For years Venezuelans have been surviving the harsh economic climate of their country, beset by hyperinflation and political instability. Small businesses have been hit the hardest. But even in these difficult conditions, the ingenuity and hard work of Venezuelan entrepreneurs has allowed them to provide food for their families and services to their communities. Many of them are now using bitcoin cash as an alternative to the national fiat and Cumaná is one of the cities where adoption is growing.
Bolivar Inflation Pushes More Venezuelans Towards BCH Adoption
The rapid depreciation of the bolivar has made it difficult to maintain a business, plan for the future and impossible to preserve the value of your income. That’s why many Venezuelans, both merchants and their customers, have sought alternative payment options and some have already found them in cryptocurrencies. Bitcoin cash, with its fees of less than a cent per transaction, is ideal for small, everyday payments in countries such as Venezuela, where poverty has led to widespread economic and social exclusion.
Bitcoin cash adoption has been growing fast during the past couple of years and according to the Marco Coino app, there are now over 200 businesses in Venezuela accepting BCH. Many of them are in the capital Caracas but the number of stores has been increasing in other cities as well. Not all of them are known to the world yet or even to their neighbors. Local Bitcoin Cash communities help a lot with spreading the word about the next store or restaurant that is open to BCH enthusiasts and willing to accept their electronic cash.