Followers of the Fintech market will know that these have not been an easy few months in Bitcoin’s evolution, especially in Australia. The FTX collapse left every surrounding crypto structure looking shaky, and banks took an extremely defensive posture, essentially treating every crypto exchange as if it was likely to fall apart at any moment. Then in recent weeks, the Australian senate finally heard the long-awaited bill that would set forth a regulatory framework for crypto – only to shoot it down in flames.
In any other nation, this might have set the public mood against crypto. But Australia is not any other nation. Tech ready and with a track record in early adoption, it is just not the Australian way to take a back seat and stick with the old proven ways. Whatever the banks or government might do or say, Australian consumers are buying in to crypto – a 2022 study found that one in four Australians own crypto. Likewise, Australian businesses are providing ways for them to spend it.
An ecommerce revolution
Australians can now use Bitcoin and other cryptocurrencies to make purchases from a growing number of online sellers. These include BitShopping, which sells a wide variety of goods, including furniture, household appliances, pet toys, and tech equipment. There is also Mooning Market, which can be compared to an Australian-specific “mini-Amazon.”
Expect others to follow suit. Adding a crypto payment gateway at the checkout is simple and inexpensive, and provides that all-important choice that modern consumers demand, both in Australia and across the western world.
Buying into luxury real estate
The first property to be bought on the blockchain six years ago, when an overseas investor bought an apartment in Kiev without setting foot in the country. Over the past couple of years, property investors in Australia have started to follow suit. The truth is, traditional transaction mechanisms are not ideal for property transactions, especially when there is a chain involved and monies need to make it from one end to another quickly. Bank wires are slow, and one glitch can bring everything tumbling down.
Intuitively, blockchain provides a more efficient mechanism, and although buying a house with Bitcoin is still far from common, it is likely to become a method of choice over the next few years. As well as buying a house on the open market, anyone looking to make a new start in Western Australia can pay with Bitcoin to have a new home custom built by Broadwater Builds in Perth.
A digital wager at a digital casino
Since they were first introduced and legalized in the early 1950s, Australians have loved playing pokies. They have evolved over the years, going from bars and truck stops to casinos to virtual platforms in cyberspace. The first crypto casino launched almost 10 years ago, and a quick look at the Gamble Online listings at GambleOnlineAustralia shows that in 2023, most casinos accept Bitcoin and altcoins as standard.
It makes sense on a number of levels. Transactions are highly secure, instant and usually incur no costs. Players can remain largely anonymous. Any potential issue that Australian banks might have with the transactions become irrelevant.
IT and tech equipment
Dream PC Australia will gladly sell you a custom computer build with all the accessories you need and accept Bitcoin as payment. They have followed in the footsteps of rival tech retailers such as Zumo and even Microsoft Australia.
Luxury cars on the Bitcoin forecourt
Tesla was the first manufacturer to accept crypto, but stopped doing so in reaction to the escalating carbon cost of crypto mining. Rumor has it they will lift the suspension soon.
In the meantime, specialist car dealerships are hoping to temp more affluent customers through their doors in Woolloomooloo. Scuderia Graziani is an Italian name, but as well as Ferraris and Lamborghinis, they also have some gleaming German fare from BMW, Porsche and Mercedes, plus other luxury marques including Rolls Royce, Bentley and McClaren.
Bitcoin pizza in the 2020s
Bitcoin has come a long way since Laszlo Hanyecz made history by spending 10,000 BTC on two pizzas. What better way to commemorate Bitcoin Pizza day when it comes around than buying a pizza with Bitcoin.
There are several outlets across Australia where you can do just that, but we would single out the amazing Hungry Joe’s in Palmerston just outside Darwin, simply because it looks like the last place in the world that would accept Bitcoin.
