Cryptocurrencies have been a part of people’s lives for over a decade now. Starting with Bitcoin, the idea of being financially independent from the government thrived year after year. And if we look at the worldwide economic history, we understand why.
Being a relatively new technology, it’s obvious that it also had some flaws. Australia pointed some out earlier in the year. But what would life be without challenges?
The recent ban of privacy coins in Australia didn’t make people afraid to work with cryptocurrencies. On the contrary. The fact that crypto exchanges took action against privacy coins made them look more trustworthy because it means they understood the risks.
People are feeling much more secured now that the biggest flaw was cut out. And it made the authorities more open about crypto, given that there’s no black market anymore.
Therefore, the popularity of cryptocurrencies is continuously growing.
How are cryptocurrencies seen in Australia?
If you are not familiar with the subject, cryptocurrencies are a form of digital money. One of their key features is the fact that they have a decentralized system that gives users control over their own funds. They are also very secure due to their blockchain technology, they provide you with anonymity, and, most importantly, they are free of inflation.
Each cryptocurrency platform has a limited number of coins, but once they are released, nobody can create more of them.
When cryptocurrencies became a thing, everybody was thrilled. But Australia in particular got very excited in the last couple of years. Crypto was rapidly adopted, being proof that this country is a great supporter of promising technologies. You can clearly see that when you look at all the options you have here.
1. You can pay for things directly with your coins
There are a lot of places where you can make direct payments in crypto. According to Bitcoin Australia, most of them are in Sydney and Melbourne, with some examples being:
- Restaurants: The Cellar By Bouche, The Owl House, Hero, Grumpy’s Green.
- Coffee shops: Peak Coffee, Greenhouse Café, Squirrel Café.
- Clothing stores: Eclectico, Vera Chan.
- Entertainments: Spawn Point Bar, Pulo Pool Parlour.
- Medical offices: Quality Dental, Tamworth Heart Clinic.
- And others.
Also, note that all the 1,400 Subway stores in Australia accept Bitcoin as payment. And if you are a fan of soda drinks, find that you can also purchase them from over 2,000 Coca-Cola vending machines.
2. You can stake them to receive rewards
This is possible by participating in staking pools, supporting the network, and therefore generating passive income.
3. You can exchange them for fiat currencies like EUR or USD and withdraw the money
Australia already has a total of 54 Bitcoin ATMs. According to Crypto News, some of them can be spotted in:
- Melbourne: Melbourne Central, Freo’s Finest, Highpoint Shopping Centre.
- Sydney: Lucky 7 Crystal Minimart, Haymarket City Convenience.
- Brisbane: Paradise Centre, The Grosvenor.
4. You can trade them with other cryptocurrencies
The users’ favorite method of spending coins - Trading
That’s right! Most people prefer to increase their income by participating in trading exchanges. Many describe this as a type of gambling, but in reality, it depends on how you plan out your trading strategy. It’s up to you when to buy or sell coins, what type of coins you use, or how much you invest.
Plus, let’s be serious, no risks = no wins!
Some of the advantages of trading include generating additional income, the possibility to trade at an international level or, as funny as it sounds, the chance of learning how to deal with stress.
The value of your coins can be influenced by countless market factors, like their number on the market, so you would need to always be alert. And that may prove to be handy, as it makes you learn how to use complex price analysis tools, which in return will help you earn more from your investment. The more knowledge and curiosity you have, the better will be the results.
How to choose the best exchange platform?
There are a few things you need to consider before starting to use a cryptocurrency exchange platform, from fees to the utility of features.
Your interest is to make the biggest profit you can, right? Then it is obvious that platforms with low fees are preferred. Another thing you should take into consideration is the number of assets supported, alongside the popularity of platforms and their security.
One of the best Australian cryptocurrency exchanges is, for example, Swyftx.
Swyftx has some of the lowest fees and spreads on the market (0.6%), supporting no less than 176 crypto assets, from BTC to AION. And if you're just getting started with trading, you'll be glad to know that the platform has a demo mode that allows users to trade without risking their funds.
Of course, there are a lot more platforms out there, like Kraken or Coinbase. However, we think it is a better move to use one that constantly provides users with useful tools, in order to make it more friendly. Think about it, if trading became easier, then more people would try it and cryptocurrencies would meet their goal.
Little by little, we are heading to a faster and more secure world, where being independent will result in a better lifestyle. If you are ready to risk and increase your income as soon as possible, then join the trading side!