News

Bitcoin Cash Adoption Surpasses That of Bitcoin in Venezuela

13/11/2019

A new report says bitcoin cash (BCH) has overtaken bitcoin (BTC) when it comes to cryptocurrency use in Venezuela.

According to a report by Brazilian crypto outlet Cointimes, bitcoin cash has taken the lead in total number of merchants accepting the cryptocurrency. The report uses data compiled by Coinmap and map.bitcoin.com to show that BCH has become a more widely accepted form of crypto payment in Venezuela than BTC.

The capital city of Caracas alone has more BCH-accepting establishments than all of the country’s BTC vendors combined. Cointimes cites bitcoin cash’s community-driven initiatives as the reasoning behind the coin’s success. EatBCH, in particular, is an organization that buys food for starving people in Venezuela, with an emphasis on helping children.

Venezuela’s bitcoin cash community has also rallied to establish a physical location in Barquisimeto, called the Bitcoin Cash House. The new location will provide an avenue for Venezuelans to learn about BCH, including teaching methods for the purchase, storage and use of crypto-assets.

Some critics claim BTC's transaction fees have also contributed to a slowdown in its adoption, as it's expensive to use in countries where people struggle financially. Venezuela has been affected by hyperinflation for years now.

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