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During the course of the last generation, spanning a period of some three decades, Australia has gradually positioned itself as a cutting edge hub for technological advancements. National and state governments have been keen to invest in creative new ideas, while the top-notch education system has consistently produced highly skilled talent.
All this has contributed to a modern country that remains keen to learn and evolve, looking ahead to a future that’s filled with possibilities and huge potential. Indeed, earlier this year we focused on how Australia has quickly embraced blockchain and cryptocurrencies, where almost one in four people currently own the digital assets: https://www.bitcoininsider.org/article/223730/australias-adoption-rate-rises-rapidly-23-population-holding-crypto
Throughout what has been a decidedly volatile few years for the crypto space, observing such widespread adoption in a country like Australia is certainly a positive sign. Especially given that based on recent surveys and studies, investing in digital currencies is fairly evenly spread across all age groups and social demographics. This would indicate an improved level of understanding and awareness, largely thanks to steps being taken to educate the public about blockchain technology.
What has also become abundantly clear, this is much more than just a passing interest or fad among Aussies, who are actively exploring a whole range of blockchain and crypto possibilities. Nevertheless, there are some quite intriguing disparities insofar as the depth of adoption is concerned. As we’ve already highlighted, roughly one quarter of the total population has already dipped their toes into the digital waters, so to speak. And that’s over 6 million people who are holding cryptocurrencies, with Bitcoin and Ethereum the two most popular.
Furthermore, there’s a broad scope for innovation that’s already being realised in the fintech and gaming industries, with both tech industry segments actively working on ambitious projects involving a wide variety of ambitious and creative projects. And some were quicker to the punch than others, but then again, Australia does have something of a reputation when it comes to a willingness to take chances or educated risks.
One of the first major adopters of blockchain technology was the iGaming sector, which is based around online sports betting and casino gaming. They certainly saw no gamble in looking ahead to the future, particularly given the many established benefits that blockchain could provide their operations. In fact, many legal and fully licensed casino sites were swift to embrace crypto, accepting digital currencies for deposit and withdrawal transactions: https://www.topaustraliangambling.com/online-casinos/
Furthermore, the implementation of blockchain technology under the hood at casino sites, that really has been a game changer for the wider iGaming industry. Smart contracts now automate many transactions, while blockchain has contributed to demonstrably fairer gaming, along with verifiable transparency for consumers and regulators alike. Activity surrounding all games can be audited with much greater detail and accuracy, and gambling platforms have become far more responsive to enhancements, improving the overall user experience.
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But when we think about the original concept for Bitcoin, aside from decentralising and democratising the financial world, the principal idea was to bring forth an alternative way to purchase goods and services. However, there was interesting data produced by the Australian central bank in 2023, which online media outlet The Conversation quickly observed. Adoption of crypto may be bullish for investors and speculators, but there’s little uptake on actual usage as a currency for means of payment: https://theconversation.com/almost-no-one-uses-bitcoin-as-currency-new-data-proves-its-actually-more-like-gambling-207909
The authors of that article suggested that due to the high volatility of crypto, most people are still wary about using Bitcoin and others for everyday transactions, citing statistics indicating that less than 2% of Aussies with cryptocurrency wallets use them for purchasing things. Yet even with that being a potential negative, other tech sectors have a far more positive outlook.
Web3 is widely regarded as the next big area for growth within the video games industry, with major developers and publishers genuinely taking blockchain gaming seriously, and some of the market leaders are already based in Australia. Ideal for companies here that have made the initial breakthrough, as they will form the bridge between Asian and Western markets, which in turn will improve the practical usage of crypto and NFTs for a mainstream audience. It’s an interesting development and one that’s certainly worth monitoring carefully.
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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.