Bitcoin Cash to support Australian miners – Crypto Coins
Australia is to adopt a new cryptocurrency called Bitcoin Cash in the coming weeks, a move that could see its adoption surge and increase its value.
The Australian Bureau of Statistics says it has been monitoring Bitcoin Cash, a new altcoin with the same name as the Bitcoin protocol, since the end of October.
The bureau says the move is in response to Bitcoin Cash being seen as a threat to the network.
It is due to be rolled out across the country by the end in June, though the actual roll-out will depend on demand.
Bitcoin Cash will not be supported by the main Bitcoin network, but will be supported through the use of a special software called “Bcash”, which can be used to trade and store value in the digital currency.
The move comes as the mining community and others seek to get Bitcoin Cash out of the hands of its community.
Bitcoin is the world’s most popular cryptocurrency, with a market cap of $US2.9 billion, but its popularity has been steadily declining over the last few months.
On Friday, the Australian Bureau Of Statistics said it had seen no indication that Bitcoin Cash would be adopted in the country.
It said it was still analysing the impact the change would have on mining.
The change in policy was welcomed by Bitcoin users, who are not happy that the cryptocurrency has been overtaken by altcoins.
“We’re really excited about this and really excited that Australia will be adopting Bitcoin Cash,” Bitcoin Cash creator Andrew Trombetta told the ABC.
“That’s a great step forward, as we see this new technology as being a potential way of diversifying Bitcoin’s mining supply.”
Bitcoin Cash supporters have expressed concerns over how the new cryptocurrency will be used by the mining industry.
Bitcoin has had a rough time of late, falling to $US1,000 on Thursday after an abrupt drop to $1,100 earlier this week.
The price of Bitcoin has continued to fluctuate, falling below $US100 during the week but then rising again to $U100 on Friday.
Bitcoin supporters are concerned that the price of the new digital currency will continue to decline and the lack of regulation around it could mean the currency is not widely used by mining companies.