Australia is undoubtedly leading the way in terms of cryptocurrency the world over. But why is that? Is it that Australians are simply quicker at adopting new digital mediums than anyone else? Perhaps the younger demographic has a part to play. In any case, thanks to legislation passed here in the last few years, people are now free to buy and trade in bitcoin however they please. That is in stark contrast to other countries, such as the UK, where regulation is still in the balance.
Why cryptocurrency?
The adoption of crypto into Australian culture has crept in over the past few years thanks to how easy it is to start investing. However, that is not the only reason why Australian citizens are buying up bitcoin for use in their everyday shopping. In 2017, legislation was passed that made cryptocurrency legal in Australia. This was nothing short of a landmark case that might influence the thinking of other countries regarding the adoption of cryptocurrency trading.
It is hardly surprising that Australia is now a leading adopter of bitcoin, ethereum and others. The balance between crypto and normal currency in Australia is very even so anyone worried about digital money replacing the dollar should not start cashing in their assets just yet.
Trading in a cryptocurrency is easy to get into but be aware that it is a turbulent, volatile asset to trade in; however, Australian millennials are finding that investing is quick, easy and most of all, very exciting.
The home of global crypto
In September 2019, Townsville, North Queensland, played host to a huge Bitcoin Cash Conference. Townsville is a metropolitan area which, in many ways, seems to be at the cutting edge of the digital revolution. You can already use bitcoin and other cryptocurrencies to buy everyday items and services there. You can walk into a Townsville supermarket and pay for groceries out of your digital wallet.
The lack of fumbling around for physical cash has been celebrated in a big way this year, with the Bitcoin Cash Conference highlighting just how far Australia has come in adapting to crypto. In the space of two years, territories across the country have started accepting bitcoin alongside physical tender without complaint. For investors based in the country, it is a genuine haven for free trading, like you can do with Crypto Head.
However, ‘free’ trading will not apply in terms of taxation. Crypto prompted legalisation in the country on the basis that users would still need to pay capital gains tax on any profits. This is similar to the treatment cryptocurrency receives globally. However, there is greater freedom in Australia which means that digital currency is now firmly in the mainstream. Investors and traders simply have to choose from the best bitcoin trading systems available to them to get started.
What does this mean for Australian businesses?
Mass adoption of cryptocurrency across Australia does mean that many traditional businesses are needing to adapt, and quickly. The Independent Grocers of Australia Group, or IGA, have already made strides to accept bitcoin and other digital money at their stores across the country. This means that over 1400 different stores now accept bitcoin in place of physical dollars. It is a sweeping change which has come around very swiftly indeed. Statistics also show that bitcoin is outperforming BTC in terms of retail spending across the country.
The knock-on effects of all this for Australian businesses is clear. The freedom to trade in crypto now dictates that businesses should start adopting bitcoin, at least, or risk getting left behind. Young people – millennials and generation Z inclusive – are more likely to trade in crypto than anyone else. Therefore, it is safe to say this is a trend that will roll on into the future. Markets may rise and dive, but the legal position on crypto in Australia means that uptake has never been more intense. And why not?
What is next for crypto in Australia?
Australian businesses should already be studying their competition as far as crypto is concerned. The country’s position as a wide adopter is plain to see, and there are no signs of interest dropping off. For that reason alone, the time is now for even the smallest of Australian brands to start doing their crypto homework.
We are in the middle of a very exciting digital and financial revolution. Where will bitcoin take Australia in the years to come? More importantly, will the rest of the world sit up and take notice?
