Venezuela is among those nations where cryptocurrencies enjoy faster adoption. The South American country suffers from a political and economic crisis causing hyperinflation of the national fiat, the bolivar. Coincoin, a mining equipment supplier based in Caracas, is one of many Venezuelan businesses that have decided to accept cryptocurrencies. Bitcoin cash (BCH) is now among its payment options.
Store Sells Antminers and Appliances for BCH
Just like shovel sellers during the Gold Rush accepted gold nuggets for their tools, Coincoin, which provides modern day cryptocurrency miners with the hardware they need, is readily accepting digital coins. And if in the 19th century, when the money supply was based on the precious metal, the phenomenon spurred economic development in many sectors other than the gold mining industry, the minting of cryptocurrencies could do that in our era.
The Venezuelan company is selling mining devices and accessories in very challenging conditions. The economic meltdown in the country has affected businesses from all industries. The crisis, however, has also turned decentralized cryptocurrencies into a preferred means of payment, exchange and store of value. Cryptos are simply more reliable than the fiat bills which cost less than the paper they were printed on.
Coincoin maintains both a brick and mortar store in Caracas and an online platform where it offers a range of products for cryptocurrency mining, including various Antminer models manufactured by the Chinese giant Bitmain. It also sells video cards that can be used in non-professional mining applications and other parts such as power supplies, cables, cooling fans, racks for mining rigs, and accessories.
The online store is catering to other categories of customers as well. It ships a variety of products including home appliances, TV sets, smartphones, and even toys. All of these items can be purchased using U.S. dollars and euros but also major cryptocurrencies that are popular in Venezuela such as bitcoin cash (BCH), bitcoin core (BTC) and dash.
If you choose BCH on the home page, all listed products will be priced in bitcoin cash. When you fill up your shopping cart and proceed to the checkout, you’ll be asked for your name, email and shipping address. You can place your order as a guest or create an account with the online store, which is not mandatory. Then you need to choose a shipping method and make a payment. The shopping experience, when using cryptocurrency, is very smooth.
Bitcoin Cash Adoption Grows in Venezuela
Countries experiencing economic hardships and political instability, from Venezuela to Turkey, have become leaders in cryptocurrency adoption, in one way or another. A lot of Venezuelans look at digital coins as a way to preserve and even increase the value of their income. Many businesses rely on cryptos to ensure stable revenues and provide their customers with an attractive payment option.
Bitcoin cash has certain advantages over other cryptocurrencies in that role as it offers very low fees, often less than one U.S. cent, and faster transactions for payments and remittances. According to Bitcoin.com’s Marco Coino app, there are currently over 200 merchants in Venezuela that accept bitcoin cash payments and their number is constantly growing.
Bitcoin.com is engaged in efforts to increase the number of stores in Caracas and other cities that accept BCH for their goods and services. You can also get involved and support the initiative by either donating for Bitcoin.com’s merchant adoption campaign or the charitable organization Eatbch. Another project that will allow Venezuelans and people from around the world to trade bitcoin cash (BCH) on a peer-to-peer basis is Local.Bitcoin.com. The platform will launch on June 4.
What products have you bought with cryptocurrency? Have you used BCH to purchase items online? Share your experience in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any third party content, goods or services mentioned in this article.
Images courtesy of Shutterstock, Matt Aaron (Twitter).
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