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Cryptos ramblings. My Experience With BCH Adoption - October 2021 Update
Soon, it will be four months since my daughter returned from abroad. An event of great happiness that belongs a benchmark for me in the rapid adoption of payment methods that our country is going through.
Who has not read my Blog in read.cash will say, What is the relationship between a family reunion and payment methods?
Well, it is understandable. So let me summarize the milestone for you in a few words.
Where I live, Venezuela, until recently, the economy moved based on the traditional banking system supported by a relatively stable currency. But for reasons that I will not explain here, the economy got out of control until it reached a level of hyperinflation that overnight impoverished the population in general, except a small group that will not escape the scrutiny of history.
In this sense, the Venezuelan has a great incentive to venture into new market niches, especially the digital ones, by having no borders and facilitating variants of payment methods such as PayPal and gradually in cryptocurrencies.
My daughter belongs to the generation who use social media as a means of work; And receive payment through Payonner; so in the first few changes, she looked for stores that accept these methods.
Until now, use Payoneer was impossible. Since being a US financial services company, it withdrew from the market due to the economic sanctions imposed by its government on the Venezuelan State.
PayPal, despite being a North American company she did find it a good payment alternative. So it is accepted in some stores. The downside is the fee of 5.5% of the amount for each purchase.
For my part, I constantly speak to my daughter about the benefits of using cryptocurrencies, especially my favorite Bitcoin Cash.
Sure, I also understand to my daughter the restriction of not having the prepared Master Card offered by Payonner. Moreover, of the prohibition of acquiring Cryptos by this means.
Although at the time I write these lines, it seems that for a month, Binance implemented purchases by Payonner, as long as you have the aforementioned prepaid card. That opens up possibilities in the short term.
As for me, I hope that the mass adoption of Bitcoin Cash will come soon. Without excluding, of course, the use of the other cryptocurrencies in the free market.
In this sense, I still see slow progress in their adoption due to the volatility you are experiencing, but I also see a less resistant attitude to knowing about them.
I unreservedly disseminate this knowledge to those who provide me with some good or service. I think it is the best way to bring about the change we need.
A condition that positively contributes to the adoption of cryptocurrencies, although it seems contradictory, is the same economic tightness. If the merchant does not want to disappear, he must have an open attitude to payment methods.
I will tell you about my experience in this regard with nearby merchants where I live.
The first of the cases corresponds to the street merchant of the urbanism where we live. Who during the last six months provided us with food paid with BCH. Without being exhaustive, I believe the weekly bill equaled $ 15. That is a total of approximately $ 360 to date.
Well, he hopes that BCH will make it to the moon. However, I recently received a message full of disgust from him, claiming to be the subject of a scam when he paid with BCH at a store that accepts BTC. Tremendous mistake! He burned some BCH by sending it to the BTC blockchain. I think this experience will help him at the end of it all. Mistakes teach more than successes. When using cryptocurrencies, one is the bank, so something as simple as sending or receiving also needs attention if you do not want to lose funds.
Another case that I want to refer to in this particular is that of the modern restaurant, whose owner yesterday thanked me for the idea of accepting cryptocurrencies. While I haven't paid there with BCH yet, he did implement my suggestions. So the next time; I visit them, I will pay with my preferred currency, that is, BCH.
Something that I do not want to overlook. Is that this restaurant manages the Binance application to receive payments. Although not optimal, using custodial portfolios from an Exchange is at least a step on the right track. On the other hand, he told me that most of the payments received were in USDT.
And the other case I bring up today was in an automotive service store when we did an injector cleaning on my wife's vehicle.
Who did the cleaning service for the injectors; he was a young entrepreneur in his twenties, the son of the service center owners.
Well! In the conversation at the end of work, I urged him to create a wallet on bitcoin.com to tip. The intention was to show you how fast and efficient BCH is in campaigning with mobile payment banking. The BCH transaction was almost instantaneous, while the payment for the service was unsuccessful. So he had to take my word for it. I would pay from home due to the instability of the data plan connection.
I believe that the young mechanic; If I am not mistaken, will also adopt BCH shortly.
Turn on to the case of my daughter again. With my example, the way is easy. However, we still have to solve this during the transition from the centralized to the decentralized digital economy. Let me explain, transfer money from Payoneer to crypto wallets and avoid the high fees of using PayPal. Meanwhile, no way.
I hope the rambling update on how I am trying to contribute to the mass adoption of BCH in my area of influence is illustrative. Maybe, you may see yourself reflected in some situations, in this sense, I hope you have more success than me.
If you want to change the world, start with yourself.