💸 Bitcoin Cash commercial adoption lags Bitcoin

According to a report from blockchain analytics firm Chainalysis, commerce related payments for Bitcoin Cash ($BCH) fell to $3.7 million in May compared to $60.0 million for Bitcoin ($BTC) during the same period. The report reviewed payments received by the world’s 17 largest crypto merchant processing services including services like BitPay, Coinify, and GoCoin. While Bitcoin Cash is focused on driving retail payments it is a newer currency compared to Bitcoin, having split from the network just a year ago. The report also notes that Bitcoin Cash ownership is concentrated, with about 56 percent of supply controlled by 67 wallets not located on exchanges. Of those, the two largest wallets hold between 10,000 and 100,000 Bitcoin Cash.