Bitcoin’s value has not recovered since some global authorities started talking about banning it, but some believers say its use goes beyond monetary. Amin Rafiee has just returned home to Australia after he spent three years in Europe living on Bitcoin.

He worked as a contractor in a variety of roles, and asked to be paid in the cryptocurrency. “I would use it to pay my rent, my daily expenses, and find ways where I could exchange it for cash.”

“Back then it was a lot harder, but now you have Bitcoin debit cards so you can just register, verify yourself and from there use your Bitcoin or other cryptocurrencies to exchange to fiat money, which is the US dollar or Australian dollar, and like any other VISA card or Mastercard you can use it to pay your bills.” Services are harder to find in Australia, but he believes in the future, most people will have both a cryptocurrency and bank account.

The self-proclaimed ‘cryptoanarchist’ says for him, Bitcoin and cryptocurrencies are not a money making exercise, rather a way to control his personal freedom. Economist, Stephen Koukoulas is cautious.

“When you are transacting into the Bitcoin market to buy Bitcoin and use it, there is no support from the government to say that, that transaction is valid.” Mr Koukoulas adds, that the lack of consumer protection is a concern. Read more from…

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