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Author Topic: Bitcoin treated as money in Australia from 1. july  (Read 5831 times)
Sniper44
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May 13, 2017, 02:07:11 PM
 #21

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.

good point but it happens eventually.
these things are a slow process of people adopting bitcoin and merchants slowly add bitcoin payment for fun at first (like those merchants that are interested in bitcoin) then more people adopt it and more merchants accept it and then all of a sudden (in a year or two) you see a lot of adoption and growth.
the process is like one of those S shape charts with a slow initiation process and then a high speed.

to the moon with bitcoin...
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May 13, 2017, 02:11:01 PM
 #22

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.

good point but it happens eventually.
these things are a slow process of people adopting bitcoin and merchants slowly add bitcoin payment for fun at first (like those merchants that are interested in bitcoin) then more people adopt it and more merchants accept it and then all of a sudden (in a year or two) you see a lot of adoption and growth.
the process is like one of those S shape charts with a slow initiation process and then a high speed.

I agree its a slow process, and fixing the bitcoin issues is also a slow process since consensus takes a long time to reach when its grown so big already. I just hope the scaling issues are solved faster than the merchants wanting to start accepting those payments.

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May 13, 2017, 03:04:36 PM
 #23

I werent expecting Australia to be the first to legalize bitcoin at all, but i believe once they really make those, we will see others countries adopting it, otherwise i believe its time to moove country. I do hope on the next months, or atleast till 2020 all countries does recognize bitcoin, with those massive support bitcoin will be no more a dark currencie, and can become an investment option, news can talk about its history.
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May 13, 2017, 03:13:12 PM
 #24

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?
+article about it
That's actually pretty cool. Glad to see that some parts of the anglosphere are getting interested in it and are willing to start looking into Bitcoin as something of value and validity instead of something that is working directly against government interests.
However, it could always be because they want the Chinese crypto market :^)
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May 13, 2017, 03:14:09 PM
 #25

Well, I really not read that news but if it is true than it is incredible news for bitcoin and also for bitcoin's users. Because it will be a reason to grow the price of bitcoin and definitely it would also help for those countries who are not allowing the bitcoin to accept in government level.    

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May 13, 2017, 03:19:05 PM
 #26

Yes, this is another good news for bitcoin after the one about bitcoin accepted as legal payment in japan. Australia is not the country i expected to accept bitcoin this fast but i don't mind either as more demand is good for bitcoin. I hope with this the demand will continue to increase and bitcoin will become popular in australia.

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May 13, 2017, 03:25:57 PM
 #27

Good news indeed but lets still wait until it is fully implemented in Australia and if this is indeed true then this will also drive the price of Bitcoin to another level as there will bean increase of demand of Bitcoin in that Country both for old user and new users. This is another reason to hold on to what you have.
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May 13, 2017, 03:37:35 PM
 #28

This is what my friend talking about since last day. Bitcoin is becoming mainstream and more country will be accepting bitcoin as currency. We expect more country will follow suit. Congratulations to Australia!

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May 13, 2017, 04:52:13 PM
 #29

This is what my friend talking about since last day. Bitcoin is becoming mainstream and more country will be accepting bitcoin as currency. We expect more country will follow suit. Congratulations to Australia!
Yah many countries will certainly follow. i believe that it all started with japan when they announced that they are gonna accept bitcoin and now we are

hearing some good feedbacks from them so obviously other countries are hearing them also . I hope we will got some good feedbacks about australia

too because if all countries has reported to have made improvements when they started using bitcoin it can be easier for other countries to do the

same thing.

These are not much but maybe it can be a great start?
london- Blockchain Startup Teams Up With London Designer To Transform Fashion Industry
russia- Bitcoin Coming To Russian E-Commerce Giant Ulmart Starting September 1
france- France's Government is Beginning a Blockchain Research Effort

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May 13, 2017, 04:54:28 PM
 #30

I saw a guy claiming that this would mean Australia does not tax bitcoin, and I think this is not the case at all, so study how taxes work because taxes still apply.

I guess this means that in Australia you don't have to pay nothing but capital gains if you cash out in AUS (as it should be, because having to keep track of every single crypto trade you do is an act of insanity)

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May 13, 2017, 04:54:37 PM
 #31

I've stumbled upon this type of thread that claims that Australia declared the acceptance of bitcoin. And what is truly fascinating about this is that they are not to impose any taxes at all. Obviously, many business minded person in Australia will start to adopt bitcoin in order to evade taxes. As a result, more and more people will be engaged in bitcoin, the demand for bitcoin will soar up, and to what we always wanted, we will see a tremendous increase in bitcoin's price. I'll be watching this Roll Eyes

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May 13, 2017, 04:58:43 PM
 #32

That is  great news.  One good news after another  Grin.  I think Australis will be the next highest volume in Bitcoin when that acceptance is implemented.  The best thing is that, buy and sell of Bitcoin is exempted of tax.  I hope my country will implement such thing.  but I doubt they will.

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May 13, 2017, 05:42:50 PM
 #33

So after the good news from Japan, we are having another one from Australia? This is great. I hope that very soon the other developed nations (especially the European Union and the United States) are going to follow them.

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May 13, 2017, 05:48:47 PM
 #34

This is what my friend talking about since last day. Bitcoin is becoming mainstream and more country will be accepting bitcoin as currency. We expect more country will follow suit. Congratulations to Australia!
Yeah soon after bitcoin adoption from Japan more Countries have started to use bitcoin in a large scale. As a part now Australia have started to use bitcoin similar to mainstream currency. By the coming years we can expect more and more users into the bitcoin as well digital currency network.


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May 13, 2017, 05:54:00 PM
 #35

This is what my friend talking about since last day. Bitcoin is becoming mainstream and more country will be accepting bitcoin as currency. We expect more country will follow suit. Congratulations to Australia!
Yeah soon after bitcoin adoption from Japan more Countries have started to use bitcoin in a large scale. As a part now Australia have started to use bitcoin similar to mainstream currency. By the coming years we can expect more and more users into the bitcoin as well digital currency network.
Bitcoin is growing so fast all over the world. A few months back Japan accepted, and now Australia may be after few months some more countries will accept this is possible. This is a good move from Bitcoin. That means people are addicted to Bitcoin, and daily more new people are entering this Bitcoin world. I hope coming days we see more good news from other countries.
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May 13, 2017, 06:02:39 PM
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Holy crap this is amazing. They explicitly said they won't be taxing bitcoins. What a great opportunity for everyone in Australia.
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May 13, 2017, 06:07:41 PM
 #37

I already saw couple articles about this, I was even surprised when I saw this news on my language, some site noticed that and reported about this. Before bitcoin was double taxed, from 1 July bitcoin will be recognized as a currency and no more double tax. In one article I saw explanation, looks like many technology oriented companies left Australia, now they wish them to come back and now Australia plan to give them better conditions to grow their businesses. All in all good news for bitcoin, adoption started with Japan and now Australia, who is next?

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May 13, 2017, 06:27:09 PM
 #38

haha very familiar with all these reactions, I had to take a second look to make sure, thought I've read it wrong at first.

Truly's amazing to see more and more businesses and now countries accepting bitcoin. My money is on the Korea or Swiss to be next.

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May 13, 2017, 07:07:28 PM
 #39

Australia has long taken steps that are leading many people to speculate if it´s headed toward a cashless society http://www.abc.net.au/news/2017-03-27/is-australia-on-the-brink-of-becoming-cashless-society/8377288. They are betting heavily on technology and in this sense it´s not at all strange this measure they have taken with regard to bitcoin. It´s clear that they bet on the use of bitcoin, the creation of companies and to attract investment. After the news from Japan now Australia, and what is to come, a change is coming and there are only two options, adapt or stay behind.

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May 13, 2017, 07:39:06 PM
 #40

Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.

Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money  would likely flow into their economies.
Japan was BTC acceptance bolstered market of cryptocurrencies, highly forward technological society is natural ground for crypto to thrive on.
Australia from the other hand is not that big, total population of Australia (24 million) is smaller than Tokyo metropolitan area 38 million people.
It still is totally badass move to accept Bitcoin as legal payment method (an no tax too!) but it will more of a symbolic gesture that anything else.

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