Venezuela has been on the receiving end of never-ending sanctions, and inflation, which has near about made the existence of its currency, bolivar null and void. However, the country is attempting to make ends meet by adopting bitcoin and other cryptocurrencies.
Venezuelan hotels and other places of businesses are beginning to accept bitcoin cash. As per a report in the news portal, Bitcoin News, more than 200 businesses in the country now accept BCH, due to its low transaction fees.
The portal further added that many of these businesses 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 work on the principle of word of mouth about the next store or restaurant that is open to BCH enthusiasts and willing to accept their electronic cash.
Gustavo Torres, Bitcoin Cash ambassador in the city, told the news portal that several businesses based in Cumaná already accept BCH. According to Bitcoin News, Torres is the administrator of the Bitcoin Cash Cumaná Telegram channel and runs a social network of Bitcoin Cash enthusiasts. He further shared that two real estate agencies, two hotels, a food store and a restaurant accept bitcoin cash payments.
This is an interesting development since February this year, when Crypto-News India had reported that the fiat-to-crypto trading in the country had touched an all time high, soon after the US imposed sanctions.
At the time, we had reported that in the week ending Feb. 9, LocalBitcoins the largest peer-to-peer exchange, recorded 2,485 coins traded in the week. In the previous week, it was 2,004 coins. Apart from that, another peer-to-peer Paxful also recorded similar growth. The news.bitcoin.com quoted the company as saying that BTC trading volume for Venezuela on its platform increased by 74.66 percent in 2018 compared to the previous year, taking into account only successful trades. In addition, the number of trades increased by 118 percent in the same time period, averaging 61,534 transactions monthly.