Finding more use cases for Bitcoin and other cryptocurrencies is anything but straightforward. Thankfully, some entrepreneurs are looking to make good things happen in this regard. Various businesses in Agnes Water and the Town of 1770 in Queensland, Australia now accept various cryptocurrencies as a payment method. As such, the region has become the first self-professed cryptocurrency-friendly tourist area.
Bitcoin Gains Traction in Australia
It is always interesting to see how consumers and entrepreneurs approach Bitcoin and other major cryptocurrencies. Given the volatile nature of all of these assets, it is understandable that companies are a bit hesitant to embrace them as official payment methods. Even so, businesses in central Queensland, Australia are taking a very bold approach in this regard.
It seems Agnes Water and the Town of 1770 have embarked on an interesting cryptocurrency experiment. Several dozen local businesses now accept Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and NEM as payment methods for goods and services. Although this is still a small-scale experiment, it does confirm that entrepreneurs are paying close attention to this growing ecosystem.
As one would expect from such an initiative, the main objective is to attract international tourists. Since none of these cryptocurrencies require users to convert to and from national currencies when they travel abroad, they are well suited to any tourist location. That doesn’t guarantee that a lot of people will use Bitcoin or any of the other supported currencies in these locations, yet it does create a very interesting precedent for other tourist towns around the world.
These towns will have their own dedicated marketing campaign to promote their cryptocurrency-related venture. That will be done with the help of cryptocurrency groups and tourists from Japan. That is not by accident, as Japan has become a hotbed for cryptocurrency activity over the past year and a half. Legalizing Bitcoin and other cryptocurrencies has seemingly been a smart decision on behalf of the Japanese government.
The list of businesses accepting the aforementioned cryptocurrencies is quite impressive. They include cafes, hairdressers, regular retailers, and so forth. The Australian government also made Bitcoin and other cryptocurrencies legal tender in mid-2017. Even though there was a period during which all transactions were subject to double taxation, that situation has been rectified.
There is another good reason as to why cryptocurrency is gaining traction in Queensland. A local startup going by the name of TravelbyBit has introduced a point-of-sale app to facilitate cryptocurrency payments. The application is currently in use at Brisbane Airport, and it seems to be gaining traction slowly but surely. So far, only low-value transactions have been made, yet it is still a rather intriguing development.
Whether or not Central Queensland’s efforts will attract a new breed of traveler remains to be determined. It is a very inspiring development which will generate a lot of positive attention for the cryptocurrency industry. Even so, one has to wonder whether or not tourists will use cryptocurrencies to pay for goods and services while they travel abroad. The benefits are certainly there for everyone to see, but consumers may not necessarily jump through all of the required hoops.