Reasons Australians Should Own Crypto

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Friday, October 15, 2021 / 10:15 AM / Sponsored post by Julian Carter / Header Image Credit: iGaming

Did you know that Australia has taken to CryptoCurrency with open arms? Around 25% of Australians own Crypto. Since many people are turning towards cryptocurrencies as an alternative currency system, it only makes sense that every Australian should own some.

How Does Cryptocurrency Work?

Cryptocurrency is a mysterious currency that exists on its very own computer code. It exists only online, and there are no paper notes or metal coins to be seen. There are no physical banknotes either.

The attractive feature of the cryptocurrency system is that you can buy, sell, and spend money without ever touching a banknote once you have created your digital wallet.

 

Most people would agree that carrying around lots of coins in their pocket is uncomfortable, especially when the coins are sitting at the bottom, weighing down your jeans. With cryptocurrency, there are no heavy coins to carry around.

 

All you must do is enter your online wallet and buy or sell whatever amount of money you want. You can even spend it straight from your bank account.

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Cashless Transaction

One thing a lot of people always ask about cryptocurrencies is, what about paper money? Will the cash still be used for some time? Yes, cash will continue to exist for small purchases, but more significant transactions are slowly transitioning to cryptocurrencies.

 

For example, some shops accept cashless payments like Alfa Byte (in Brisbane) and online retailers like Pretty Little Thing (from the UK). Even bars and restaurants are catching on to the cashless movement.

Cheap Choice
The reason more businesses are beginning to adopt this technology is that it's cheap. It costs next to nothing for any business owner to use cryptocurrency as a payment method. It can save them a considerable amount every month if they choose the mode of digital payment.

Reward Points

You will get rewards on every purchase by cryptocurrency. As 25% of Australians own Crypto, they live more frugally and save money by earning rewards every time they swipe their credit card.

 

It's called a cash-back reward, and it's something you can get on everything from your daily coffee to your weekly car payment. Some places will now pay you back with cryptocurrencies like Bytether (BBT) or Binance Coin (BNB), and these coins will only get better in value over time.

According to recent news, Liberal Senator, Andrew Bragg, has told a local industry event that Australia's digital asset plan to create cryptocurrency-related legislation is coming soon and could be enacted in 2022.

Save Money: Buy Things at a Discount

When you buy something, you usually want to pay as little as possible for it. One way to do this is by buying items on sale or cost less than they usually would.

 

It isn't always easy to do, but you can save money if you use cryptocurrency. Many places will offer discounts on their products when you use cryptocurrencies like Bitcoin (BTC) or Stellar Lumens (XLM).

 

Transfer Money Anywhere in the World for Free

One of the problems that people often complain about is how much it costs to transfer money overseas. We're not talking about transferring funds between bank accounts, that is, physically carrying cash across borders and exchanging your local currency for foreign currency.

 

You can transfer money to your friends and family in another country for free using cryptocurrency; no more dealing with international banks or exchanges that charge too much.


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Save Money on Currency Exchange Fees

If you're planning a holiday abroad, then the first thing you'll need to do is work out how much local currency you'll need to take along. The next step will be finding out how much foreign currency you'll receive when exchanging your Australian dollars.

 

Here is where some people can end up spending too much of their hard-earned cash. You can save money by purchasing cryptocurrencies like Bitcoin or Ether and exchanging them directly with the local currency.

 

Don't Get Scammed: Know Your Seller

When you think of online shopping, you often think about spending more than you need to on an item simply because it's easy and convenient.

 

We all know that buying things on Amazon is the easiest way to get what you want fast, but did you know that Amazon gift vouchers can be bought using BTC? They're not the only retailer who takes BTC either.

 

Imagine if you could use cryptocurrency to buy gift cards at places like Woolworths, JB Hi-Fi, and even Coles? What about eBay gift cards? You can exchange some of your cryptocurrency for BTC on some websites too.

 

If you pick the right time to buy cryptocurrency in Australia, then you could save yourself vast amounts of cash in the long run.

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