Cryptocurrency payments in Australia, which have been growing in volume in the past few years, have recently scored another record. Crypto-based merchant trade across the country reached almost $74,000 in February according to a new report. Bitcoin cash has by far the largest share in retail crypto spending and transactions among coins accepted by Australian businesses.
Bitcoin Cash Accounts for 97% of Retail Cryptocurrency Spending in Australia
Part of a series of regular monthly surveys, the new edition of Bitcoinbch.com’s Cryptocurrency Expenditure at Retail Businesses report highlights the importance of merchant adoption for any cryptocurrency designed to become a global electronic cash system. The study examines how bitcoin cash (BCH) and other leading cryptocurrencies perform in terms of spending at physical merchants in Australia.
According to the latest numbers, total cryptocurrency trade has increased in February 2020, reaching a volume of $73,769.41, up from $44,087.57 in January. Bitcoin cash usage expanded last month to a record proportion of 97.01% of all merchant trade covered in the study, up from 90% in October and 93% in November respectively. BCH accounts for over $71,500 of the quoted monthly spending volume.
The information about BCH spending is gathered from subscribers to the Hula platform. The Hockings Underwriting Logistics App facilitates instant conversion of bitcoin cash to local fiat currency, protecting businesses from price volatility. Hula pairs BCH investors with merchants to enable a simple way to accumulate BCH over the counter. Its service is currently available to Australian retailers who want to accept the cryptocurrency.
Bitcoinbch.com collects data by polling physical merchants across the nation as well. This approach allows the web portal to create a more precise picture of their turnover, which in the case of BCH is often of a peer-to-peer nature. Many of the retail locations also use other products developed to facilitate bitcoin cash storage and payments, such as the Bitcoin.com Wallet and the Bitcoin Cash Register app.
Over 81% of Australia’s Retail Crypto Transactions Conducted in BCH
The report also tracks the usage of other major cryptocurrencies sourcing information from Australian crypto payment processor Travelbybit. Author Hayden Otto, CEO of Bitcoinbch.com, concludes that their proportions in the mix have shrunk last month. Bitcoin core and Lightning Network, ethereum, litecoin, and crypto exchange Binance’s BNB token collectively accounted for only $2,205 of the estimated sales total.
Bitcoin cash leads in terms of retail crypto transactions too, with 193 or 81.09% of all registered in the month of February, followed by BTC with 17 transactions (7.14%) and Lightning Network’s 14 (5.88%), BNB with 10 (4.20%), ETH and LTC with two each (0.84%), while BSV and DASH have not been spent with the surveyed merchants. BCH transactions have spiked on the 13th and towards the end of the month with a period high on Feb. 27. The volume of bitcoin cash spending topped $12,000 on the 24th.
Australia has become an important crypto destination with an increasing number of online merchants and physical stores accepting decentralized money thanks to services such as those described in the report. Cryptocurrencies have also gained recognition through the registration of hundreds of digital asset exchanges and a recent court ruling describing them as a form of investment. Bitcoinbch.com’s regular monthly surveys show that bitcoin cash is a major driver of adoption with a growing list of businesses accepting it as a payment option that works for them and their customers.
What do you think about the numbers in the Bitcoinbch.com’s cryptocurrency expenditure report? Do you expect the positive trend from February to continue into March? Share your thoughts on cryptocurrency adoption in Australia in the comments section below.
Images courtesy of Shutterstock, Bitcoinbch.com.