Australian Cryptocurrency Expenditure at Retail Businesses - May 2020

The Bitcoin Cash mission

Bitcoin Cash is designed to be the first electronic cash system for the world and this mission requires every business, every company and every individual adopt Bitcoin Cash for their medium of exchange.

Bitcoin Cash is a unique modern take on money, applying modern technologies such as the Internet, cryptographic techniques and phone apps to create perhaps the closest approach to sound money with the ideal characteristics of durability, portability, divisibility, uniformity, limited supply, and acceptability.

Bitcoin Cash is an extraordinary achievement and a worthy basis for the future global economy.

North Queensland adoption of Bitcoin Cash

Today North Queensland is home to the Bitcoin Cash City, named after the high level of adoption achieved with this extraordinary technology. In the Bitcoin Cash City, it is possible to live entirely using Bitcoin Cash and a growing number do. This level of adoption affords the trial and acceptance of advanced techniques such as community underwriting, circulation development, and pioneering methods to retain coins in the economy. In the immediate future are advanced apps, technology, and development that will flow into the global Bitcoin Cash community.

The Bitcoin Cash City is providing a working example of the Bitcoin mission.

The importance of physical merchant expenditure

This series of reports examine physical merchant adoption performance of Bitcoin BCH relative to fiat as Bitcoin Cash has already successfully out-competed all other cryptocurrencies in this Australia. Merchant adoption of Bitcoin Cash is driven by a business case which relies on ease of use, its cost structure, and particularly the user payment experience. When a customer enters a store, the features of its payment system become critically important. Customers will not tolerate fees, delays, congestion, convoluted technologies, or involved procedures. If Bitcoin Cash is to become the money of the future, it must out-compete even the best fiat systems. Today, Bitcoin Cash’s performance in gaining merchants in Australia is being measured. Its adoption success provides the first tangible evidence that Bitcoin Cash has the technical merit to become a global electronic cash system.

Sourcing Data, Data Policy

The main source of data detailed in these reports is gathered by polling individual Bitcoin Cash merchants (being peer-to-peer, Bitcoin Cash has no easy source of physical store data). For altcoin data, such as ETH, LTC, BTC etc., we monitor data from the last payment processor left with any operating merchants in Australia[1].

Examining cryptocurrency usage

This series of reports have been documenting the rise of Bitcoin Cash alongside the decline of Bitcoin BTC with merchants in Australia. Understandably, with the decline of BTC has been the decline of payment processors that preferred to support Bitcoin over Bitcoin Cash. In particular, TravelByBit whose outdated website still boasts “over 400 stores”[2] using their platform, months after these merchants were shown to be nonexistent[3]. 

Now comes the news that TravelByBit is no more[4]. Billed as a “strategic decision between Travala and TravelByBit”,  the loss making, Binance backed, TravelByBit is to be merged with Travala. The fate of the failed TravelByBit point-of-sale system is yet to be determined. This report records the last transactions on the TravelByBit system. BNB two transactions, ETH one transaction and, BTC one transaction. 

Bitcoin Cash, despite the lockdown, has added several merchants[5][6] and expanded its economy during May, recording 182 physical store transactions for a total of $23,162.30 or 97.85% of all cryptocurrency retail expenditure across the nation.

Conclusion - Bitcoin Cash is the king of cryptocurrency in Australia

Last month we reported the death of the BTC economy in Australia[7] after following the decline of BTC retail for several months and culminating in April with BTC recorded just 3 transactions across the nation. As you would expect, this month BTC recorded one only transaction across the former fleet of more than 400 stores.

In May, despite a national lockdown, Bitcoin Cash added several new merchants[5][6] and expanded its economy recording 182 physical store transactions for a total of $23,162.30 or 97.85% of all cryptocurrency retail expenditure across the nation.

Bitcoin Cash (BCH) is the king of cryptocurrency of Australia, accounting for almost every cryptocurrency transaction across the nation in May. And like the month before and the month before that, the Bitcoin Cash economy has grown with the addition of several new stores, many new members, and new innovations in applying the clever Bitcoin Cash payment technology.

Designed from the get-go to be the first global electronic cash system, Bitcoin Cash is an extraordinary achievement and a worthy basis for the future global economy.

[1] https://travelbybit.com/stats 

[2] https://travelbybit.com/shops-that-accept-bitcoin

[3] https://bitcoinbch.com/blog/Fake-Bitcoin-BTC-Lightning-Stores-Exposed.html

[4] https://www.binance.com/en/blog/421499824684900596/Travalacom-Merges-with-Binancebacked-TravelByBit-

[5] https://www.reddit.com/r/btc/comments/gq3nr7/coffee_dominion_a_huge_name_in_north_queensland/

[6][ https://www.reddit.com/r/btc/comments/gty4sk/north_queenslands_bch_economy_expanding_as/

[7] https://bitcoinbch.com/blog/Australian-Cryptocurrency-Usage-April-2020.html