In the last few years, the BTC cryptocurrency has exploded in popularity and usage.
Since the release of Bitcoin, we have seen a plethora of new currencies. As a result, a whole industry has developed surrounding the creation, distribution, and expenditure of ‘digital gold’.
Today, we have a myriad of different coins, crypto platforms, bitcoin software developers, and systems all vying for power.
Furthermore, we have many businesses that seek to enter the industry and start accepting crypto payments – from e-commerce platforms to more industry-specific websites such as Bitcoin pokies or VIP Roulette gaming sites.
For example, there’s an online casino, Joe Fortune, where you can play casino games and make Bitcoin deposits in any amount from 150, 200, 250, and even 1,000 chunks.
Historically, the crypto craze was confined within several main regions including North America, Europe, and Asia.
These continents were the early adopters of cryptocurrencies and utilized them for any activity from already mentioned pokies and games, to cross-border transactions and online shopping.
This is expected to change in the near future, however. Both Nigeria in Africa and Australia in Oceania are turning into crypto hubs.
In this article, we looked at the state of cryptocurrencies in these two countries, and what impact this could have within the wider industry.
We also described how some top Bitcoin casino sites use BTC promotions to attract the player and secure payment with Bitcoins.
The State of Cryptocurrencies in Nigeria & Australia
To start with, let’s look at how these two countries are building their cryptocurrency industries.
Both Australia and Nigeria are taking strides to improve their crypto ecosystems. And as you will see below, this can have a huge impact on the industry in the wider world.
Cryptocurrencies such as Bitcoin are in legal uncertainty in Nigeria. Although the government currently advises caution when using and trading Bitcoin and other currencies, they have a proactive approach that is favourable for the longevity of the industry. The NDIC (Nigeria Deposit Insurance Commission) and CBN (Central Bank of Nigeria) have outlined plans to adopt the crypto technology further and look at their regulations and legislation.
Although the Nigerian law is undetermined about online gambling, there’s a fantastic range of online casinos that support Bitcoin among other payment methods (e.g. cards like MasterCard or Visa).
Such popularity of the online casino industry should help boost the importance and adoption of cryptocurrencies in the country. Many Bitcoin online casinos in Nigeria offer crypto bonuses, free promos, and free spins.
In Australia, cryptocurrencies are regulated, as well as cryptocurrency exchange providers. The country has taken a progressive approach to the legislation and regulation of currencies such as Bitcoin and Ethereum.
In 2017, the Australian government declared that cryptos were legal. Furthermore, they stated that BTC is an “asset” and subject to CGT. This is an improvement as before Bitcoin and altcoins were subject to a double tax.
Australia hosts many different crypto businesses, but the most widespread way of spending cryptocurrency here is Bitcoin pokies.
Although online gambling is banned here, Australians have a wide choice of web and mobile casinos based offshore. They can play jackpot pokies online and get big rewards at the platforms like Uptown Pokies, Bitstarz, or Playamo.
Moreover, they can also try Bitcoin games in the form of table games, blackjack, or wild card poker, even on their iPhone. Why are online Bitcoin casinos so popular among Australians? They list almost zero fees, and as a bonus – they are anonymous, safe, and fair.
Still, to ensure that gamblers play responsibly, many casinos promote responsible gambling practices.
In the future, the government is actually set to implement cryptocurrency technology.
Furthermore, they are even looking at using blockchain technology within governmental processes and for financial purposes.
This, in itself, would be a huge step. If the Nigerian government officially recognizes currencies such as Bitcoin, it will promote its usage in the country and beyond it.
The gaming industry should also improve with easy access to popular sites that provide additional ways of payment.
Nigerians will be able to join loyalty club programs offered by casinos and make their 1st and subsequent deposits using the online Bitcoin currency.
Even now, some platforms allow gamblers to make a deposit or withdrawal in 300, 500, or just 100 Bitcoin credits, say, playing a video slots game. What’s more, this will reduce reliance on other payment options such as Neteller or Skrill.
Many Nigerian casinos allowing crypto payments have great banking facilities and privacy. They also ensure that the player’s address, contact details and card info are secure.
Thus, we should see a great fortune arise in Nigerian crypto casinos in 2019.
The government continues to make changes and improvements – they are essentially making cryptocurrencies a more accessible and viable option for the public and investors.
Furthermore, the government is also considering other aspects of this industry such as the implementation and legality of ICOs.
This means the casino experience will be enhanced by providing a load of anonymity and better payment options.
Nigeria has an emerging host of exchanges. There are many international platforms that cater to this country by providing Bitcoin exchange services. Examples of these exchanges include Quidax, Luno, BitPesa, and LocalBitcoins.
Some of them provide their own Bitcoin wallets, while others don’t – so you must use a third party supplier to create a Bitcoin wallet. You can use your personal account within these exchanges to convert real money into cryptocurrency and vice versa.
Some platforms even allow you to conduct exchange operations using a normal credit card.
Within Australia, you can find a myriad of crypto exchanges and other crypto businesses – from blockchain-based payment providers to the best Bitcoin casinos located offshore. Bitcoin exchanges offer security as they are regulated by AUSTRAC (Australian Transaction Reports and Analysis Centre).
Crypto businesses operating in this country must register with this body and identify their operations. This regulation is favourable for exchanges and also really beneficial for customers.
What Impact Will This Have on the Cryptocurrency Industry?
From the above, you can see that both countries have vastly developing cryptocurrency industries.
Within the next few years, we expect Bitcoin and other cryptos to be available for use on anything from online shopping and trading platforms, to casino games in top Bitcoin casinos.
But what could this mean for the wider cryptocurrency industry?
Broadening of availability for crypto investments
First and foremost, this will mean that there is much greater scope for cryptocurrency investments.
If the industries in Nigeria and Australia have better support, investment opportunities will look more lucrative. People will be willing to push real money into crypto exchanges and startups.
In addition to this, investment in other related businesses should improve. For example, we should see an increase in casinos that accept Bitcoin as a payment method.
Casinos using Bitcoin will be able to improve their platforms and give a wider variety of games, live dealer titles, and table games.
This is not the only area that will see investment – other online platforms should be more willing to transact with Bitcoin too.
Diversification away from prominent crypto countries
As we mentioned in the initial paragraphs, crypto investment is mainly contained within North America, Europe, and Asia.
As Australia and Nigeria review their own crypto infrastructure, we should see a gradual shift of power. If these countries pioneer Bitcoin and other currencies for Oceania and Africa, other nations should see the benefit and follow suit.
This could mean that other states will start to become crypto hubs as well. In turn, this will mean that the viability and availability of Bitcoin improves throughout the continent.
At the end of the day, the customers will have an opportunity to choose from a greater selection of methods with which they can purchase, sell, and invest in Bitcoin and other cryptocurrencies.
Growing number of buy and sell services
Investment always brings an improvement in services. Entrepreneurs may be reluctant to create new business ventures if the future of the cryptocurrency in Nigeria and Australia is uncertain or mired in lacking regulations.
As the two countries improve their cryptocurrency regulations and take steps to embrace currencies such as Bitcoin, we should see an increase in the number of exchanges and Bitcoin wallets.
More people will be willing to pursue their entrepreneurial dreams and try to profit from the explosion of the crypto hubs. This again will mean that the users of Bitcoin and altcoins will have a greater choice and availability of services throughout the world.
The next few years certainly look to be an important time for these two countries. If you have a Bitcoin wallet and fancy reaping Bitcoin benefits, you will certainly be able to do so in both Nigeria and Australia shortly.
As legislation and regulations change, Australia and Nigeria really will become crypto hubs – the crypto future is bright there and the impact on the overall BTC industry should be great.