Bitcoin treated as money in Australia from 1. july - page 3.

deisik

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Quote from: Hydrogen on May 31, 2017, 02:13:42 PM

Will the price of BTC rise on july 1st due to increased trading volume & demand from australia? Huh

What makes you think that trading volume and demand are going to increase there in the first place?

If they are, then Bitcoin price will certainly rise (as per simple supply and demand relationship), but I don't think that the demand for bitcoins is actually going to rise specifically thanks to more people buying more bitcoins in Australia. My reasoning is pretty simple, Bitcoin is not and hasn't been banned in that country, so we shouldn't in fact expect a run for bitcoins there. The price could rise due to hype, but all stores of hype seem to have already been depleted due to Japan legalizing Bitcoin first

findingthemoon

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More and more countries are going to follow suit, Australia is not going to be the last and eventually it will be treated similarly as a foreign currency in nearly all countries. This is the future.

The_Dark_Knight

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Quote from: Tyrantt on May 12, 2017, 07:59:07 PM

I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?

Definitely this is another great news for bitcoin, I haven’t heard of it but it seems the rate of adoption and acceptance of bitcoin is slowly accelerating it seems 2017 it is really going to be the year of bitcoin and I cannot help but wonder what is next in this year.

Xester

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If that is true then good for the bitcoin holders on down under. Grin

. Wish that the news that you read came from a legitimate source not a fake news. But if they will not be taxed, then what will happen to products or establishments that will not be using bitcoins? Will the government of Australia will allow this thing to happen? Many questions still but maybe if the news is true I think they already reviewed and studied anything and everything about bitcoins.

Rinder

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Its amazing news, knowing another country is joining crypto world, not only bitcoin, sure taxes will come with legalization, but bitcoin will be exposed to several new people that can invest and join crypto world, i do hope more coins does the same, and well we will keep being able to trade without pay the taxes, but imagine you be able to get a loan in the bank to invest over crypto world? Something you can do but hide the real interest under the loan.

Lancusters

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What will change from that recognized Australia or Japan bitcoin or not. The main thing is that it recognize the people. Many want the recognition of bitcoin on an official level, but I think that this will only lead to the fact that the government will officially take taxes from operations with bitcoins.

Hydrogen

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Will the price of BTC rise on july 1st due to increased trading volume & demand from australia? Huh

Looking forwards to other countries becoming more involved with crypto to help mitigate chinese -> bitcoin unlimited attempts to centralize mining.

I have no clue what the book "brave new world" is about. Many countries adopting crypto is looking like a "brave new world" to me.

deisik

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Quote from: Kemarit on May 31, 2017, 08:53:01 AM

Quote from: L00n3y on May 31, 2017, 07:55:40 AM

This is a good news to all of us, because australia is not just a country, it is a continent. Imagine a land with a scale like that and has a roughly 24 million population in 2015 will accept bitcoin as a payment. The demand will increase and the price will rise. Its a sign that we will start storing more bitcoin.

Obviously, the demand will increased once Australia considered bitcoin as legal tender. Look what happened when Japan embraced bitcoin, the price is dump and reaching almost $3000 before its collapse to $2200, but it still good though. And when Australia enter by July 1, I hope we will see the same scenario. Japan and Australia are two different nation, we don't know how Australians will react to it. Of course we all hope that they will go crazy like what the Japanese did, but Australians have different cultures. So it remains to be seen.

You have to check your sources

Neither Japan accepted nor Australia is going to accept Bitcoin as legal tender. That would be a real milestone that no country has been brave enough to set so far. In Japan, Bitcoin has been made equal to other foreign currencies like the US dollar or Euro, and we don't yet know what impact that will have on Bitcoin prices long term (when the dust finally settles and hype subsides eventually). In Australia, Bitcoin will be released from the burden of double taxation, basically it is to be treated like other foreign currencies. I don't know if it is actually going to add to Bitcoin popularity there (or anywhere) since, as some Aussie said here, Australia is a "Bitcoin desert"

iamTom123

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This is actually another milestone in Bitcoin history. Now, if this means that there would be more demand of Bitcoin in Australia starting July 1st then we can be sure that this can somehow affect the price of Bitcoin. Together with the increasing demand of new markets like Japan and South Korea, I would not be surprised if this can push Bitcoin into the 3K territory.

qiwoman2

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I believe this is a great idea to have more and more governments accepting and legalizing Bitcoin as many more may accept their wages in BTC and also more people will be able to pay their bills in Bitcoin too. Good luck to the Aussies in achieving this great milestone.

Kemarit

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Quote from: L00n3y on May 31, 2017, 07:55:40 AM

This is a good news to all of us, because australia is not just a country, it is a continent. Imagine a land with a scale like that and has a roughly 24 million population in 2015 will accept bitcoin as a payment. The demand will increase and the price will rise. Its a sign that we will start storing more bitcoin.

Obviously, the demand will increased once Australia considered bitcoin as legal tender. Look what happened when Japan embraced bitcoin, the price is dump and reaching almost $3000 before its collapse to $2200, but it still good though. And when Australia enter by July 1, I hope we will see the same scenario. Japan and Australia are two different nation, we don't know how Australians will react to it. Of course we all hope that they will go crazy like what the Japanese did, but Australians have different cultures. So it remains to be seen.

L00n3y

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This is a good news to all of us, because australia is not just a country, it is a continent. Imagine a land with a scale like that and has a roughly 24 million population in 2015 will accept bitcoin as a payment. The demand will increase and the price will rise. Its a sign that we will start storing more bitcoin.

stompix

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Blackjack.fun

Quote from: Pab on May 20, 2017, 02:59:56 PM

Quote from: Tyrantt on May 12, 2017, 07:59:07 PM

I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?

Yes i know that from my Australian contact on Twitter.Great news Australia is much more related to China than to Westerness world.Maybe we will have another btc hub there

Australia is related to China? In which way?
Language... no it's English.
Politics... no , sorry no single party there.
Laws ... nope , western. Trade agreements again western world.
Religion, again nothing.

So what has Australia more in common with China than with Ireland or Canada for example?

megynacuna

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Quote from: kalodu on May 13, 2017, 09:53:19 AM

This is great news however it doesn't mean as some people think that merchants will necessarily accept it. This will only happen if there is demand from the public for them to accept it. And I fear this will be hampered by the scaling issues currently affecting bitcoin.

Even if the merchants would not readily accept it for their daily purchases of goods it can still be used to move huge sums of money out of Australia and vice versa. It'll better serve as a money transfer tool even if the scaling issues persist.

Siren

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Quote from: Invester on May 29, 2017, 01:17:11 PM

I thought it already started there in Australia weeks ago. Well at least during the actual date of implementation we will be expecting another rise of prices.

It will start on July 1 mate. Although Australians are also into bitcoin past years I believed and embracing it will just put another approval from the government regarding the actual used of bitcoin. This is really a good news for everyone. A new cash will be going to the bitcoin ecosystem coming from the Australian markets.

Invester

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I thought it already started there in Australia weeks ago. Well at least during the actual date of implementation we will be expecting another rise of prices.

bohr

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Quote from: Sled on May 20, 2017, 10:01:30 PM

I also read the news about this and i think this is the start of the golden age of bitcoin because the countries around the world are starting to notice bitcoin as a money and also a good currency and they are now doing some great action like fully adopting it to their country and for sure those australian countrymen are so happy especially those who have bitcoins because they can finally spend it on the physical store.

I agree, this seems like the beginning of a new era for bitcoin, finally it seems we are going to get our wish, the mass adoption of bitcoin and with it the price is going to skyrocket as well.

reuschman

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Wow. That's a great news for Bitcoin user. This is the starting of Bitcoin, hopefully, this process will be continued and so many countries will adopt Bitcoin as a money.
Today or tomorrow it will bring an evaluation regarding money sector, I'm eagerly waiting for that day..

Sled

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I also read the news about this and i think this is the start of the golden age of bitcoin because the countries around the world are starting to notice bitcoin as a money and also a good currency and they are now doing some great action like fully adopting it to their country and for sure those australian countrymen are so happy especially those who have bitcoins because they can finally spend it on the physical store.

tigershark

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This may be why the price of bitcoin is rising so much right now. I wonder if they treat other cryptocurrencies the same way.

Topic: Bitcoin treated as money in Australia from 1. july - page 3. (Read 6122 times)