Cryptocurrency spending in Australia hits record levels

Crypto tax in australia

Australia is rapidly growing as a crypto-friendly destination and digital currency-based merchant trade across the country has reached record levels according to recent research.

A recent report about retail cryptocurrency spending in Australia has revealed that merchant trade reached almost $74,000 in February – an increase of more than 67% from the previous month.

Is Bitcoin Cash King of Oz?

Surprisingly, or not, it also revealed that Bitcoin Cash is the most popular cryptocurrency in Australia with a whopping 97% share of total retail crypto expenditures.

The Cryptocurrency Expenditure at Retail Businesses report by examined how BCH and other leading crypto assets performed in terms of spending at physical merchants in Australia.

The report revealed that total crypto trade increased in February 2020, reaching a volume of $73,769.41, up from $44,087.57 in January.

It added that Bitcoin Cash usage expanded last month to a record proportion of 97% of all merchant trade covered in the study, up from 90% in October and 93% in November.

The research has been conducted by a BCH focused organization so these results may be a little skewed in favor of that particular coin, or only merchants that accept it, but the general trend for crypto usage is up.

It stated that information about BCH spending is gathered from subscribers to the Hockings Underwriting Logistics App (Hula) which facilitates instant conversion of BCH into fiat.

The app pairs BCH holders with Australian merchants to enable a simple way to accumulate and spend BCH over the counter.

It is no surprise then that a BCH focused app had very little BTC or ETH usage with those two, and all other cryptocurrencies, having less than three percent of the share combined.

Anonymous Bitcoin Cash miner steals 9,000 BCH from unwary users

Other cryptos in decline?

The report, which tracked the usage of major cryptocurrencies by sourcing information from Australian crypto payment processor Travelbybit, noted most crypto usage had declined last month.

According to its data, Bitcoin and Lightning Network, Ethereum, Litecoin, and Binance’s BNB token collectively accounted for less than 20% of the estimated sales in total.

By contrast, Bitcoin Cash lead the way in terms of retail crypto transactions too, with 193 or 81.09% of the total in the month of February.

Australia continues to evolve as an important destination for crypto adoption and an increasing number of online merchants and physical stores accepting decentralized digital money will add to its appeal.

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