Bitcoin as a Mode of Payment: Who Accepts Bitcoin in Australia?
Bitcoin has made huge strides since its launch in 2009. As far as cryptocurrency payments go, it’s the most widely accepted method.
Some people buy bitcoin as an investment commodity, but there are those who are more comfortable using it to make purchases. After all, what’s the point of owning cryptocurrency if you can’t use it as a form of currency?
Bitcoin may have massive profit potential in the investment sphere, but it was originally designed as an alternate transactional currency. Merchants were, however, reluctant to accept it as a mode of payment due to its price volatility.
Currently, it’s one of the most stable digital coins and is the gold standard for all cryptocurrencies, which is why stores are accepting it as a mode of payment. If you’re planning on using bitcoin for its transactional benefits, here are the top stores who accepts bitcoin in Australia.
Table of contents
- 1 What Do You Need to Make Payments Using Bitcoin?
- 2 How Can I Make Payments Using Bitcoin?
- 3 Step 1: Retrieve the Recipient’s Public Address
- 4 Step 2: Use Your Private Key to Authenticate the Transaction
- 5 Step 3: Verify the Transaction
- 6 What Can You Buy Using Bitcoin in Australia?
- 7 Who Accepts Bitcoin in Australia?
- 8 Physical Stores
- 9 Online Stores
- 10 What Are the Top Benefits of Transacting Using Bitcoin?
- 11 Using Bitcoin as a Mode of Payment
What Do You Need to Make Payments Using Bitcoin?
There are 3 key things, in addition to owning bitcoin, that you’ll need to transact;
1. A Bitcoin wallet: there are 2 main types of wallets that you can use to store your bitcoin; software wallet and hardware wallet. Software wallets are online storage and are sometimes offered by exchange sites. If you still don’t have an account on an exchange, we recommend that you try out Swyftx. Their site is easy to navigate, and you get free $10 worth of bitcoin to get you started.
Hardware wallets, on the other hand, are physical devices that you use to store your privacy key. They are more secure and are less susceptible to hacks.
2. Vendors that accept it as a mode of payment: even though bitcoin is highly popular, some stores still view it as a risky investment and don’t accept it as a mode of payment.
3. The recipient’s bitcoin address: this is where you send the bitcoin after completing the transaction.
How Can I Make Payments Using Bitcoin?
Here’s a step by step guide on how you can spend bitcoin at various outlets;
Step 1: Retrieve the Recipient’s Public Address
The only way you can pay for goods and services using BTC is if you have their public address. Most outlet owners prefer to give you a QR code to scan using your mobile wallet and then make a direct deposit into their account. This method is quick, easy, and leaves minimal chances of making mistakes.
There are other vendors who prefer to give you their public address. You can either paste or scan this address on your wallet and then key in the transactional amount. If you use this method, make sure you verify every detail before proceeding to the next step.
Step 2: Use Your Private Key to Authenticate the Transaction
As soon as you key in the recipient’s public address and enter the amount being paid, the next step is authenticating the transaction using your private key. This step is very important because once you use the key, you cannot reverse the transaction.
The authentication process varies depending on the type of wallet you have. For instance, with hardware wallets, the device has to be plugged in for authentication to occur. Paper wallets, on the other hand, come with a QR code that you have to scan. This process is, however, easier with software wallets.
Step 3: Verify the Transaction
Your involvement in the transaction ends at step 2 because the verification process is done by bitcoin miners. They verify all transactions on the bitcoin blockchain using complex mathematical equations and are often given rewards for every transaction.
This process doesn’t take long, and within 10 minutes, the BTC should be in the recipient’s wallet.
What Can You Buy Using Bitcoin in Australia?
Australia is home to many crypto enthusiasts, some of whom are business owners. This is why it’s not surprising that you can use bitcoin to purchase a variety of goods and services. Some of the things you can spend on include;
1. Accommodation: Australia is a popular tourist destination, and some hotels accept it as a mode of payment from international tourists as it prevents them from having to convert foreign currencies.
2. Medical Services: some clinics accept crypto payments, including heart clinics and dental clinics.
3. Fashion, Fitness and Entertainment: some high-end entertainment and fitness facilities accept BTC as a payment method. There are also online fashion stores that also accept crypto payments.
4. Food and Beverages: with a large number of tourists coming in, pubs, restaurants and cafes accept bitcoin, especially in cities such as Sydney, Brisbane and Melbourne.
5. Donations: some charities accept donations in BTC from investors.
6. Cars: Scuderia Graziani, a car dealer in Woolloomooloo, sells vehicles from brands such as Ferrari & Lamborghini and accepts BTC payments.
7. Luxury Properties: Perth building company Broadwater Builds takes BTC payments for custom-built homes, and more real estate companies are following suit.
8. Internet: Launtel, an internet provider in Australia, has now enabled bitcoin payments on their website.
9. Green Energy: you can now purchase solar systems from Queensland Solar and Lighting. They accept partial or full payments using bitcoin.
Who Accepts Bitcoin in Australia?
You can either pay using bitcoin on physical stores or online stores.
1. Jam’s Karaoke & Bar, NSW: This vintage Japanese restaurant is located in Newcastle, north of Sydney, and is a great place to chill with your friends, enjoy a great meal and conveniently pay using BTC.
2. Lugarno Pharmacy, NSW: this pharmacy is open all weekdays from 9 am to 6 pm & on Saturdays. It’s also accessible with wheelchairs.
3. Hungry Joe’s Pizza & Ribs, NT: the first commercial Bitcoin transaction was for pizza, and Hungry Joe’s is simply following in its footsteps.
4. Thrive Darwin, NT: This is a beautiful local cafe best known for its delicious smoothies, coffee and healthy meals.
5. Norfolk Hotel, WA: this hotel has hosted many cryptocurrency-related meetings, and it’s no surprise that they are supporters of bitcoin transactions.
6. King’s Road Brewing Co, WA: this brewery is family-owned & operated and stands on beautiful farmland. If you’re looking to quench your thirst and go out for a drive to the south of Perth, then you should definitely check it out.
7. 2 Gems Media, QLD: video production has never been easier! This company covers both large corporate events & small private functions and can also help you market your all business.
8. BIG4 Tweed Billabong Holiday Park, QLD: take a break from the city and have fun with your family at this theme park. Bitcoin payments to this park are highly convenient as they can be done through the Travelbybit portal.
9. Talunga Functions, SA: this estate winery is great for various types of functions, including weddings & birthdays, and you can even make reservations using BTC.
10. Hunt Furniture, SA: this furniture store is one of the few left in Australia where you can get unique locally made pieces.
11. Another World Computer Centre, VIC: this team is always on standby to help you with your computer troubles, and you can either spend BTC at their Coburg store or online.
12. Barber of Seville, VIC: what’s fancier than a haircut paid for with bitcoin? Probably nothing!
1. Overstock: This is one of the largest eCommerce companies in Australia and is one of the pioneers of accepting cryptocurrency as a mode of payment. You can buy expensive home items and designer fashion pieces with multiple kinds of digital currency, making your shopping experience convenient.
2. Microsoft: This is one of the biggest companies that have embraced cryptocurrency payments. Microsoft has been accepting BTC since 2014 for its online Xbox store, but at one time, they halted these kinds of payments, owing to the price volatility of bitcoin. They have, however, resumed crypto payments but only for Xbox store credits.
3. eGifter: This site sells gift cards for large online stores and reputable retailers on its website and mobile app. It allows you to make purchases using bitcoin, Ethereum, bitcoin cash, Litecoin, and debit & credit card payments.
4. Amazon with Purse.io: It’s important to note that Amazon on its own doesn’t accept crypto payments, but if you’re a Purse.io shopper, you buy from their amazon shop and make payments using Bitcoin. You essentially make an order from amazon but then pay on purse.io with BTC.
5. FOMO Llama: this brand mainly prints crypto-themed t-shirts, which is why it’s no surprise that they only accept payment in cryptocurrency. Their products are aimed at starting conversations with friends & family about digital currencies and are a form of word-of-mouth advertising. Currently, you can only pay using Bitcoin and Litecoin, but they are planning on adding other cryptocurrencies to their list.
6. Mooning Market: this platform is a buying and selling site, similar to eBay and Etsy, and allows you to make transactions using Bitcoin.
Other retailers that accept crypto payments include;
● Perth: Beyond the Trap Door, Frisk Small Bar, and Aiyana Retreat
● Adelaide: Mega Health, and Town & Country Mattresses & Bed
● Brisbane: Phoenix Rising Cafe, Lush Turf Solutions, Image Blinds, and Enigma Interiors, Power Supps, Bay dental Wynnum, Gold Coast Aesthetic Dentistry, Budget Shower Screens, Alpha Car Hire, and Lawless Salon.
● Sydney: Metropolian Hotel Sydney, The Old Fitzroy Hotel, The Owl House, Since I Left You, Greenhouse Cafe, Monstrosity Dreadlocks, Quality Dental, Peak Coffee, Brightscapes, Tamworth Heart Clinic, Black Star Pastry & Cafe, Lezzet Grill and Pide House, Cellini’s Bar Restaurant, Spawn Point Bar, The SG, and The Cellar By Bouche.
● Melbourne: Mr Pilgrim, Dream Vision Sound, UndieGuys, Fastway Aquarium & Hydroponics, Giuseppe’s Pizza, Fernwood Gym Bulleen, Urban Velocity, The Little Mule, Eclectico, Bike Factory Outlet, Grumpy’s Green, Hero (Restaurant), Obsidian Roofing, Vera Chan (Gift Shop), Altius Coffee Brewers, Pulo Pool Parlour, Squirrel Cafe, Beaver’s Tail Social Club, and Imbiss 25.
The above lists are proof that Australian businesses are rapidly embracing cryptocurrency payments. They are diverse enough for you to make multiple bitcoin transactions for a variety of goods and services, including coffee and a haircut.
What Are the Top Benefits of Transacting Using Bitcoin?
The cryptocurrency landscape is growing rapidly, and since most digital coins are untested as a medium of exchange (especially the new coins), you should be cautious when making crypto payments. Some of the advantages of making bitcoin payments include:
1. User anonymity: all cryptocurrency transactions are usually discreet. You don’t have to divulge your personal information and are somehow like cash-only transactions; they can’t be traced back to you.
2. Low transaction fees: even though most exchange sites charge deposit and withdrawal fees, bitcoin payments aren’t subject to traditional banking fees.
3. Highly convenient: bitcoin is now a widely accepted mode of payments, and there are various merchants that accept it for transactions globally.
4. It’s a highly accessible mode of payment, and you only need a smartphone to make payments.
5. You can send bitcoin around the world without waiting for approval from an external authority.
Using Bitcoin as a Mode of Payment
Bitcoin has massive potential when it comes to real-world applications. It has made great headway as a form of alternate payment, and many retailers around Australia are now accepting it. The above lists should help you identify retailers near you who accept BTC payments.