Coincoin, the Venezuelan Mining Parts Supplier, Starts Accepting Bitcoin Cash (BCH)
Coincoin, a Caracas based Venezuelan mining parts supplier has decided to accept cryptocurrency as a payment. The country has been plagued by misgovernance and hyperinflation which made their national fiat Bolivar useless. The South American country which used to be counted amongst the prosperous nations saw a financial disaster which almost brought them on the verge of a civil war.
When all hopes were lost, cryptocurrencies came in as the only savior for the starving citizens, as the Bolivar prices were falling so sharply that people started dumping onto the roads. The government in power also tried launching central bank issued cryptocurrency in the form of Petro, but like many other policies of theirs, Petro turned out to be an outright failure as well, where some of the analysts went on to call it a Ponzi scheme.
However, many non-profit organizations came together to help citizens by educating them about the use of cryptocurrencies. As of now, Venezuelan Bitcoin exchange accounts for more trading volume than their traditional stock market counterparts. With the rise in popularity of crypto use, there is a great potential for the mining industry in the country as well.
Many Retailers Have Started Accepting Cryptocurrencies
Coincoin is one of the biggest suppliers for cryptocurrency mining hardware and mostly deals in Antminer cryptocurrency mining rigs and various other hardware associated with it. The economic distress has made several businesses go out of service, and those who have survived are actively looking for an alternate currency of exchange.
This has made the country a perfect place for testing crypto use as several retailers have turned towards crypto to survive. The use of cryptocurrency in Venezuela is more practical, given the national fiat is not even worth the paper it is printed on.
Coincoin operates through one physical store located in Caracas as well as the online store, which provides a range of cryptocurrency mining equipment. The firm also sells high-end graphics cards which can be used by newbies and non-professional miners. The online store sells a ton of other electronic goods like home appliances, TV sets, and smartphones. All these goods can be bought against the US Dollar, Euro and major cryptocurrencies which are popular in the country like Bitcoin Cash, Dash and Bitcoin Core.
The online stores have been well curtailed to make navigation easier for the customers. Suppose a customer selects DASH on the home page, then all the products listed on the website would be priced in DASH. The users do not need to signup to the website to use its services. The user's feedback suggests that buying products against cryptocurrencies is quite easy and smooth on the online platform.
Bitcoin Cash Adoption on The Rise
Cryptocurrency adoption as a mean of the daily driver is on the rise in many countries which are undergoing economic hardship. The main reason for the adoption is that cryptocurrencies provide better security and value than their national fiat. Among the list of cryptocurrencies which have seen a greater adoption rate in these countries, Bitcoin Cash is definitely climbing the popularity charts.
The main reason for the rise in popularity of Bitcoin cash is its low transaction fee. There are currently more than 200 merchants in Venezuela who accept Bitcoin Cash as a payment option, and the number of such vendors is on the rise. Bitcoin Cash is also making efforts to increase the number of stores in Caracas and other cities who would accept BCH as a payment.