14.07.2024

Bitcoin Cash Represents 93% of November’s Crypto Spending in Australia

Otto’s latest report says that October’s numbers derive from “large retail payments” that come from businesses and professionals like “lawyers, accountants, engineers, electricians, and builders.” In order to source the data for October’s report, Bitcoinbch.com used statistics from the underwriting firms Travelbybit (TBB) and Hula (Hockings Underwriting Logistics App).

Bitcoinbch.com’s Hayden Otto has published the third monthly Australian Cryptocurrency Expenditure at Retail Businesses report and bitcoin cash (BCH) usage continues to shine in the region.

News.Bitcoin.com recently reported on web portal Bitcoinbch.com’s in-depth report, which detailed BCH outshining BTC retail spending in Australia by a wide margin during the month of September. The next month, BCH captured 90% of October’s crypto spending in the country. Now the website has published its November report that discloses all the crypto-based expenditures at retail businesses and once again, BCH is “dominating the Australian retail scene.”

October’s Crypto Retail Expenditure in Australia

“The Hula system has expanded and provided valuable BCH visibility on the largely hidden retail peer-to-peer economy in Australia. Surprisingly, less than 20% of the Bitcoin BCH merchants are visible via the Hula data, lending confidence to these Bitcoin Cash retail numbers”, Otto writes. “On the other hand, our source of BTC retail data (and that of other cryptos) is more extensive due to their localisation to a single point-of-sale platform in Australia, the Travelbybit point-of-sale (PoS).”

A few of the highlights from the report note that BCH recorded a “267% month-on-month growth” and bitcoin cash payments accounted for approximately “$51,996.73 of the total $55,725.05 expended during the month.” Otto stresses that while BCH sales are swelling, BTC recorded less than a transaction per day and the Lightning Network (LN) statistics were even worse. Bitcoinbch.com’s expenditure report also emphasized that the “professional sector accounted for a small number of large payments” in October compared to the last two months of data.

Bitcoin Cash Captured 93% of November’s Crypto Spending in Australia

As far as platforms that allow merchants to accept bitcoin cash payments in-store, Otto’s report detailed that Bitcoin.com’s Cash Register PoS shined. The Australian crypto expenditure research underlined:

The Bitcoin Cash platform of choice in Australia is the Bitcoin.com Cash Register App, a simple, effective and very fast point-of-sale system that continues to gain market share from its rivals, recording 93% of expenditure in November up from 90% in the previous month.

The research goes on to say that Australia was the first country to see a large populace of BCH-only acceptance. Because of this, Otto says not only does the region have a high concentration of BCH accepting retailers, the vast majority of these merchants also “walk-the-talk with only a Bitcoin Cash crypto payment option.”

Moreover, the report details that in Australia there’s been some BCH development and several of these projects, not immediately visible, are attributing to the expenditure growth. The report concludes that as BCH saw 267% growth and represented 93% of all crypto retail expenditure, Australian fiat turnover saw a measly 0.2% growth last month.

Leave a Reply

Your email address will not be published. Required fields are marked *