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Although many people still regard cryptocurrencies as investment commodities, there was an entirely different reason behind the creation of Bitcoin, which finally appears to be taking hold among consumers in Australia.
Published in January 2009, “Bitcoin: A Peer to Peer Electronic Cash System” was the white paper written by Satoshi Nakamoto, although that was a pseudonym.
As the creator of this digital currency, Satoshi’s vision was that it would become commonly used for everyday transactions, just like any of the other traditional currencies. Blockchain technology would also provide additional safety and convenience, among other benefits.
While much of the subsequent media focus has revolved around trading and investing, over the last several years, Bitcoin has increasingly realised the potential for which it was invented. This can be observed in Australia, which enjoys a growing reputation for tech innovation.
Aussie retailers are quickly embracing Bitcoin
Claiming their move as being a “world first” in the retail sector, Australian service station chain OTR announced they would begin offering in-store cryptocurrency payments, rolling out this option for customers at 175 fuel and convenience store locations across the country.
OTR is also part of the Peregrine Corporation, one of the biggest retailer groups in Australia, which also signalled they would roll out crypto payment at more than 440 outlets, making this a landmark move for in-store transactions.
When such a prominent retailer in Australia begins accepting Bitcoin payments, consumers inevitably start paying more attention to digital currencies, eager to find more locations around the country that are joining this growing movement.
Since around 2019 and across the whole nation, there has been a significant increase in purchase transactions involving cryptocurrencies like Bitcoin. This trend initially began exclusively with online ventures, but has now spread to physical stores.
Based on the regularly updated list of retailers at CoinCryption, the number of companies accepting BTC and other digital currencies is already impressive, covering a huge variety of products and services.
Likewise, numerous companies across the retail and service industries are getting involved. These range from tourism and hotels to fashion and fitness, property construction and real estate to medical and healthcare providers.
Entertainment and gaming have embraced crypto
For many Australians, the purchase of physical goods or services continues to be a relatively new concept, yet various online companies have been accepting Bitcoin payments for some time. Most of these count entertainment as their primary activity.
Having become one of the leading advocates for blockchain technology, the gambling industry has quickly embraced Bitcoin and other digital currencies. Primarily, the concept itself fits within the ideas of the most reputable sites and operators.
Blockchain and use of cryptocurrencies are now recognised by the most important licensing organisations, including the UK Gambling Commission, while the Australasian Gaming Council has improved its regulations within the digital space.
Online casinos now use some of the best encryption methods around, including those providing online poker rooms for Aussie players, who can process their deposits and withdrawals using Bitcoin with the utmost convenience.
Based upon the latest reviews and recommendations via Gamble Online Australia, these poker sites are among the most reputable and trustworthy in the business, renowned for their focus on safe and secure gaming environments.
Reputation is important for leading operators in the iGaming sector, which tends to be one of the most innovative within the broader entertainment industry. They have paved the way blockchain technology to achieve success in other gaming arenas.
In fact, were it not for gambling sites adopting blockchain, showcasing how effective the technology has become, mainstream game developers and publishers would never have embraced crypto and NFT’s as quickly as they have in the last few years.
Australian awareness of crypto is the key to success
Right now, just 2% of Australians use digital currencies to process payments for goods and services. However, more than 60% of the populace is aware of blockchain technology and cryptocurrencies like Bitcoin.
This indicates that Australians are increasingly ready to make the switch, turning more towards crypto transactions as major companies and retailers offer this method for payments, moving away from traditional cash or credit cards.
More than 60% of Australians already use PayPal regularly, which is all the more intriguing, due to the company launching its own Stablecoin product. While this is connected to fiat currencies like the US dollar, an Australian version could arrive later in 2023.
Such moves underscore the growing appetite for crypto, as more people begin to understand the many benefits of digital currency transactions. Although consumer uptake remains relatively low, Bitcoin and others may finally realise their transaction potential in coming years.
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.