Bitcoin Cash captured 90% of crypto spending in Australia in October

Recently, the Bitcoinbch.com web portal reported that the number of Australian retail cash bitcoin transactions (BCH) during the month of September far exceeded all other digital currencies by far. After the study, the researchers analyzed the October transactions and, once again, BCH overshadowed its competitors in terms of retail spending.

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October Australian cryptographic data

The supporters of Bitcoin Cash are proud of the adoption by merchants and the great utility of a peer-to-peer electronic payment system. Around the world, a number of countries have been widely adopted by the BCH, such as Japan and Slovenia. Australia is another country that consumes a lot of BCH, and many merchants are from the North Queensland area. According to the pages of map.Bitcoin.com, 197 merchants accepting BCH in Australia are spread all over the country. The latest Bitcoinbch.com report, covering the month of September, showed that BCH accounted for more than 92% of the total amount of cryptocurrency spending in the country between two payment processors Travelbybit (TBB) and Hula (Hockings Underwriting Logistics). App).

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The numbers have been recalculated, but this time for the month of October and BCH have outpaced the competition of a landslide. "Bitcoin Cash (BCH) is by far the most useful cryptocurrency for Australian retailers – Bitcoin Cash (turned a deaf ear) to all other crypto-currencies combined with an incredible $ 19,450 (90.74 %) of the total cryptocurrency expenses of October ", explains the study. "Data shows a slump in retail sales for most minor parts: LN went from $ 1,224 in September to $ 941 in October, NBB went from $ 913 to $ 457, and BTC from $ 744 to just $ 251 In addition, the number of BCH retail transactions in October, the total number of transactions was about 264, or about 75% in Australia. Lightning Network (LN) recorded about 50 transactions (14.2%), with 16 BTC chain transactions representing a total of 18.8%.

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"The BCH Juggernaut"

The Travelbybit POS processor also experienced a decline in market share from $ 3,737 in September to only $ 2,041 in October. "Hula actually boosts BCH's circulation by reducing the time it takes to put coins back into the community," the report says. "On the other hand, the Travelbybit PoS has the double disadvantage of instantly extracting supported parts from the community and reducing adoption density through its multi-room hosting policy." The report adds:

Australian retail data indicate that to compete with the Bitcoin Cash (BCH) juggernaut it is better to use other cryptocurrencies: it is advisable to conquer the traders directly and avoid the multi-currency payment systems. rooms.

The study concludes that the use of retail cryptocurrency in Australia mainly concerns cash transactions in bitcoins and that the utility is enhanced when the system is focused on a single cryptocurrency. The effects are amplified with traffic and regions like Bitcoin Cash City show how network effects are spreading.

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The researchers also point out that BCH is "firmly established in Australia and will be virtually impossible to dislodge". The name of the game is that BCH ultimately disrupts the market share of fiat systems and encourages billions of users in the future. "Future compliance improvements, as well as major projects, will likely allow BCH to further penetrate the Australian economy," said the end of the Bitcoinbch.com report.

What do you think of the bitcoin cash transactions used in the retail trade that exceed BTC transactions in Australia? Tell us what you think about this topic in the comments section below.


Image credits: Shutterstock, Bitcoinbch.com, October Cryptocurrency Expenditure Report, Fair Use, Wiki Commons and Pixabay.


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Jamie Redman

Jamie Redman is a financial journalist who lives in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about bitcoin, open source code and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols that are emerging today.

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