TL;DR: “Bitcoin Cash (BCH) is by far the most useful cryptocurrency with Australian retailers,” claimed Hayden Otto, CEO of BitcoinBCH.com, in a report titled, Australian Cryptocurrency Expenditure at Retail Businesses – October 2019. “Bitcoin Cash trouncing all other cryptocurrencies combined with a staggering $19,450 (90.74%) of the total October cryptocurrency retail spend.”
Bitcoin Cash Maintains Dominance in Australia for Second Month
“The October retail data confirms the strong utility of Bitcoin Cash (BCH) relative to other coins,” the report concludes. “This utility is more pronounced when merchants adopt a single cryptocurrency, especially if the bulk of retail business is in that one cryptocurrency in any case. Further, if a group of merchants accept a single cryptocurrency, the effects are amplified with circulation, user groups, and supporting technical development.”
Last month, BitcoinBCH.com detailed the relative success of efforts on behalf of BCH enthusiasts with regard to merchant adoption and retail use in Australia. The numbers then were impressive too, but many critics charged they were inflated by the advent of Bitcoin Cash City Conference happening around the same time — a first for the country. It appears those numbers might be sticking, according to Otto.
“When considering the total number of retail transactions,” the latest report continues, “Bitcoin Cash (BCH) is again a titan with 264 transactions (75.0%) of all transactions recorded across Australia for the month. LN accounted for just 50 transactions (14.2%) and even when combined with BTC’s 16 transactions (4.6%), their total of 66 (18.8%) falls short of the 70 transactions LN alone achieved back in September. The balance is made up of BNB 12 transactions (3.4%), LTC 6 transactions (1.7%) with BSV 3 (0.8%) and ETH one only (0.28%).”
Otto describes BCH as “now firmly entrenched in Australia and will be virtually impossible to dislodge.” He stressed that Bitcoin Cash wasn’t just a preference for merchants in the retail space, but that “most young people” are onboarding to cryptocurrency through BCH by way of meetups and general promotional activity — signs of a vibrant and growing community Down Under. Ultimately, however, the BitcoinBCH.com CEO insists “the importance of hard retail data whereupon merchants must decide to accept a cryptocurrency as a payment option, can not be understated for revealing the measure of a coin’s utility.”
CONTINUE THE SPICE and check out our piping hot VIDEOS. Our podcast, The CoinSpice Podcast, has amazing guests. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.
DYOR: CoinSpice is your home for just spicy crypto things. We’re not affiliated with any cryptocurrency project or token. Each published piece is intended for information purposes only, not investment advice and not in the hope of impacting speculative markets. There are plenty of trading sites and coin-specific advocacy journals out there, we’re neither. CoinSpice strives for rigorous accuracy in our reporting. Information presented here is contingent usually on a host of factors, and the ecosystem moves fast — prices change, projects change, and at warp speed. Do your own research.
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.