TL;DR: Australian Cryptocurrency Expenditure at Retail Businesses – February 2020 from BitcoinBCH.com shows bitcoin cash (BCH) “expanded on all fronts during February, setting a record high of more than 97% of all physical merchant trade during the month,” up significantly from January, continuing its growth trend since September of last year when metrics began to be collected.
In Australia, Bitcoin Cash Cannot be Stopped
Australian Cryptocurrency Expenditure at Retail Businesses – February 2020 is the latest in a series from the team out at BitcoinBCH.com, which acts as a BCH-centric clearinghouse for merchant adoption especially. “If a coin is not gaining merchants, it can hardly be a contender for a global electronic cash system,” they insist. Litecoin, ether, BTC, BTC Lightning Network, BNB all lagged far behind, according to the report.
Through polling merchants, data from payment processor TravelByBit, and the HULA system (which the BitcoinBCH team notes “supplies a direct conversion facility to merchants similarly to that of payment processors”), bitcoin cash accounted for $71,563.62 of the total $73,769.41 cryptocurrency trade in Australia. Trade volume in the country among all cryptos was up from last month by nearly $30,000, the report documents.
“All other coins continued their decline across the nation in February,” BitcoinBCH.com explained, “collectively accounting for only $2,205 is physical merchant sales. Sadly, the scaling hope of BTC, the so-called Lightning Network, processed just $210.40 across the nation in February. Lightning is clearly grossly uncompetitive with respect to the performance of Bitcoin Cash and we can safely pronounce the Lightning network dead-on-arrival at this point.”
The report also attributes BCH success in the region due to meetups, related technology startups, conferences, and the fact “there are several multi-million BCH projects while other coins are yet to field even one.” Last year, for example, the BitcoinBCH.com team hosted the first-ever cryptocurrency gathering of its kind, the Bitcoin Cash City Conference, (BCCC) which it hopes to reprise this year. The BCCC was unusual in that attendees were expected to live with bitcoin cash as a usable currency, paying for travel, accommodations, entertainment, food and drink with peer-to-peer electronic cash rather than just be passive hodlers.
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DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.