Australia: Crypto in Circulation?

Tuesday 30 June 2020, 8:20 PM AEST - 11 months ago


Many critics of Bitcoin, Ethereum, and other cryptocurrencies have pointed out that cryptos usability in day-to-day transactions is minuscule, thus highlighting their argument that cryptocurrency is nothing more than a speculative bubble, with no real value. In Australia, however, a major cryptocurrency inroad has finally come to fruition. This action may increase the Ethereum price, Bitcoin price, and other cryptocurrencies prices.

In early June of 2020, Coca-Cola partnered with Centrapay, a major player in helping brands digitally integrate payment methods. By designing an application that links over 2,000 Coca-Cola vending machines to consumers Sylo Smart Wallets, Centrapay has given purchasers of the refreshing sugary-drink a cash-free way of procuring it, using Bitcoin, Ethereum or other cryptocurrencies.

Current times present a ripe opportunity to integrate cashless payments for day-to-day transactions. Indeed, the Covid-19 pandemic, along with its effects of social distancing and quarantine, has pushed consumers to use payment methods that require as little physical contact as possible. While ATM withdrawals in Australia have steadily declined year-over-year since 2008, they plunged off a steep cliff in early 2020.

Although the correlation of fewer ATM withdrawals does not indicate the cause being greater cryptocurrency use for general payments, there are several trends apparent in Aussie society that point to cryptos future-flourishing.

A recent survey conducted by the Reserve Bank of Australia (RBA) found that over 80% of Australians are aware that cryptocurrency can be used for day-to-day purchases. Over 16% of all Australian citizens own some type of cryptocurrency; this includes 35% of Millennials and 27% of Gen Z. At the very least, decent-sized swaths of younger generations in Australia are expressing faith in crypto by holding it.

An array of businesses are catching on to this fact and are therefore willing to accommodate their customers by accepting cryptocurrency as a payment method. In addition ...

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