A DIGITAL ALTERNATIVE?

As the crypto craze rages on, Australia ranks highly for ownership among developed countries and has the third-most Bitcoin ATMs in the world after the USA and Canada. With virtual currency taking the financial world by storm, people are not only able to buy luxury cars, watches and jewellery but even property using cryptocurrencies

Bitcoin has gained increasing prominence in emerging and developing economies since last year, especially in areas where traditional financial systems are inadequate or inaccessible.

This trend highlights bitcoin's utility beyond its common perception as an investment tool, which is rapidly becoming a practical financial alternative in these regions.

In such economies, bitcoin is being adopted not for its investment potential but as a viable solution to financial challenges.

It is increasingly seen as a workable alternative to unstable local currencies, offering a potential hedge against inflation and currency depreciation.

This is particularly relevant in countries with high inflation rates, where bitcoin's limited supply and decentralized nature provide an attractive alternative to fiat currencies.

Cryptocurrency is a digital currency created on binary data and can be traded online for goods and services.

Secured by complex algorithms and cryptography, these currencies are impossible to counterfeit or double spend.

As of 2022, more than 10,000 types of digital currencies were registered around the world.

The digital currencies work using blockchain technology, which is a decentralized technology spread across the computer network and is nearly impossible to erase the record.

And due to its special features, a number of investors feel safer to invest in blockchain technology.

Australia has cemented its position as a global leader in crypto adoption.

Recent Swyftx surveys have identified Aussies as being in the top 10 for digital asset ownership in the world, and now the infrastructure is arriving to support them.

According to media reports, Australia now sits as the "fastest-growing market" for They may look like old-school bank ATMs, but that's where the similarities end.

These machines allow customers to feed in cash to buy various cryptocurrencies at the displayed exchange rate.