As Bitcoin continues to make headlines on a daily basis, many Australians are wondering if they should now take that leap of fate into the cryptomarket. The growth in the cryptomarket has been nothing less than astounding and while the market has corrected itself, there is still considerable room for additional growth over the coming year. Let’s take a look at a couple reasons why every Australian needs to invest in BTC in 2018.
Bitcoin is Seeing Increased Adoption
BTC has come a long way over the last ten years and today it is no longer regulated to the use of computer masterminds. Nowadays, BTC is widely accepted globally and countries such as Japan have already legalised BTC as a form of currency. Last year was truly a crypto break out year but 2018 will see this momentum continued by the introduction of major corporations into the marketplace.
The USA-based camera company Kodak recently saw great success with the launch of their blockchain based photo trademarking platform. While Kodak was not the first firm to think of such a concept, they did become one of the first major corporations involved in the ICO sector. After the successful run that this corporation had, you can expect to see a rush of new corporate tokens hitting the market this year.
There is no denying that blockchain technology such as BTC is far more efficient than the current forms of money transfer systems in place. A regular fiat-transaction can require verification by over thirty 3rd-party organizations. Thanks to distributed ledger technology, these transactions can now be done directly Peer-to-Peer. The demand has helped many bank-focused centralised cryptocurrencies such as Ripple to develop into major players in the marketplace.
Accessibility is Increasing
Bitcoin can be bought and sold at the push of a button and thanks to the online exchanges such as Binance; you now have access to a wide number of altcoins to trade as well. This last year saw the world get a crash course on what Bitcoin is and while many people still don’t fully understand Bitcoin, they have heard of it or know someone who speaks highly of the blockchain. You can even use services such as LocalBitcoin to find BTC traders in your area.
Regulations are coming into Place
Lawmakers have been mulling over how to add some form of regulation to the cryptomarket. As the cryptomarket continues to be a bright light in the world economic situation, countries are seeing the potential for growth in this new FinTech sector and they are working diligently to try and encourage new capital to enter the local market, due to favourable cryptocurrency regulations.
Dump the Fiat
Fiat currencies appear to be approaching a moment of return to intrinsically value. The world economic situation has been degrading for 10-years and there are many signs pointing towards another world economic crisis. You will see traditional investments such as gold continue to grow in value during these times of uncertainty. This time, you will also see digital assets become more valuable and they are now far more accessible than Gold.
What do you guys think? Is 2018 the year you can pay for your petrol with BTC? Let us know in the comments below.Read More
As Bitcoin continues to make headlines across the globe many Australians are left pondering on how to spend the BTC they managed to obtain. BTC is a decentralized currency that operates completely free of any third party or regulations. Cryptocurrencies such as BTC have been exploding in popularity and December saw record highs across the entire marketplace. Even with all the hype, it still takes some research to learn how to spend your BTC easily.
While many are still grasping the concept of BTC in general, those who are further ahead in their crypto understandings continue to look for use scenarios for this unique coin. In its current state, BTC is experiencing heavy transaction fees and delayed transaction times. As the highly-anticipated Lightning Network begins its final stages of implementation, there will be much more movement on the BTC blockchain.
As BTC transaction fees return back to their proper minuscule amounts, investors are now looking to spend some of their profits. This has led many Australians to wonder; where exactly they can spend their BTCs? Let’s take a look at some awesome options.
BTC tourism is booming and now Bitcoiners can use their Satoshis to purchase everything from airline tickets to hotel rooms. Expedia accepts BTC for all of your travel needs and what better way to enjoy the globe than on the tab of your BTC profits.
BTC Debit Card
One of the absolute best ways to spend your BTC is with a BTC debit card. BTC debit cards transfer your funds into fiat currency at the time of spending. This means you can use your BTC debit card anywhere that Visa or Master Card is accepted. Providers such as BitPay offer Debit Card services with their wallets. The only catch is that you will need to provide additional personal information due to the laws surrounding fiat currency exchange.
Online gift card vendors are keen on accepting all types of cryptocurrencies. So it may be true that you can’t just walk into a store and hand the cashier your public key but you can purchase a gift card online from websites such as Gyft and then visit the store of your choosing.
As you could probably guess, IT professionals are open to accepting cryptocurrencies such as BTC for their services. Use some of your BTC profit to build your company a new website or even pay for new hardware such as miners to further your crypto wealth.
Charity organizations would be happy to take a couple of those Satoshis off of your hands and there are a wide variety of BTC friendly organizations to choose from including the World Aid for Homeless Children. You could also donate your BTC to political causes as well and you can expect to see some BTC wealth influencing the political spectrum in the future.
5 Ways to Spend Your Bitcoin
It appears that there are endless options available to Bitcoiners looking to spend some of their hard-earned BTC around the globe. As the Lighting Network continues to be instituted across the globe, you are sure to see more merchant processors start accepting BTC as well.
What do you think Bitcoiners? Are you looking to spend some of your BTC or are you going to HODL? Let us know in the comments below.Read More
Cryptocurrencies such as Bitcoin are gaining momentum in Australia for a plethora of reasons. Investors on the island have seen the value in the decentralized economy and every day, more investors are choosing to enter the marketplace. Bitcoin has seen an impressive rise in value over the last year and this has further driven people’s desire to be a part of this revolutionary technology. Below are the 5 reason every Australian needs to invest in cryptocurrency:
Fiat Currency is Inefficient
Cryptocurrencies are light years ahead of fiat currency in terms of efficiency. Blockchain technology has allowed cryptocurrencies to conduct business at a much faster pace. While it is true BTC is suffering from delayed transaction times and high transaction fees due to scalability issues, most altcoins have resolved these issues by instituting new technology or larger block sizes to accommodate the added traffic.
To put this into perspective, a normal fiat currency transaction involves over 30 different third-party organizations to complete. This not only increases the cost of each transaction but it also makes it extremely slow to process. This is why a refund to your debit card can take days to complete. Cryptocurrency transactions are Peer-to-Peer meaning; no third party is involved.
Bitcoin Demand is Exploding in the Country
Bitcoin has blossomed from a relatively obscure piece of financial technology into a global currency. People from all around the world trade Bitcoin and the numbers of BTC investors continue to rise. This rise in adoption also fuels the rise in application development. This means that you can expect to see a steady stream of crypto friendly applications in the future.
Governments are Beginning to Accept the Concept of BTC
Bitcoin has won over the people and an ever-increasing number of governments are starting to become more crypto friendly. Governments that have invested in creating a pro-crypto environment continue to see explosive growth in their markets. Blockchain technology, the underlying protocol behind BTC, offers governments a cheaper alternative to their current means of conducting business and you can expect to see more country’s adopting this currency in the near future.
Segregated Witness Protocol and the Lighting Network
It’s no secret that BTC is going through some growing pains at the moment. BTC transaction fees and completion times are suffering due to an overburdened network. To alleviate these problems, developers have been creating a new protocol that computes the majority of your transaction off of the blockchain. Although still in the testing stages, the Lightning Network could be the push BTC needs to become an everyday currency.
Public Opinion is Turning
If you were to ask someone what they thought about BTC 3 years ago, you would have probably gotten one of two responses. The first response would have been “what is a Bitcoin” and the second response would be “isn’t that for using the dark web?”. Nowadays, BTC is making headlines almost every day. As the market continues to develop, so does mainstream adoption. Soon you will see the day where everyone knows what a BTC is and why it is so important.
Australia has the unique opportunity to take this new technology and further its development. The country is perfectly positioned to provide crypto traders a unique and profitable location in which to conduct business. The cryptocurrency market is still in its early stages and you can expect to see this unique financial tool take shape over the coming years. Now the only real question is, how long until more countries create their own cryptocurrency?Read More
Bitcoiners and blockchain technology are making a huge impact on the Australian economy as cryptocurrency adoption is at an all-time high. To give you an idea of just how much crypto was traded last year in Australia, you need not look any further than the tax man. Earlier this week, the Director of Tax Communication at H&R stated that the Australian government is owed over $2.5 billion in taxable crypto revenue. This shows just how much crypto trading has grown in popularity among the general public.
Bitcoin has seen an explosive rise in use within the country over the last 12-months with Australia going from a relatively small blip on the crypto map, where it was almost impossible to get BTC, to the average citizen being able to buy Bitcoin and Ethereum from newsagents across the country.
How BTC Quietly Invaded Australia
Bitcoin is one resilient crypto and despite being blockaded by the nation’s banks for a small period of time, this digital currency has been expanding at light speed ever since July 1st, 2017. This date is practically a holiday for serious crypto-traders, as it is the day Australia officially recognized BTC as a virtual currency. This is also the day they stopped double taxing BTC. The markets responded in kind to this legislation and this helped to further Australia’s influence in the cryptomarket.
Why the Australian Government Went Pro-BTC
The country’s sudden turn towards this new financial vision was spurred on by a mix of regional competition and the undeniable benefits of blockchain technology. Both Japan and South Korea dominated the cryptomarket for the better part of 2017. These countries continue to attract billions in start-up capital due to their pro-crypto stance. Australian officials were not going to sit around forever and watch as their neighbors get plump off their crypto earnings and thanks to some innovative minds, Australia is now aggressively pursuing blockchain-based technologies.
Government officials have put their money where their mouth is and designated $1.1 bln to the National Innovation and Science Agenda with the goal of researching and creating an Australian Fintech hub. This has further driven crypto investment into the country.
Bitcoin has gone from this obscure digital currency to the main focal point of conversations both on TV and amongst friends. This popularity has helped to further the accessibility of virtual assets in the country. More exchanges have also come to the market to serve the cryptocommunity. Below are five of the largest global exchanges offering their services in Australia:
On top of these international exchanges, there has also been an emergence of locally based exchanges offering their service to the community. Bitcoin.com.au is the largest local exchange operating in the country, followed by ACX. These exchanges only offer their users access to BTC and Ethereum, so you will need an additional exchange if you are looking to get your hands on a better selection of altcoins.
Australia is Ready for Crypto
Australians have embraced cryptocurrency and the decentralized marketplace. Every day, more investors venture into this new economy and vendors are cashing in bigtime on the added capital. Companies are rushing to accept cryptocurrencies for their products and as the market starts to shift to these new technologies; the day is quickly approaching when cryptocurrencies are accepted everywhere for daily transactions.
What do you think fellow coinlifers, is Australia the next cryptopia? Let us know in the comments below.