Cash2VN - Quarter 2 2021 Review

Vietnamese crypto remittance platform Cash2VN released its updated quarter 2 usage statistics report.

While the majority of remittance volume is still conducted via the world’s largest USD-backed stablecoin Tether, one of the more notable developments remains that transfers via Litecoin are almost matching the transfer volume via Bitcoin.

One of the possible reasons behind this development might be, that especially for remittances/payments of smaller amounts, the tendentially lower fees on the Litecoin Blockchain provide a competitive advantage over Bitcoin, which is more suited for highly secured, high value transactions.

Transfer volume by coin - Source
Transfer volume by coin – Source.

Cash2VN - Quarter 2 2021 Review

Another interesting observation is the increasing shift in USDT volume from the ERC20 format to the cheaper SLP (simpleledger) format, which allows for essentially free transfers of USDT.

http://bit.ly/32LbCLR

When it comes to the actual number of remittances conducted, a maybe surprising discovery is that the majority of remittances into Vietnam is now conducted via Bitcoin Cash; even dethroning Bitcoin itself on that front.

Given that BCH does not make up a very large portion of the overall volume (only slightly 10%), a possible assumption is that it is similarly like Litecoin used mostly for smaller value transactions.

Tether, which makes up the relative majority of the actual remittance volume, comes in behind BCH, BTC, LTC in terms of numbers of transactions.

The “old school” PoW coins Bitcoin, Bitcoin Cash and Litecoin make up close to three quarters of the remittances conducted
The “old school” PoW coins Bitcoin, Bitcoin Cash and Litecoin make up close to three quarters of the remittances conducted.

On a more cute sidenote: 

Dogecoin more than doubled the amount of remittances conducted via the Worlds’ Memecoin number one – from 0.34% in our last report up to now 0.82% of all remittances.

He’s coming for ya! Dogecoin remittances on Cash2VN more than doubled in the past quarter
He’s coming for ya! Dogecoin remittances on Cash2VN more than doubled in the past quarter.