The Gold Coast is known for its beaches, nightlife, and tourist attractions, but recently, it has become a center for cryptocurrency use. Residents, business owners, and tourists who are visiting Queensland’s strip understand crypto payments are becoming a more popular way to pay and do business. Here’s what you need to know to navigate crypto on the Gold Coast.
Can You Spend Crypto on the Gold Coast?
The Gold Coast has only just started becoming more comfortable with crypto. More and more businesses are beginning to accept cryptocurrency, accepting established tokens like Bitcoin, Ethereum, and stablecoins like USDT. Most businesses leverage payment platforms like CoinJar, BitPay, or TravelbyBit to process crypto transactions seamlessly.
You’ll mostly find crypto-friendly businesses in areas popular with tech-savvy locals and tourists. Cafes, bars, some retail stores, and a few tourism operators have started accepting crypto payments. Entertainment options like video gaming platforms and international gambling platforms often support multiple cryptocurrencies. For instance, Bitcoin casinos in Australia allow users to deposit and withdraw in BTC, which offers faster transaction speeds, enhanced privacy, and greater security. Despite this, crypto payments are far from mainstream in the Gold Coast. While adoption is growing, most businesses still rely on traditional payment systems.
Where to Find Crypto-Friendly Businesses
Finding what you need isn’t as difficult as it used to be, not when there is an app for nearly anything you can think of. Apps like CoinMap, CoinATMRadar, and the Australian app TravelbyBit can help you locate Gold Coast businesses that accept crypto.
A few independent cafes and restaurants in Surfers Paradise, as well as in Burleigh Heads, accept Bitcoin, Ethereum, and more. So if you’re sitting on a crypto goldmine and want to spend some of it, a nice dinner with a view could be a wonderful way to do so.
Additionally, travel agents, adventure tour companies, and surf schools are accepting crypto bookings through various platforms, including Travala.com. Although not as common, some very niche clothing stores and electronics shops in Southport and Broadbeach are also welcoming crypto payments. Alternatively, some nightlife venues have experimented with crypto payments for cover charges and drinks, catering to the tech-savvy clients who spend their days earning or mining their crypto and their nights enjoying it.
Can You Buy Crypto on the Gold Coast?
While spending crypto is a little hard, buying crypto is fairly easy on the Gold Coast. If you’re new to crypto, it’s easy to get started as long as you have a reliable internet connection and a powerful machine. You can buy any of the major coins through crypto exchange platforms. These exchanges are popular with Australians and offer fast verification and AUD deposits.
There are Bitcoin ATMs, a few, although there could be many more over time. They are typically found in major shopping centres or convenience stores but you can use the CoinATMRadar app to find the nearest one. For others, apps like Binance P2P and LocalBitcoins allow locals to trade crypto directly, though this is better suited for experienced users.
Crypto Wallets: How to Store Your Coins
If you’re paying for things in crypto, you’ll need a crypto wallet. The most user-friendly options are mobile wallets like Trust Wallet, Coinbase Wallet, Best Wallet, or MetaMask. They let you send and receive crypto on the go. They also generate QR codes that merchants can scan for payment. For security, many users eventually move their holdings to a hardware wallet like Ledger Nano or Trezor. This is highly advised if you’re holding larger amounts of crypto long-term.
Is Crypto Safe to Use on the Gold Coast?
Cryptocurrency is as safe as you make it. Be aware of aspects commonly associated with holding crypto, like price volatility. For instance, Bitcoin worth $100 today could be worth $80 or $120 tomorrow, so keeping an eye on the market price is crucial.
If you’re engaging in peer-to-peer trading, watch out for fake investment schemes, phishing attempts, and sketchy exchanges. Only use reputable platforms and follow platform rules to get the most out of them.
If you lose your wallet password or recovery phrase, your crypto is gone. Back up your wallet securely. Stick to well-known wallets, double-check addresses before sending payments, and avoid unsolicited crypto offers.
Crypto on the Gold Coast in the Future
Crypto adoption on the Gold Coast is expected to grow steadily over the next few years. The city still has much appeal to tech entrepreneurs and digital nomads who could be expanding and building there for the foreseeable future. There is also plenty of tourism and people from more crypto-savvy places may want the same opportunities to use their digital currency as they have at home. As more and more tourists come in and demand increases, local businesses could fully embrace modern payment solutions.
