Best Bitcoin Brokers For Australia

In Australia, Bitcoin has been recognised as a real currency since July 2017. With this measure, the country aimed to become a world leader in the FinTech industry.

Australia has recognised the potential of the digital and cryptocurrency market and has allowed digital currencies such as Bitcoin to become real money from 1 July 2017.

The decision, which was integrated for the first time in 2017's budget summary, serves primarily to promote the FinTech industry in the country. Since then customers can buy digital currencies or use them as a means of payment without having to fear financial disadvantages.

With the decision, the double taxation of the digital currency was eliminated.

Australia had struggled with this in the years before. Until 2017, the government had regarded Bitcoin, the best-known digital currency, as a product that had to be taxed twice.

It was not until 2014 that the Australian Tax Agency (ATO) directly rejected the Economic Committee's proposal to regard Bitcoin as a currency rather than a source of revenue.

Not without consequences: The financial burden deterred many FinTech companies, which preferred to settle in other countries such as the US or Germany, where digital currencies had been recognised as a currency since 2013. Australians thus missed out on a market with great potential.

Cryptourrency Trading in Australia on the Advance

Bitcoin has never been in such high demand in recent months. In contrast to other currencies, the digital currency was able to mark one record high after the other on the stock exchange. Within the last two years, the Bitcoin exchange rate has increased almost tenfold. Last but not least, its value exceeded that of a troy ounce of gold. The digital currency is based on blockchain technology, which is also meeting with increasing acceptance. In this technology, data is not only stored on a server, but on all computers in a network. This should ensure secure and forgery-free data transmission.

Independent of Government and Banks

The Bitcoin concept was originally developed in 2009 with the aim of creating a monetary system that is independent of the state and banks and enables faster and cheaper transactions. Over time, the cryptocurrency has grown in value, mainly thanks to strong demand from Asia.

Nevertheless, the digital motto is not entirely free of criticism. In the past, Bitcoins have long been a means for criminals to launder money and traffic drugs. In addition, authorities advise that the digital currency be used with caution. It is an object of speculation whose value could change rapidly.

Another specialty of Australia is the fact that Bitcoin and Ethereum can even be bought at kiosks. Users only need to have a BTC or ETH wallet in advance in order to directly make the purchase. This is a great measure to support the use of cryptocurrencies on their way to mass adoption.