pay with Bitcoin, and it is the same in Australia, you end up being sent to one of the exchanges.

"Actually none of these companies want anything to do with Bitcoin."

Mr Robinson believes the only value in Bitcoin is its payment system.

Dubbed 'block and chain technology', it allows currency to be moved around around instantly and at minimal cost.

Mr Robinson said the sooner the technology could be separated from Bitcoin, the better.

However, Bitcoin investors believe the online currency is here to stay.

Kristin Westlake is an investor and believer in Bitcoin.

"It is a digital currency, money for the internet, it is another way, like using a credit card or using a debit card, to pay for goods and services, or to invest in... currency," she said.

"I paid about $500 for it, and it has gone up and above and below that."

Chris, the owner of a Sydney cafe with a Bitcoin ATM, also believes Bitcoin may be the currency of the future.

"I think it is probably going to be huge in the future," he said.

"It all depends on how people take it up. And that's the whole issue - it has been a bit slow, but I think it will happen."