The relationship between Australia and Blockchain is indeed a long standing one and one that is continuously growing and expanding within the Australian shores. Perhaps one of the reasons this relationship continues to flourish, and blossom is owed to the fact that Australia is one of the countries that has fully embraced and in fact welcomed this new technological advancement. This is clearly visible in the fact that there are a number of crypto exchanges currently being used in the country. Also, in Australia you can purchase crypto-currencies for cash at various physical locations across the country. Or maybe it is perhaps the fact that there are so many Crypto start-up companies and ICO’s that find their roots in Australia.
Whatever other reason and whichever way you slice this pizza, all these elements combined has yielded a budding relationship between the country and Blockchain. There is just too much evidence of this relationship working not to point out the affect of Australia forging such a strong relationship with one of the newest and perhaps most economic shifting technological advances in the last 20 years. Blockchain is like the internet 20 years ago, everyone knew it would be BIG and most likely change social structures as we had come to know them, but no one could have pictured just how dynamic this shift would be – the same can be said for Blockchain.
Cryptocurrencies have been around for nearly two decades and in that time they have received a number of nuanced receptions from various countries and markets globally. There have been some markets who have completely revolted against the idea of Blockchain – you know considering that no one still knows who created perhaps the biggest Blockchain offering in the form of Bitcoin is still anonymous and unknown. Elements such as these have raised some brows with regulators and legislators being concerned about the future of Blockchain and how it will affect the current barter and trade system that is working well enough across the world. However, it seems that Australia has recognized that, just like the spice merchants who started accepting gold coins for their spices instead of other goods and like the time when we stopped trading goods for goods and moved to currency and how currency has evolved over time – and essentially Blockchain could be the next evolution to bartering and trading. It’s completely irrefutable at this time, technology is changing the way humans being transact.
However, there are still some who wonder why Crypto-currencies seem to be infiltrating the economic structures of countries. This of course shouldn’t be much of a surprise considering that blockchain may as well be the future on possible future of trade.
One place where Blockchain has managed to seep through, especially in Australia is within the Australian online gambling industry – it’s all over the place! When logging on to an online casino you shouldn’t be surprised if one of the currency options is Bitcoin. Blockchain has become an integral part of the industry and due to this fact has caught the attention of those looking to acquire these currencies. Of course, these currencies have some amazing incentives including the lightening speed in which Blockchain concludes transactions as well as the fact that the value isn’t derived from markets but from the Blockchain collective.
A big fact is that the Australian offline and online gambling industry is HUGE, in fact for such a smaller population more Australians stock to the online casino than any other population of its size. It’s almost as if online gambling is somewhat of a rite of passage for Aussies. One kind of gambling offering in particular – POKIES! – has become a nation-wide phenomenon. In fact, the gambling activities in Australia have become so robust the Australian government has now started issuing out gambling regulations in an attempt to regulate this rather active industry. This is after international and local governments called out the country for the lack of gambling regulatory protocols within their borders. To curb the tide regulators simply banned all online casinos located within their borders and only allowed international casinos to provide online services within Australian shores.
This of course yielded its own problems as only allowing international casinos to offer gambling services, the Australian government would have less control and access to information as they would have with Australian owned online casino brands. However, when Blockchain got around to online gambling, Australians recognized that they would be able to conclude transactions at an exceptionally high rate without any problems if they used crypto-currencies. The ease of use and trade made by Blockchain made transacting abroad not only faster but SAFER. International casino operators trading in Australia realized the interest in Blockchain with Australia and were quick to offer the market Blockchain options. This is how some operators were able to garner popularity within the Australian market.