Even though Australia can sometimes be slow to embrace new technology (we are still facing the slow internet speeds of the NBN debacle), the good news is we have latched onto crypto pretty quickly. Almost every state has locations that accept Bitcoin!
In this article, I explain the process of buying everyday items with crypto and I’ve also written up a list of popular places based on state, for your convenience.
Firstly, let me give a brief explanation of Bitcoin.
Bitcoin (also known as BTC) is the most popular cryptocurrency in the world. Created in 2009 by Satoshi Nakamoto, it was invented to be a neutral form of currency, unable to be influenced by stock markets or greedy governments.
There’s only a maximum of 21 million BTC that can be mined, in order to fuel supply and demand. There’s roughly 85% of the total amount of BTC mined, with the rest predicted to be mined in the next few years.
As Bitcoin is becoming more popular amongst the general public, more businesses are beginning to accept crypto payments.
Other than mining for Bitcoin you can purchase BTC (and many other cryptocurrencies) from currency exchanges, including Coinstore, Binance, and others. It may also be worthwhile to learn how to buy Bitcoin using ANZ bank account.
Currently, Melbourne is the crypto capital of Australia. As a Melbournian, this makes me pretty happy! I hope we continue to lead the way for the rest of Australia.
Here are some popular venues by state.
Food & drink:
Altius Coffee Brewers – 517 Flinders Lane, Melbourne
Mind Games – 244 Swanston Street, Melbourne
New South Wales
Food & Drink:
Spawn Point Bar – Basement on 199 Clarence Street, Sydney
Cellinis restaurant – Level 2 Shop 46-48 QVB, George St, Sydney
Oyster Bay Seafood – 40 Franklin St, Swansea
Food & Drink:
Hungry Joe’s Pizza & Ribs – 9/130 University Ave, Palmerston City
Thrive Cafe – 742 Vanderlin Drive, Darwin
Food & Drink:
Almina’s on Prospect – 140 Prospect Road, Prospect
Food & Drink
Frisk small bar – 103 Francis Street, Northbridge
Aiyana Retreat – 28 Anning Road, Denmark
Food & Drink:
The Roll Shop – Shop 2/88 Creek St, Brisbane City
5 Dogs – 290 Brunswick St, Fortitude Valley
Living room of Satoshi – Level 54, 111 Eagle St, Brisbane City
Whilst not selling physical items, you can pay your bills with Bitcoin and other major cryptocurrencies, including Ethereum and Litecoin.
Their physical office is in Brisbane.
If you aren’t already aware, Coinmap is a website where you can see any country in the world and find out which places accept cryptocurrency for their goods and services!
Note that some places have closed due to the pandemic, so it’s wise to contact the business ahead of time to confirm they are still open.
You can zoom in to see the exact name and location of vendors.
Is it difficult to buy stuff with Bitcoin?
In order to buy everyday items with bitcoin you need the following:
- Own bitcoin (obviously!)
- Bitcoin wallet
- A bitcoin ‘address’ or QR code of the vendor
Don’t know what a wallet or a bitcoin address is? Not to worry, let me break it down for you!
What is a Bitcoin wallet?
Essentially, it’s a digital wallet that has two keys. The first is called “public key” and it’s like your phone number, you can tell everyone about it, and they can send you Bitcoin to that address. And you can also send people BTC to their public key too.
The other key is like your passcode for your phone, known as a “private” key.
You need your private key to open your wallet and access your funds, and much like your passwords, you shouldn’t tell anyone that key. It’s also used to authenticate the transaction.
Unfortunately if you forget your private key, it’s almost impossible to access the crypto in the wallet. It’s like your phone going into physical self-destruct mode if you forget your passcode. For security purposes, there’s no way to retrieve the crypto.
If, like me, you can’t remember a long string of random numbers and letters, you’re going to need to put it somewhere safe. Luckily, there are multiple ways you can store your keys.
There are four different types of Bitcoin “wallets”:
- Mobile (like an app you can open on your phone)
- Desktop (Software that goes on a PC)
- Hardware (like a hard drive specifically for the keys)
- Good old fashioned paper (obviously, this is a risky option)
Most places that accept BTC have a QR code that you can scan with your phone’s camera, which takes you to the wallet app.
Is it really worth buying stuff with Bitcoin?
People often want to hold onto (also known as HODL – Hold On for Dear Life) their crypto in order to sell for a profit at a future date.
While this technique is popular, the main aim of crypto is to be an alternative payment form to mainstream currency. So what happens if everyone uses the HODL technique and refuses to spend it?
Personally, I think that it’s worth spending some BTC to buy physical items. Plus, it feels futuristic and cool to use crypto to buy a coffee (or so I think, I’m yet to try it!)
Whether you choose to spend it now or HODL, I’m sure we can all agree that cryptocurrency is pretty cool, and the future of money – available today! What are you looking forward to purchasing with crypto – let me know on Twitter – @annmareetv .
Aim for the moon,
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