The Bitcoin Cash mission
From the genesis block, Bitcoin Cash was designed to be the first global electronic cash system. Throughout history, there have been many types of money systems created but none can approach Bitcoin Cash which is perhaps the closest mankind has come to ideal money.
The Bitcoin Cash mission is receiving attention the world over with some regions further along than others. Australia is blessed with one of these regions. It appears that once a region gets above a certain Bitcoin Cash adoption density, adoption proceeds more smoothly and new ways appear to apply the payment technology to the local economy.
North Queensland is the home to the Bitcoin Cash City and is noteworthy in that merchant adoption is exclusively Bitcoin Cash. No other coin can perform the role of electronic cash better than Bitcoin Cash. In the Bitcoin Cash City it is possible to live entirely using Bitcoin Cash for all your needs.
The Bitcoin Cash City provides a glimpse of what a successful Bitcoin BCH mission may look like.
The importance of physical merchant expenditure
This series of reports examine exclusively physical merchant adoption performance of Bitcoin BCH relative to other coins in order to illuminate progress in achieving the Bitcoin BCH mission of becoming the first electronic cash system for the world. If your coin is not gaining merchants, it is not even a contender for a global electronic cash system.
Sourcing Data, Data Policy and Lockdown
The effects of a nationwide lockdown have been quite severe on all merchants. One surprise is the resilience displayed by the Bitcoin Cash merchants which in particular swiftly adapted to the changing conditions. One can speculate that these businesses are progressive and forward thinking to begin with by adopting the Bitcoin Cash payment option, and this management style simply carries over to the challenges presented by the lockdown. A great example is the major Bitcoin Cash merchant; The Watermark, which pivoted their food and hospitality business to a takeout business, even arranging a deal with another major Bitcoin Cash business, Checker Cabs for deliveries! Another example is the Otto’s drive-throughs which popped up as if overnight using shipping containers and industrial tents that turned shopping centre car parks into a thriving Bitcoin Cash business.
Most Australian merchants accept only the Bitcoin Cash cryptocurrency and the preferred wallet/PoS being the bitcoin.com wallet and the bitcoin.com CashRegister app. A small number of Australian stores still accept some altcoins such as BSV, LTC, BTC/LN etc., typically via the TravelByBit App but as we shall see, the trade in these altcoins is today, virtually non-existent.
Examining cryptocurrency usage
With the national lockdown combined with Bitcoin Cash being the prefered payment option in Australia, it has become difficult to discern any credible BTC physical store activity. The principal source of altcoin physical merchant data, TraveByBit, has become unreliable with the declining popularity of their platform. For example, the TravelByBit website still claims over 400 stores using their platform when the majority of these stores never existed and less than 15% recorded a transaction in the last 6 months or more .
Bitcoin BCH remained the preferred cryptocurrency in April accounting for 97% of physical store sales during the month. The number of Bitcoin BCH transactions also rose to a record 98.22% with several new merchants joining the Bitcoin Cash economy .
BTC adoption completely collapsed in April recording just 3 transactions across the entire nation for the month. These 3 trades were recorded by the TravelByBit PoS app and displayed on their website .
Well, it had to happen. Using the Bitcoin (BTC) settlement system in a role that really requires electronic cash was never destined to succeed. The big news coming out of Australia for April is the death of the BTC economy. We’re calling it - Bitcoin BTC finally died in Australia. The combination of a national lockdown combined with an amazing ascendancy of Bitcoin Cash in the retail space has finally caused BTC to succumb. BTC recorded just three-physical-store-trades across the nation in April. Three. If Australia can be viewed as a representative sample for BTC world-wide, it is a brave speculator that buys into the notion that BTC is going to $20,000, $100,000 or $1,000,000 when there is no longer any demonstrable substance.
Bitcoin Cash (BCH) is the cryptocurrency of Australia. Bitcoin Cash stores accounted for almost every cryptocurrency transaction across the nation in April. And like the month before, new BCH stores are being added, new BCH members are being onboarded, and new ways are being found to apply the clever Bitcoin Cash payment tech. In a word, Bitcoin Cash has substance.
Designed from the get-go to be the first global electronic cash system, Bitcoin Cash is proving it has the metal to be up to the mission. The markets would do well to heed this growing Bitcoin Cash substance.