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Many people still don’t fully understand the concept of cryptocurrencies and blockchain technology, despite widespread mainstream coverage in the media, as the latest developments are analysed and talked about in greater detail than ever before. This inevitably means that for the large part, crypto still has plenty of untapped potential, although some remain unwilling to push themselves towards this new frontier.
But given the country was originally forged around the frontier culture and lifestyle, Australia now finds itself at the forefront of a digital revolution, leading the way towards an evolution that will change perceptions and any misconceptions about cryptocurrencies. Perhaps most intriguing of all, the level of knowledge there is far more advanced, compared to that of other nations around the world.
In fact, 91% of people know at least one of the digital currencies, following recent studies and polls, when Bankless Times examined cryptocurrency adoption statistics in Australia. Furthermore, they highlighted that almost 1 million people own Bitcoin, having proven to be the most popular cryptocurrencies amongst Aussies who participate in transactions, while this number is expected to continue surging.
Perhaps most interesting of all, the adoption of cryptocurrency is largely based around increased mainstream awareness, given that consumers can easily purchase goods and services from a diverse range of commercial sectors. These range from digital and online gaming products to physical goods like petrol and groceries, which are two particular areas worth looking at in more detail.
Ideal unison between crypto and iGaming
One of the most prominent marketplaces accepting cryptocurrency payments is the iGaming industry, now that many leading online casinos and sportsbooks have embraced blockchain technology. The most reputable operators have always placed an important emphasis on security and privacy; therefore it would appear that making transactions with digital currencies is the most natural progression.
Priding itself on being at the forefront of a digital revolution, Australia has become something of an international hub for online gaming, with many developers located there having designed and produced some of the most engaging casino games. Likewise, this is a nation which also values the progress made by digital currencies and blockchain technology, keen to promote wider acceptance and understanding.
Based upon expert reviews covering the best real money pokies in Australia, there’s a growing number of online casino sites keen to accept payments and withdrawals using cryptocurrencies, which brings an amusing new spin to the “real money” term. Indeed, this has evolved to incorporate the largest and most popular cryptocurrencies, such as Bitcoin and Ethereum amongst others, having established themselves as valid monetary alternatives.
Amongst the key considerations for expert Australia Internet Pokies reviewers, whenever establishing ratings for the online casino sites they recommend, there is always an important emphasis on banking options available. Increased payment and withdrawal options are always welcomed, especially when driven by secure blockchain technology, which is entirely why cryptocurrency supported online casinos have gained confidence and popularity.
Retail now driving push to accept crypto payments
For most of us who are already accustomed to using Bitcoin and other digital currencies, the benefits are already firmly established in our minds. Yet many consumer marketplaces and retailers are still somewhat reticent about the whole idea. Nevertheless, there are strong signals that Australian companies are increasingly keen to make the switch, combining traditional payments with the additional option to use crypto instead.
This was evidenced by one of the largest Australian convenience retailers in 2022, when On the Run (OTR) announced they would offer in-store cryptocurrency payments, having forged innovative partnerships with Crypto.com and tech company DataMesh Group. Furthermore, this would be rolled out at 175 stores across the country, providing customers with a useful alternative to cash or credit card transactions.
According to the OTR press release, this was an exciting step for the purchase of everyday convenience goods, including petrol and groceries at their own stores. Promoting their move as a world-first scalable solution, payment terminals and merchants are now available to accept more than 30 different cryptocurrencies, allowing consumers to make good use of assets within their digital wallets.
“The OTR story is about giving customers choice and making life easy,” said Yasser Shahin, the Executive Chairman of Peregrine Corporation, who are the parent company of the OTR chain. Keen to place Australia at the cutting edge of a crypto payments revolution, Peregrine also have plans to roll out the option at 250 additional retail sites. What’s more, taking this important step could nudge other leading retailers towards quickly following their path.
Positive general consensus
Given such promising developments emerging from Australia, perhaps crypto is beginning to get the level of understanding and appreciation it richly deserves. When two such diverse consumer sectors are willing to take an important leap of faith, the level of knowledge and confidence will undoubtedly increase. Australia has clearly taken great strides in this regard, and hopefully other major economies will quickly follow in their footsteps.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.