How Popular Is Bitcoin In Australia?

Is cryptocurrency, like bitcoin, popular in Australia? We break down bitcoin for the casino.

Bitcoin remains the most popular and commonly-known cryptocurrency in the world – and in recent years it’s become increasingly more accepted in Australia, especially as a deposit method.

The cryptocurrency that uses blockchain technology to account for all transactions is used by a growing proportion of the Australian population.

Indeed, in 2021 it was revealed that one in 11 Australians have money invested in Bitcoin. Some may only have a few dollars in crypto, while others will have pumped thousands into the scheme.

But what are the risks involved with Bitcoin investment, and is it as profitable as some would have you believe? Here’s everything you need to know about crypto across Australia…

What Is Bitcoin?

Bitcoin is a cryptocurrency that uses blockchain technology to accurately account for ownership rights between people, and is preferred by many as a deposit option at casino sites. Bitcoin works much like other cryptocurrencies in that an individual can use the virtual coins to buy and sell products, and cash in their coins whenever they like.

Effectively Bitcoin is a currency outside of individual legal jurisdictions. This has attracted criticism as governments struggle to work out how to legislate for cryptocurrencies, which some have branded a form of ‘Wild West’ trading.

The positives, however, include high security measures against fraud and a detailed ledger system run by a community, rather than a central bank.

Is Bitcoin Used In Australia?

Yes. Bitcoin is legal in Australia and has been since 2017. Back then the Australian government confirmed that cryptocurrencies were legal and fell under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

However, there is a difference between Bitcoin being legal in Australia and people actually using it. As people across the world have found out, actually spending Bitcoin to pay for items is not exactly straightforward.

Companies are slowly waking up to the idea that payments via crypto can be deemed legal, so long as there is an accurate and trustworthy conversion into A$. Right now, though, business is taking baby steps when it comes to playing with crypto – and that might not change any time soon.

Great, So How Popular Is Bitcoin In Australia?

It’s fair to say Bitcoin is becoming something of a big hit in Australia. It is estimated that as many as a sixth of all Australians owned some form of cryptocurrency in 2021, to the value of around A$8bn.

Bitcoin was certainly the most popular of the cryptos available to invest in – and it’s not a surprise that Gen Z is the demographic in Australia that uses Bitcoin the most.

However, a recent survey suggests Australians who haven’t invested in cryptocurrencies yet aren’t on the verge of doing so. The biggest issue for 43% of Aussies is that volatility in the crypto markets make these asset forms an undesirable and risky investment.

That’s not a surprise and actually marks a 14% increase on the previous year. Indeed, the proportion of Australians who believe crypto is overvalued currently stands at 9%.

There is evidently a stand-off of attitudes between pro- and anti-cryptocurrency backers right now. While those who have invested thousands will point to the steady long-term growth of cryptos such as Bitcoin, others will argue that the extreme volatility of the market makes cryptocurrencies an unreliable and risky investment option.

“Even with Bitcoin’s price falling in recent months, our data shows cryptocurrency adoption in Australia is growing,” personal finance expert Kate Browne told news.com.au.

“It’s great that we’re seeing more women and young people choosing to invest in cryptocurrency.

“There are thousands of businesses across the country that accept Bitcoin as a form of payment and retailers are increasingly accepting payments in Bitcoin, and there are even Bitcoin ATMs and debit cards.”

Australian Perceptions of Bitcoin

Interestingly, while finance experts and high-end traders boast about the virtues of cryptocurrency, not everyone is convinced.

Indeed, even though 9% of Australia’s population owns Bitcoin, there are still more sceptics than believers.

Research from the Consumer Sentiment Tracker found that in 2021 roughly three-quarters of Aussies believe the Bitcoin bubble will eventually burst. Around 63% of people see Bitcoin as a purely speculative venture, and that 50% see it as an illegitimate investment.

Interestingly, 65% don’t think Bitcoin will become a proper transaction tool, as cash currently is, in the future. That’s perhaps the most notable take from the research: Aussies may be into Bitcoin but few see it as a genuine option to change how we live our lives.

Ready to make a crypto deposit and play? Check out our guide to casino games, or learn more about casino bonuses so you don’t miss any bitcoin-related deposit promotions.