In the midst of a severe economic depression and the devaluation of the Venezuelan bolívar, bitcoin cash (BCH) supporters have been teaching people about the benefits of using permissionless cryptocurrencies throughout the country. The BCH meetup in Venezuela has swelled to 349 registered participants and group coordinator Lizbeth Alviarez has recently detailed that dedicated members are doing everything they can to accelerate adoption in the area.
Also read: Acquiring Crypto: Simple Steps to Buying Your First Bitcoin
Encouraging True Adoption
Venezuela’s economy has continued to deteriorate with rising hyperinflation, causing millions of citizens to leave the country. Meanwhile, Nicolás Maduro, the man blamed for much of the country’s financial troubles, is about to take office for another six years. Maduro has also created a supposedly blockchain-based currency, the petro, that’s allegedly backed by oil reserves. However, despite the petro launch, many cryptocurrency proponents believe that real permissionless digital currencies can help Venezuelans escape the economic quagmire. Since 2014, many people have been trying to get cryptocurrencies like bitcoin core (BTC) and dash to gain traction in the region. Additionally, many crypto supporters have also been trying to spread bitcoin cash adoption in Venezuela because of the decentralized currency’s incredibly low transaction fees. This has bolstered the Bitcoin Cash Venezuela meetup immensely and the group has gathered roughly 349 members to date.
One of those members is Lizbeth Alviarez who recently wrote an interesting post on the Honest.cash platform concerning digital currency adoption. The post explained that in her opinion the influx of crypto buyers portrayed in headlines every week does not represent true adoption in the country. Alviarez says most of these coins are being traded speculatively on exchanges and at the end of the day these traders just want profit in either bolívars or dollars.
The BCH meetup member emphasized that at least members of the dash community have been doing a “good job” at encouraging Venezuelans to use cryptocurrencies as a method of payment. Prominent members of the BCH meetup are relentlessly bolstering events sponsored by BCH-supporting companies in order to accelerate educational projects, Alviarez stated.
The Venezuelan BCH supporter further added:
People and businesses are encouraged to receive BCH as a form of payment because that is true adoption.
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