Bitcoin has struggled in the past to find widespread use as an alternative to traditional currencies. Technical limitations have prevented many offline merchants from accepting Bitcoin payments, limiting their use of online transactions. In recent years, however, that has changed.
Businesses are slowly coming to accept Bitcoin alongside traditional payment methods. However, to push crypto as a mainstream form of payment, customers must show that they are willing to spend it (and not just treat it as an investment vehicle). But where can you spend Bitcoin In Australia?
We’ve written this guide as a primer on where you can spend Bitcoin in Australia and how. As interest in cryptocurrencies grows, it will continue to push more businesses to accept them as a form of payment and bring Bitcoin one step closer to its goal. Read on to learn how you can participate.
What Do I Need to Spend Bitcoin?
Online, a Bitcoin transaction is as simple as sending coins between two wallet addresses. You may use an intermediary to accomplish this (such as a crypto exchanges or wallet providers). Spending Bitcoin at a merchant requires a few more steps, but it is by no means a complicated procedure.
Bitcoin and a Bitcoin Wallet
If you’re new to Bitcoin, the first step is to acquire some for yourself. Then, you can get Bitcoin (listed as BTC on cryptocurrency exchanges) by mining it, trading for it, or buying it. Knowing the differences between these three steps is important if you’re new to cryptocurrency.
Mining Bitcoin refers to using a computer’s processing power to solve complex math problems in Bitcoin’s blockchain. Each new problem solved results in those who contributed receiving reward in coin. Eventually, there will be no new coins minted, as Bitcoin has a finite number that will ever be created.
Mining has long since become impractical for the average trader. The problems needed to solve equations and release coins have become so complex that expensive, custom-built computers are needed to do it quickly. Users can work together to mine a block, but the coins get split between them, creating a cascade of diminishing returns.
Instead, Bitcoin can be traded on a cryptocurrency trading platform or through cryptocurrency brokers. These same services can also let you buy Bitcoin with fiat currency. Both options will get you BTC faster and at a lower cost than mining.
A Bitcoin wallet is just a computer file or device where your BTC is stored. The best cryptocurrency exchanges provide you with online wallets when you first register an account with them. Offline options include paper-printed QR codes and account-linked cards protected by a PIN.
Vendor Public Addresses
Regardless of what type of wallet you use, any Bitcoin transaction requires the buyer to know the public address of the seller’s wallet. These addresses come with a wallet advertised by people who accept BTC payments. Without a public address, they wouldn’t be able to accept Bitcoin at all.
Merchant-related crypto transactions work the same way: buyers specify the recipient’s address and an amount to spend. Some brick and mortar vendors simplify the process with scannable solutions like QR codes, which process payments similarly to debit card transactions.
Regardless of which processing method a vendor uses, a mobile wallet should be compatible with all of them. In addition, they offer applications that allow you to send crypto payments quickly using your smartphone.
Where to Spend Bitcoin In Australia
If you want to spend your Bitcoin with local businesses, you’re in luck. Australian businesses across multiple industries accept Bitcoin payments online and in person. The following list isn’t comprehensive but aims to provide many diverse examples.
Aus Merchant Trade Network:
Scuderia Graziani – Scuderia Graziani is exotic car dealer committed to offering the very best selection of European Prestige and Sports Cars.
Watch Exchange – Watch Exchange provides local and international customers with access to some of the most sought after luxury watches available today.
Zaeger Watches – Luxury Goods & Jewelry, Australia’s pre-owned luxury watch specialist.
Jewish House – JH offers a safe place and support for people who have or are experiencing trauma and personal crisis.
Cuban Adventures – An award winning Cuba tour company. Our Cuba tours feature private guesthouse accommodation and wonderful local tour guides.
The Rubinstein Group – A bespoke service for clients who want a perfectly tailored home property transaction.
Long Reef Yachts – Experience effortless luxury at sea with Australian designed luxury yachts. Check out Longreef Yachts’ range. Enquire and own your luxury yacht today.
Tradie Spec – At TradieSpec we provide you with a Trade Spec’d ute for rent. Don’t miss a day of work. Face no out of pocket costs. Drive away in a trade-ready Ute for rent.
Genesis Block – Genesis Block works with forward-thinking organisations in the digital asset and public policy sphere.
Flight Facilities – Famous Australian DJ group.
And many more! The full list of our trade network will be available on our website early 2022.
Other merchants which accept crypto:
Green Peppercorn — A Thai and Laos restaurant with locations in Fairfield and Blacktown.
Third Wave Cafe — Offers burgers, breakfast, and BBQ for dine-in, delivery, and takeaway in Albert Park.
Black Star Pastry & Cafe — Home of “the world’s most Instagrammed cake,” the strawberry watermelon cake. Locations in Sydney, Newtown, Rosebury, and Moore Park.
Cellinis Bar & Restaurant — A high-end dining experience in Sydney offering a wide variety of food and drinks.
ArtSmiles — A Southland Full-service family dental services, including emergency dentistry.
Fernwood Fitness — A franchise of women’s fitness clubs with locations across the country.
Tamworth Heart Clinic — Cardiology services in Tamworth.
Queensland Solar and Lighting — Sells and installs solar panels in the Brisbane area.
Broadwater Builds — Builds custom homes as well as luxury renovations.
Enigma Interiors — A Brisbane-based company providing custom kitchen and cabinet renovations and handmade cabinets.
Image Blinds — Males and installs custom blinds, shades, and awnings in Brisbane.
Obsidian Roofing — All types of roofing, both residential and commercial.
GlowGolf — Unique glow-in-the-dark nighttime mini-golf course.
Pulo Pool Harbor — An expansive modern pool hall in Melbourne.
Eclectico — Sells a variety of clothing and accessories from around the globe and vinyl records.
Manage Your Bitcoin with Aus Merchant
Knowing where to use Bitcoin is valuable, but so is properly managing it. As the digital aspect landscape evolves, traders and investors need to know how to get the most for the time and money.
That’s why Aus Merchant is here.
As one of Australia’s leading crypto brokers, we’re able to help new and experienced investors alike. Whether you want to learn how to buy into Bitcoin, find the best cryptocurrency exchanges, or anything related to digital assets, let us help.
Join our network of investors now to customise the right investment solution for you.