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Australia’s BTCMarkets Exchange Enables BTC Cash Trade vs AUD and BTC

Avatar newsbtc 3 years ago

Australia is a bit of an odd country when it comes to cryptocurrency. It seems all local exchanges generate little trading volume for all currencies. BTCMarkets is one of the few companies providing such cryptocurrency exchange services in the region. They now have Bitcoin Cash trading enabled against the Australian Dollar and Bitcoin. Do keep in mind deposits and withdrawals are not live yet, though.

It’s good to see more exchanges credit user balances with Bitcoin Cash tokens. After all, all BTC holders during the fork are entitled to their Bitcoin Cash equivalent. Some major exchanges have yet to issue these tokens to customers, though. In Australia, BTCMarkets is one of the first to do so. They have issued the tokens and enabled trading for BCH. They are at least using the right price ticker, unlike some other exchanges around the world.  Bitcoin Cash should be BCH everywhere, instead of BCC.

BTCMarkets has Little Trading Volume but Supports Bitcoin Cash

Enabling BCH trading against the AUD is quite interesting. There aren’t too many fiat currency trading opportunities for this token yet. More specifically, most exchanges allowing fiat trading with Bitcoin Cash do not have deposits or withdrawals enabled. BTCMarkets is no exception in this regard, They will wait until the network is “safe’ before making that decision. It is unclear what needs to happen exactly before that will be the case, though. Blocks are mined quicker, the mempool is empty, and things are trucking along nicely so far.

What is pretty peculiar is how BTCMarkets lists BCH as BCash. That is, unfortunately, the wrong name. There is a major discussion among Bitcoin supporters regarding this topic. Many users feel Bitcoin Cash is the wrong name and BCash makes more sense. However, BCash had recently been announced as yet another Bitcoin fork. It will mix the Bitcoin ledger with ZCash’s privacy techniques. That discussion is well worth keeping an eye on for sure.

So far, the trading volume on BTCMarkets is pretty small. That is the case for all of its currencies, though. BCH has seen very little volume in the BTC market so far. Their AUD market is gaining a bit of traction as we speak. It is evident most people will look to sell their tokens for the time being. Then again, it seems the BCH price is slowly going up across all exchanges. An interesting future lies ahead, that much is evident. No one knows for sure how things will play out, though.

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