New Counterfeit Invasion in Australia Makes a Case for Bitcoin

There have always been cases of counterfeit money, and this has made many business owners and consumers to be on the lookout for these fake currencies so as not to fall victim. Another case of fake currency was reported today by the Daily Mail, concerning an invasion of the Australian currency.

Two Australian $50 notes were discovered to have white and blue Chinese characters printed on the clear top-to-bottom feature of the currency. These fake notes were used to purchase items at stores in a town called Murwillumbah, located somewhere in the northern part of New South Wales.

Fake currencies are not only used to buy products but in some cultures where one of the burial rituals requires the burning of money, counterfeit currencies are used instead of original ones. They can be easily gotten or purchased online from popular ecommerce stores like AliExpress and Wish in all denominations. 

One user of this fake currency pointed out that the counterfeit currency is quite different from the original Australian currency since it is printed on paper, unlike the original one printed on plastic, and used for training overseas.

“They appear to be training notes, which are used overseas to train tellers what currency from other countries look like,” the person said, adding that “the notes have been printed on paper and have large blue and white Chinese characters where a real note’s clear security window would usually be.”

The Reserve Bank of Australia has advised residents who think they are in possession of the counterfeit note to report to the appropriate authorities. The bank also added that they should submit a detailed report on how they got the fake money and use it as minimally as possible.

Bitcoin fixes this

Notwithstanding the claims that the fake Australian currency is used to train people, thousands of people worldwide have been duped using counterfeit currencies. Unsuspecting victims have accepted fake currency as payment for goods bought and services rendered, which is unheard of in the crypto community.

Bitcoin is superior to fiat currency and gold when it comes to counterfeiting as an attribute of sound money. The Bitcoin network is structured in a way that there can never be any fake or counterfeit Bitcoin on the blockchain, which solves the problem of fake currency in circulation.