Australia is one of the countries with a very active bitcoin community. People in Australia are more receptive towards bitcoin and they have started using it in their day-to-day transactions as well. Few platforms like Living Room of Satoshi have made it easier for Australians to pay their utility bills with bitcoins. The same platform now allows its users to deposit money into their bank accounts with bitcoins.
It is not just the individuals and cryptocurrency companies that are interested in bitcoin and other digital currencies. Even the “big four” conventional Australian banks are looking into the possibility of adopting bitcoin technology into their everyday operations. One of these big four – The Commonwealth Bank of Australia has already adopted Ripple network, which works similar to that of a bitcoin Blockchain to transfer money between branches. Westpac and ANZ have been experimenting with the Bitcoin technology.
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Westpac Banking Corp. has taken a step further to embrace bitcoin by investing in Coinbase through Reinventure Group, its venture capital fund. Coinbase is one of the prominent bitcoin companies in cryptocurrency space. Coinbase provides bitcoin