Bitcoin treated as money in Australia from 1. july

[qiwoman2]

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.

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[iamTom123]

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.

[deisik]

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"

[Hydrogen]

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

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.

[Lancusters]

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.

[Rinder]

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.

[Xester]

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

[The_Dark_Knight]

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.

[findingthemoon]

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.

[deisik]

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

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

[Mr]

thanks Australia for supporting bitcoin. Thanks the Australian for using bitcoin more widely in the real world. Japan will soon join our force and bitcoin will become the strongest currency in this planet

[gabmen]

This is a good sign and if this is true, we may well be seeing another big surge in btc price next month. It seems more countries now are becoming interested in adopting btc now and it can only go better from here. It's high time to save on those btcs guys

[ethereumhunter]

i am glad to hear this news and one more big country is supporting and accepting bitcoin for their people so the people that lived in australia can used bitcoin with free. this will give another impact for bitcoin community and i am sure the other country will follow this so the chance for bitcoin to be accepted in many country is wide open.

[phr0stbyt3]

Damn so much has happened this year. Which japan , now even Australia and there are rumours that even russia is preparing for bitcoin in their country. This is probably the best year for bitcoin in terms of recognition around world . I just all the new countries adopting doesn't to lead further transaction stuck

[Oilacris]

Damn so much has happened this year. Which japan , now even Australia and there are rumours that even russia is preparing for bitcoin in their country. This is probably the best year for bitcoin in terms of recognition around world . I just all the new countries adopting doesn't to lead further transaction stuck

I agree on what you have said when talking about a certain country does accept bitcoin then this year is the best since they are already recognizing bitcoin and does really see some potential on accepting it on its country which means theres more demand and this thing will really affect its value and increase even more.I will watch closely on July 1 if this adoption would happen.

[gabbie2010]

Australia adoption of bitcoin as a money has significant impart to both it's citizens and their government, This reduce government borrowing money, control inflation,increase government reserve and brings about good government policy considering the fact that bitcoin is technological based virtual currency. come July 1 we hope to see a price movement of bitcoin higher.

[enhu]

Japan has really started making th adoption to countries and I guess we from asia are one of the users who gets to have the benefits. Australia is one of the country with huge ecomony, huge rewards for those who holds.

[The_Dark_Knight]

Australia adoption of bitcoin as a money has significant impart to both it's citizens and their government, This reduce government borrowing money, control inflation,increase government reserve and brings about good government policy considering the fact that bitcoin is technological based virtual currency. come July 1 we hope to see a price movement of bitcoin higher.

Australia is only accepting bitcoin as a currency it is not adopting it as their currency, big difference, so this is not going to do anything about the Australian government borrowing money or to control inflation, it will benefit those that use bitcoin, nothing more.

[buharikx31]

Australia adoption of bitcoin as a money has significant impart to both it's citizens and their government, This reduce government borrowing money, control inflation,increase government reserve and brings about good government policy considering the fact that bitcoin is technological based virtual currency. come July 1 we hope to see a price movement of bitcoin higher.

Australia is only accepting bitcoin as a currency it is not adopting it as their currency, big difference, so this is not going to do anything about the Australian government borrowing money or to control inflation, it will benefit those that use bitcoin, nothing more.

I think it's a huge movement from Australian goverment, which have a big impact on whole cryptocurrency eco system, and that would be good if other countries will start accepting this currencies like normal payment method, maybe it needs more time to be accepted, but that's really cool that one country already adopted it

[bct_ail]

One reason more for me to move to Australia. It is so strange, that the EU is just at the beginning to understand the advantage of Bitcoin, Altcoins and the blockchain. Very sad.