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Australian Crypto Merchants See Trade with Bitcoin Cash Surging 97%

Australian Crypto Merchants See Trade with BCH Surging 97%

Bitcoin Cash is quickly becoming a popular payment option in Australia. A new report suggests that the trade via BCH at crypto merchant outlets in the country was almost $74,000.

Bitcoinbch.com’s report highlights increased adoption

Bitcoinbch.com unveils Cryptocurrency Expenditure at Retail Businesses report each month. The survey for the month of February 2020 suggests that Bitcoin Cash has become a popular means of payment at Australian merchant outlets. The study covers multiple cryptocurrencies that aim to become the next global electronic payments system. Bitcoinbch.com conducts this study offline by polling physical merchants to get a more precise picture of the ongoing cryptocurrency scene.

Australian Crypto Merchants See Trade with BCH Surging 97%

According to the report, the crypto trade volume for the month of January was $44,087.57 which jumped to $73,769.41 in February. The use of Bitcoin Cash increased considerably during the month and accounted for more than $71,500 of the monthly trading volume. It was accepted at 97.01% of all merchant trades covered by the survey. The future was 90% in October 2019 and 93% in November 2019.

The striking figures related to Bitcoin Cash usage were gathered from Hockings Underwriting Logistics App (Hula). It provides instant conversion of Bitcoin Cash to a local fiat which helps in protecting businesses from volatility in prices. It connects merchants with investors to create a simple way to accumulate BCH by getting it over the counter. However, the service is only available for Australian retailers.

BCH takes the lead

Bitcoin Cash is leading the Australian crypto industry. The Bitcoinbch.com report tracks the use of cryptocurrencies on Travelbybit, an Australian crypto payment processor. Bitcoinbch.com CEO Hayden Otto noted that the proportion of other cryptocurrencies has decreased on the platform. Bitcoin Core and Lightning Network, Litecoin, Ethereum, and even Binance’s BNB coin have accounted for just $2,205 of the

The retail crypto transactions segment is dominated by Bitcoin Cash which owned an 81.09% share in the month of February. Bitcoin was the second most popular coin accounting for 7.14% of all transactions. Bitcoin Lightning Network accounted for 5.88% of the retail transactions. On the other hand, BCH’s bitter rival BSV (Bitcoin Satoshi Vision) which separated from the original BCH chain a few months ago, was not used at all on the platform. On 24th Feb, the volume of BCH transactions reached its peak at $12,000.

Australian crypto market is thriving because of increased user interest and a recent court ruling that considered cryptocurrencies as investments.

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      Sherlock Gomes loves to write and express his views on anything related to Crypto. He has been covering Crypto for more than two years now. He likes Bitcoin and Cardano. He also writes on Finance, Healthcare, and Technology among other stuff. He can be reached by e-mail on sherlockg@insidebitcoins.com