Bitcoin use in Australia - bright future ahead
I have recently read an interesting post by @jrcornel about how many American’s have heard of Bitcoin. I believe Australia is at least couple of years behind in uptake of cryptocurrencies.
I am surprised at how little knowledge or interest most of my friends have in cryptocurrencies and they are well educated people working in IT or finance. They are not comfortable with digital currencies and don’t trust them. And headlines like these won’t change their mind anytime soon.
Profile of Australian bitcoin user
According to a recent survey conducted by bitcoin.com.au the average Australian bitcoin user is a male, 34 years old, living on the country’s eastern seaboard. 70% off the 1200 participants owned less than 1 bitcoin, with only 3% owning more than 25. Less than 10% reported transacting bitcoins daily. Majority of the participants where male, female participation was under 10%. Most Australian bitcoin owners have purchased it for the purpose of investment.
Australian government supporting digital currencies
There are some good news for Australian bitcoin users this year. As part of the government’s backing of innovation and Fintech the Australian Taxation Office (ATO) removed GST (Goods and Services Tax) from Bitcoin transactions as of July 2017, effectively removing double tax on bitcoin. Prior to July anyone using digital currencies was taxed twice, once on the purchase and again when using it at an exchange. This legislative change means that cryptocurrencies will be treated as money in Australia. The government will also protect bitcoin businesses and exchanges.
and other good news
ATM’s that accept bitcoins have been slowly introduced in Australia since 2014 making it easier to acquire the currency. And in an announcement this month a joint venture between StarGroup and DigitalX will upgrade 2,900 existing ATM’s into technology that will allow Australians to buy and sell digital currency. source
With these changes and government backing the Australian cryptocurrency market could grow rapidly and move digital currencies into the mainstream use.