With the popularity of cryptocurrency skyrocketing, a survey found that one-quarter of Australian residents have had some experience with it. This is not just a passing fad for the market, but rather a trend that will continue to grow in popularity as more and more people see benefits of crypto.
What is Cryptocurrency?
Cryptocurrency is digital or virtual currency that uses cryptography to secure its transactions and to control the creation of new units. Cryptocurrency is decentralized, meaning it is not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
How Many People Own Crypto in Australia?
Cryptocurrencies are quickly gaining popularity in Australia as a means of securing and transferring value online. While the majority of Australians do not currently own any cryptocurrency, this is likely to change in the near future as awareness and understanding of these digital assets grows. According to YouGov research commissioned by Swyftx, a survey in 2021 finds that a quarter (25%) of all Australians have owned crypto, Source: Swyftx.
This high level of interest is likely due to the growing number of platforms that offer Australian users access to cryptocurrencies. Currently, there are over 30 platforms that allow Australians to buy, sell, or trade cryptocurrencies. This number is likely to increase as more exchanges launch in Australia.
There are a few key reasons why Australians are interested in cryptocurrencies. First, many people see cryptocurrency as a way to secure their investment and avoid government intervention. Second, many people see cryptocurrencies as a way to bypass traditional financial institutions. Finally, many people see cryptocurrencies as a way to make money online.
Pros of Owning Crypto
There are many pros to owning cryptocurrency in Australia. One pro is the low barrier to entry. Unlike some other countries, buying and owning cryptocurrencies in Australia is not as complicated as it may seem. Additionally, blockchain technology is growing in popularity and is likely to become more mainstream in the near future, making cryptocurrency ownership an attractive proposition. Furthermore, there are now a number of platforms available that allow Australians to buy and sell cryptocurrencies easily. Finally, cryptocurrency transactions are private, which makes them suitable for use in cases where authorities are seeking to keep records of economic activity hidden.
Cons of Owning Crypto
There are pros and cons to owning cryptocurrency in Australia. While some people believe that it is a safe and secure way to store their money, others worry about the implications of hacking. Additionally, many Australians are not familiar with the concept of cryptocurrencies, so they may not know how to use them or what benefits they provide.
Conclusion
Australia is one of the most cryptocurrency-friendly countries in the world, with a population that is estimated to own $2.7 billion worth of cryptocurrencies. With so many people interested in owning and using cryptocurrencies, it’s no surprise that there has been a surge in businesses that offer services related to crypto transactions and ownership. If you are thinking of starting a business that involves cryptocurrency, or if you are just curious about what all the hype is about, this article will provide you with some essential information.
