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Author Topic: Bitcoin treated as money in Australia from 1. july  (Read 5692 times)
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May 13, 2017, 07:48:49 PM
 #41

I heard this news on the cryptoverse earlier today. Great news for our fellow bitcoin enthousiasts in australia. Let's hope other countries start adopting this trend aswell!
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May 13, 2017, 08:42:10 PM
 #42

Does it mean Satoshi was from both Japan and Australia at the same time? lol it's confusing or maybe they're competing to prove that Satoshi was from their country?
This however doesn't change anything from the root, of course if they start mining and have a vote in consensus and can actually effect the future of code in a good way that's something.

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May 13, 2017, 09:48:17 PM
 #43

Not only will bitcoin be treated as money in Australia

the double tax system which was imposed on the traders for goods and services will also be scrapped off! These are among other factors contributing to bitcoins growth great move Australia Cool.

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clickerz
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May 13, 2017, 10:12:55 PM
 #44

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.

Well after Japan, Philippines followed also. Philippines Officially Legitimizes bitcoin as payment method. Though rules may vary in each country but we are going there that is acceptance and recognition in each country. Below is the cointelegraph link of news article.

Link : https://cointelegraph.com/news/the-philippines-officially-legitimize-bitcoin-as-payment-method

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May 13, 2017, 11:55:48 PM
 #45

Really great to see more countries following what Japan started and i wish more countries doing so will increase the amount of new investors in the coin and we should seriously think about the scaling issues if not it would stall the development. Let us hope we have a solution for that pretty soon.
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May 14, 2017, 02:12:10 AM
 #46

That is astounding news for Australia. They can just granny amount money they want online in the form of bitcoins plus no taxes. That just makes them more profitable person on the earth. They can save any amount of money online from now to keep their families future safe and sound. I am guessing they will break the boundaries of economical system as the government itself taking part into the bitcoin as currency. They might implement more sophisticated system to use it smoothly within the country as well as for trading in rest of the world. Who knows bitcoin might just raise their economy and Australian dollars' value may raise too as rest of the world will be investing in bitcoins and indirectly pumping their dollar value per se.  Cheesy

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May 14, 2017, 06:30:02 AM
 #47

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?

This is good news.Australia is a big economy.
I hope that New Zealand will join Australia soon.This might help for the btc price to reach 2000 USD.
It will be even better if bitcoin is tax free.



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May 14, 2017, 08:11:22 AM
 #48

This is wonderful news. Along with Japan, Australia seems to be taking the lead in recognizing the potential of Bitcoin.
Other countries, who have adopted a wait and watch approach, could learn from Australia.
More countries are yet to join this rally.These developments were the main reason for steady increase in bitcoin price.Hope India too would follow this path which would contribute more for bitcoin progress because india is the second largest populated country in the world.
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May 14, 2017, 09:56:19 AM
 #49

Good to hear news like this one. But are you really sure they are not going to tax bitcoin? It's surprising from a government. If it's true more companies will strart to implement bitcoin just to avoid paying taxs to their government. It may help the small or medium companies at the end

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May 14, 2017, 10:53:16 AM
 #50

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?
This is incredible news, could we be seeing the start of the massive adoption by the public of bitcoin? I think the answer is yes.
Australia is big developed country and I suppose after this bitcoin as money will become mainstream and countries will join it one by one or maybe by whole unions like EU!
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May 14, 2017, 12:06:20 PM
 #51

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)

No taxes for BTC? Thats impossible. What government would be so stupid to encourage their citizens to use a competing currency by not taxing it when its used? The guy who said it is probably not that intelligent.
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May 14, 2017, 02:43:54 PM
 #52

I heard this news on the cryptoverse earlier today. Great news for our fellow bitcoin enthousiasts in australia. Let's hope other countries start adopting this trend aswell!
Storing satoshi for the upcoming Australia bitcoin adoption! I have read it from http://www.reddit.com/r/bitcoin yesterday. This is another opportunity for we the traders to make money and by this two great events I expect bitcoin to reach $2,500.
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May 14, 2017, 03:10:36 PM
 #53

Does it mean Satoshi was from both Japan and Australia at the same time? lol it's confusing or maybe they're competing to prove that Satoshi was from their country?
This however doesn't change anything from the root, of course if they start mining and have a vote in consensus and can actually effect the future of code in a good way that's something.
This is a strange way to analyze things,what does the legalization of bitcoin has to do with the origins of the creator  Tongue The time interval Satoshi was online is mainly UK and Australian time zones and other than the Japanese name he does not have any ties with Japan nor does he know the language and one more thing is that they does not need to start mining to legalize bitcoin. Cheesy














 

 

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May 14, 2017, 04:08:03 PM
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I've also read the same article and it is a great way to say that the world of bitcoin is slowly being recognized to some countries. Hopefully more countries would soon follow.

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May 14, 2017, 04:30:58 PM
 #55

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?
This is incredible news, could we be seeing the start of the massive adoption by the public of bitcoin? I think the answer is yes.
Australia is big developed country and I suppose after this bitcoin as money will become mainstream and countries will join it one by one or maybe by whole unions like EU!
Australia is a big continent - 7,5 millions square kilometers, but it is not a densely populated country, with population not even reaching 24 million.
Taxas is estimated to have more inhabitants than Australia. How many of those 24 million of Australian citizens will be interested in BTC? 1/10 1/20? Probably less.
What I am counting on here is the fact that increasing acceptability of cryptographic money will cause chain reaction and other nations will follow.
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May 14, 2017, 04:31:33 PM
 #56

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.

demand will increase if the coin is accepted as a currency like they are going to do in australia, because people will feel more secure to purchase something that is seen well by their government, after that merchants in australia will naturally accept bitcoin, and the adoption will grow, i think it's all about regulation, the regulation is the most important thing for a country to have better adoption



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Rainbot
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May 14, 2017, 04:37:24 PM
 #57

Hopefully more countries would soon follow.

More will follow. Countries just look and wait for other countries to set the first step. It will allow them to properly analyze/observe everything and see how the others are doing after a while. If they see no harm in walking the same path, one country after the other will do the same -- it has already started. Major point of importance is that the average joe will slowly forget about all negativity, and exactly that will contribute towards them slowly but surely adopting Bitcoin. I hope it will no longer be seen as the currency of the underworld.

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May 14, 2017, 04:41:04 PM
 #58

I've also read the same article and it is a great way to say that the world of bitcoin is slowly being recognized to some countries. Hopefully more countries would soon follow.

After Craig Wright's confirmation about bitcoin. Australia Government has been so eager to adopt bitcoin in their country and bill also has passed there. 
South Korea also planning the bitcoin as legal there. I think US may fear about it.

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May 14, 2017, 04:49:41 PM
 #59

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?
This is incredible news, could we be seeing the start of the massive adoption by the public of bitcoin? I think the answer is yes.
Australia is big developed country and I suppose after this bitcoin as money will become mainstream and countries will join it one by one or maybe by whole unions like EU!
Australia is a big continent - 7,5 millions square kilometers, but it is not a densely populated country, with population not even reaching 24 million.
Taxas is estimated to have more inhabitants than Australia. How many of those 24 million of Australian citizens will be interested in BTC? 1/10 1/20? Probably less.
What I am counting on here is the fact that increasing acceptability of cryptographic money will cause chain reaction and other nations will follow.

What you said is correct population dont count but acceptance by a country and how efficiently it is going to workout will be counting it as it will be setting up the example by successfully implementing it and running it. So that other country will also follow their foot steps and start to accept bitcoin as payment and declare it as currency in their respecting country also.














 

 

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BitcoinPanther
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May 14, 2017, 05:04:10 PM
 #60

Not only will bitcoin be treated as money in Australia

the double tax system which was imposed on the traders for goods and services will also be scrapped off! These are among other factors contributing to bitcoins growth great move Australia Cool.

The scrapping off of bitcoin tax will have a great impact in the development of bitcoin in Australia.  We have seen how Bitcoin grow in Japan when the government declared that bitcoin is money followed by removing the consumption tax of Bitcoin, this hyped the market and boost the volume of Bitcoin trading in Japan.  Definitely, the same result will happen to Australia.

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