Bitcoin Cash was started by the Bitcoin developers who were concerned about the future of cryptocurrency, its ability to scale effectively was very concerning for some as well. In August of 2017, some miners decided to create a new cryptocurrency, which in the future would be known as Bitcoin Cash. BTH has its own blockchain and specification, some of them very different from Bitcoin.
What BTH developers did, was that they created a bigger block size, which accelerated the process of verification. The block size for BTH is as much as 8 MB, while bitcoin blocks are limited to only 1 MB. This ensured better transaction verification speed, no matter how many miners are supporting it.
So, with the changes, Bitcoin Cash has been able to offer its users to process transactions a lot faster than Bitcoin could. This not only wins you some time but also ensures that transaction fees can be a little lower.
As one of the most popular cryptocurrencies in Australia, it is used in many different fields. Many restaurants, dinings, shops, and even the most popular Australian bitcoin casino offers people their service for Bitcoin Cash. While most of the shops are looking to simply get their market share by catering to crypto geeks, the iGaming sector in Australia actually had to start accepting cryptos due to the local gambling regulations.
The popularity of Bitcoin Cash in Australia
All the reasons mentioned helped Australia to become one of the most obsessed countries with Bitcoin Cash. But this is not only it. There were some campaigns throughout 2019 in Australia that helped the currency to become more popular.
In September, Australia’s biggest Bitcoin Cash conference was held in the region of Townsville. Regions like Townsville are those where the currency is most popular. It is so admired that there are many people who use the currency in their everyday lives. One could call the region a ‘heaven of Bitcoin Cash’ since you are welcomed on many places to pay with crypto.
For the conference, most of the hotels and diners offered customers to use Bitcoin Cash for mostly everything. The conference featured 26 speakers, this represented one of the largest Bitcoin Cash conferences around the world.
The currency is so popular in Australia that a study showed that in November, BTH represented 93 percent of all crypto spendings in the region. As the report noted, the BTH had a record of 267% month-on-month growth in November. The report also names Australia as one of the first countries to see a large populace of Bitcoin Cash-only acceptance.
Also, the reports said that in Australia there have been some BCH projects. While many of them did were not immediately visible, in the end, they attributed to the unmatchable growth. The report said that as BCH saw 267% growth and represented 93% of all crypto spending, Australian fiat turnover saw a 0.2% growth in November.
As a forked currency of Bitcoin, Bitcoin Cash managed to stand strong, on its own, without depending on Bitcoin itself. In 2018, the Bitcoin Cash experienced its own hard fork, which resulted in the creation of its own forked currency, called Bitcoin SV. It was created in order to stay true to the idea that was behind the creation of Bitcoin itself. The issues of the currency are far from resolving any time soon, so the field is open for further development.
Future of the crypto
It’s almost impossible to say what the future could bring to the world of crypto. One thing that we know is that as long as currency manages to survive, it will have far more value than it has today.
After the creation of the Bitcoin, many other cryptocurrencies hit the market. Some of them were successful, some of them failed. But if the development of the currency continues as it did in Townsville, it could have a bright future.
As modern technology continues to develop, the opportunities for miners are becoming more exciting than it ever was. As countries like Australia continue to use cryptocurrencies so actively, the number of people interested in this futuristic currency is raising every day.