A small city in Australia with a population of just 250,000 named North Queensland is in the latest crypto news for adopting Bitcoin Cash (BCH). According to reports and a video recently published by CoinSpice, one can dine, drink, travel, stay in hotels and apartments and even have their laundry done by using the altcoin.
Even though a lot of the retailers in North Queensland accept other cryptocurrencies besides Bitcoin Cash (BCH), the altcoin has a large community and is used widely. If you are wondering why is that the case, it is safe to say that it’s because of the transaction fees – making BCH “free money” that is convenient and easy to use.
While the Bitcoin community adopts second-layer solutions such as the Lighting Network (LN) which will create new delays in adoption among merchants – Bitcoin Cash users are all about business in this small Australian city.
There are more than 40 merchants that accept Bitcoin Cash in North Queensland, and according to reports, more than 960 of the 2000 crypto-savvy retailers support the altcoin. On a global scale, there are over 14,000 local businesses around the world that accept Bitcoin Core, according to Coinmap.
All of this triggers merchant adoption as a hot topic that has been in the background for some time now. More details about the BCH adoption in North Queensland can be seen on the video below.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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