Modern Australian

The Most Used Cryptocurrency in Australia

  • Written by Trading Online Guide


Bitcoin continues to be the most most used cryptocurrency in Australia and valuable crypto worldwide.

Price wise, it remains the digital currency with the highest market value and is the most known coin. Although there is still a lot of talk whether the value will go beyond its peak of $20,000, which was seen in 2017.

2018 marked 10 years since Bitcoin's initial launch, which is quite an achievement in a volatile market that sees many new ICO's fail regularly.

Yet Bitcoin continues to be considered the best digital currency to store value, which had made it attractive to Australians looking for a possible long term investment.

Now the fact that the Australian Government has legally recognised Bitcoin, has also helped to boost its status in the country.

This has led to more Australian traders looking to use the crypto not only for an investment, but to also use it to make purchases on items. In fact a house in Sydney was even listed for sale with Bitcoin accepted as a payment method.

It'll be interesting to see what other items can be bought with Bitcoin next.


Ethereum

After Bitcoin, the second most popular crypto globally is Ethereum's Ether coin. Although it's accepted that Bitcoin is worth more in value than Ethereum, there are other strengths behind it.

Mainly that Ether is seen as a superior coin for making transactions. This is mainly due to the fact that Ethereum can complete transactions at a quicker rate than Bitcoin, besides this they also offer lower transaction charge fees.

Both of these features have made Ethereum a very popular cryptocurrency with Australians who are looking to complete exchanges quickly and cheaply.

Ethereum has also caught the attention of the Australian Gold Mint who are looking to make their own crypto token based on the same transaction technology of Ethereum.

This development has caused Australian investors to mark Ethereum as a cryptocurrency to continue to watch, especially with its blockchain technology attracting investment from major companies.


Litecoin

First launched in 2011 by its founder Charlie Lee, Litecoin has quickly soared in popularity to become a dominant altcoin. In terms of market cap it remains the 6th most traded crypto worldwide.

Lee originally designed Litecoin to be a 'lighter version' of Bitcoin. Technology wise, Litecoin is based on the same blockchain design as Bitcoin. However, there are some key differences between the two currencies.

The key difference is the speed it takes Litecoin to complete a transaction. For instance, it takes an average of 10 minutes for Bitcoin to complete a transaction, where for Litecoin it just takes around 2 minutes.

This speed might not seem like a lot, but for retailers looking to use Litecoin to complete global payment transactions, the speed is impressive.

Australian businesses have taken advantage of this speed by accepting Litecoin for payment, which has helped to boost the coin's profile in the country.

For instance, Brisbane airport and Origin Kebabs in Queensland both accept Litecoin for payment in their stores.

In the upcoming years it's likely that the amount of Australian businesses accepting Litecoin will increase which will boost the coin's value in turn, making it a very attractive crypto for Australians to invest it.


Provided by tradingonlineguide.com

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