Australian Cryptocurrency Expenditure at Retail Businesses - March 2020

Hayden Otto

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Australian Cryptocurrency Expenditure at Retail Businesses March 2020
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The Bitcoin Cash mission

North Queensland is perhaps the closest any community has come to realising the Bitcoin BCH mission. Nowhere else is there such a concentration of Bitcoin BCH only merchants. The high levels of BCH adoption, circulation, development, and acceptance allows anyone to effortlessly live solely on Bitcoin BCH as if it were the native currency of Australia - and a growing number do.

Bitcoin BCH becoming the native currency of any country is a worthy goal as Bitcoin BCH is a very efficient electronic cash system that is difficult for governments and corporations to abuse. Any modern economy built on Bitcoin BCH will inherit many benefits as Bitcoin BCH is the closest we humans have come to creating an ideal money.

North Queensland provides a glimpse of what the Bitcoin BCH mission end goal may look like.

The importance of physical merchant expenditure

This series of reports examine 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. It is important to note that if a coin is not gaining merchants, it can hardly be a contender for a global electronic cash system.

Sourcing Data and Data Policy

While Bitcoin BCH physical merchant data is difficult to obtain due to its peer-to-peer nature, we have built up a list of merchants that are polled for each report. Also several merchants subscribe to the HULA system (which supplies a direct conversion facility to merchants similar to that of payment processors) providing an additional source of data to help assess the extent of the Bitcoin BCH economy in Australia.

For altcoins such as BTC etc., the centralised nature of their preferred payment providers, the dwindling number of merchants, along with the declining number of transactions, makes altcoin data collection significantly easier. Most of the altcoin data for this report comes from the TravelByBit website which tracks transactions from merchants using their system. However, this altcoin data should be treated with some skepticism as their numbers are often exaggerated [1].

Examining cryptocurrency usage

Bitcoin BCH dominance set a new record in March accounting for 97.6% of physical store sales during the month. The number of Bitcoin BCH transactions also rose 64% on the back of more than a dozen new Bitcoin BCH merchants joining the BCH economy during the month [2].

Altcoins continued their decline in March falling more than 24% as a proportion of total sales over their February figures.

Total crypto currency trade across Australia fell to a still respectable $49,366.32 during the month as the nation went into lockdown and development partners for the major Bitcoin BCH projects moved into caretaker mode ahead of the local Government Elections on the 28th March.

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Macro Trends

Below are graphs of the monthly spending and transaction data for physical stores in Australia over the last seven months. If the effects of the September Bitcoin Cash City Conference [3] and the recent national lockdown can be ignored, the aggressive adoption that Bitcoin BCH is achieving with physical stores is highlighted.

Bitcoin BCH allows merchants to field powerful user payment experiences that scoop customers up into the future of money.

At least one Shopping Center landlord has begun to encourage their tenants to adopt Bitcoin BCH so that tenants can switch rent and electricity payments to BCH. Other merchants have begun to apply Bitcoin BCH to the wholesale side of their businesses including import/export finding Bitcoin Cash is also ideal for such international settlements.

The months ahead will be interesting as these trends begin to develop retail sales and Bitcoin BCH expands into further areas of the economy.

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Conclusion

Australia’s Bitcoin BCH physical store trade expanded its dominance still further in March, recording a record 97.6% proportion of all cryptocurrency trade across the nation. More than a dozen new Bitcoin BCH merchants were added to the Bitcoin BCH economy during the month, including exciting new types such as drug stores [4] and local markets [5].

Altcoins such as BTC, LN etc., continued their decline in March collectively falling more than 24% as a proportion of total sales from their previous month’s figures.

The Australian Bitcoin BCH economy has also begun expanding in new ways with an example of a shopping center landlord encouraging tenants to adopt Bitcoin BCH so that rents and electricity can be switched to Bitcoin BCH. In addition, other merchants have begun to apply Bitcoin BCH to the wholesale side of their businesses including import/export, tapping the awesome power of Bitcoin BCH for international settlements.

Bitcoin BCH is the only cryptocurrency able to pull market share from even the best fiat systems and Bitcoin BCH allows merchants to field powerful user payment experiences that scoop new customers up into the future of money.

It is clear Bitcoin BCH being money and a payment system, enjoys many advantages over the large and confusing array of fiat systems. Combined with its other advantages, Australia is proving Bitcoin BCH has what it takes to become the world’s first electronic cash system.

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

[2] https://www.reddit.com/r/btc/comments/fjzeps/bitcoin_cash_adoption_taking_off_in_north/

[3] https://bitcoincashcity.com

[4] https://www.reddit.com/r/btc/comments/fg4txk/bitcoin_cash_city_adoption_gets_a_boost_cates/

[5] https://nm.reddit.com/r/btc/comments/fargxr/omg_a_second_store_in_ottos_market_chain_begin/



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