While the Bitcoin Cash community had not too much to celebrate in recent years, it remains somewhat – maybe, maybe not – surprising that BCH still holds a significant market share on BitcoinVN, Vietnam’s premier Bitcoin & Cryptocurrency Exchange.
Bitcoin Cash holds a respectable third place behind / alongside the two “giants” (Bitcoin and Ethereum) and the world’s favourite privacy coin Monero.
This puts Bitcoin Cash far ahead of another “old school”, “cheap transactions” proof-of-work coin such as Litecoin.
What are some possible explanations that Bitcoin Cash remains in such a comparatively strong position in Vietnam versus the global market share?
While the Bitcoin Cash community in recent years has not exactly seen much growth and largely consists of OG users who “fell on the other side of the fork” at the end of the Blocksize wars in 2017, one has to concede that the Bitcoin Cash community indeed consists to a comparatively large degree of actual users of the currency.
Given that a fair share of the users of BitcoinVN consists of Digital nomads living in Vietnam, earning their income online and regularly being Individuals with limited banking accessibility, utilizing cryptocurrencies such as Monero, Litecoin or Bitcoin Cash to pay their bills in Vietnam is a convenient and practical choice.
The ability to cash out their coins without the need to sign-up for the platform – either to any Vietnamese bank account or via various cash pick-up points, makes the BitcoinVN platform an ideal tool to make life as a digital nomad in Vietnam easier.
It is maybe somewhat unsurprising, that an “OG” Bitcoin Exchange such as BitcoinVN therefore carries along a whole lot more “OG” users who have come accustomed to using Bitcoin Cash as their preferred cryptocurrency of choice versus many of the newer exchanges which have launched in more recent years.
Will Bitcoin Cash be able to keep this comparatively high market share in Vietnam?
Given the stagnation in the Bitcoin Cash community in recent years, this might be somewhat of a hard task, however we shall keep a close eye on future developments in this market segment.
Chinese version: BitcoinVN 2023年市場回顧，越南的比特幣現金使用情況