Will I be able to spend my BCH without having to exchange it for FIAT money in my country?

6 44
Avatar for Jnavedan
3 years ago

I have just started a new learning journey in my life. This time, delving a little deeper into the exciting world of cryptocurrencies. In a previous article, I recounted the trauma of my first experience in May 2017 when I acquired 0.3 bitcoin and participated under bad advice in a Ponzi scheme. If only I had saved it, maybe, it would not be now, so tight financially.

The problem then was my ignorance of blockchain technology and lack of malice. Money has no friends, and if you are careless, it is taken from you without remorse.

In mid-2019, I was forcibly involved with cryptocurrencies again. The savage crisis in my country quickly pulverized the value of the currency and therefore the ability to sustain the standard of living under stagflation. The worst scenario of monetary phenomena.

The Xapo application, the wallet where my adviser friend deposited our first satoshi, announced an update not compatible with my old, but still faithful Samsung Galaxy Grand Neo Plus Duos from 2014. My smartphone does not give in to programmed obsolescence. You won't believe it, I still use the same battery with good autonomy. Too bad the touch goes crazy from time to time. Returning to the topic, coincidentally, although I do not believe in chance, it coincided with the use of the Brave browser, whose promotion strategy was to give you BAT token for each verified referral that you took to the browser. The tokens are deposited in the Uphold wallet. So, I took advantage and transferred the satoshi from Xapo to Uphold without charging a fee.

Since then, I have actively participated in various decentralized blogging platforms by earning tokens. Here, the first obstacle, you necessarily have to go to an exchange or payment gateway to spend it in the country's monetary system. On several occasions, I suggested to merchants to receive payment in said cryptocurrencies, but they always replied that although they found it interesting, they are not yet ready.

Usually, in my environment, I am one or two steps ahead of others. Mass adoption of cryptocurrencies is a matter of time, and it will reach every corner of the planet sooner rather than later.

Source: Image by Aaron Olson on Pixabay 

Since the end of January, I have been actively participating in these fantastic applications from noise.cash and read.cash that provides Bitcoin Cash (BCH) in tips to stimulate content creators, while promoting mass adoption of it.

To be honest, at first, I thought that BCH was one more token than Bitcoin (BTC). However, based on the experience accumulated in other blockchains such as Steem, Hive, and Lbry; and in my first experience with bitcoin. Now if I am doing the homework; I investigate and document it so as not to fall into fraudulent schemes.

I am very satisfied with the BCH social media apps. Excellent means to inform yourself and experiment with the bitcoin cash ecosystem. In this sense, I consider the possibility of paying for goods and services directly with BCH. The first task is to find businesses near where I live that accept BCH. On the Coinmarketcap page, I found the link to the BCH map.

Source: Screenshot of https://map.bitcoin.com/

Opening it took me straight to Southeast Asia. I live in South America, specifically in Venezuela. When zooming out the map with the mouse, I was disappointed to see no point in my region.

I remembered reading an article in read.cash where they point to La Candelaria, a sector in the central part of Caracas where a BCH enthusiast ran a merchant affiliation campaign. So I zoomed in on the map of Venezuela pivoting on the capital.

Source: Screenshot of https://map.bitcoin.com/

The surprise was pleasant. Several green dots indicating businesses that accept BCH. I explored some by clicking on them, most are related to the technology sector, that is, computers and telephony, although some coffee shops and candy stores also seem to accept them.

Source: Screenshot of https://map.bitcoin.com/

I thought about contacting someone and trying a home purchase, but for that, I still have to download a wallet to make the transactions. For now, I keep the BCHs in a paper wallet. As research the best to save or hold as they say in the slang.

Source: Screenshot of https://map.bitcoin.com/

On the other hand, my residence is in the vicinity of a small town separated 15 kilometers from Caracas. A bedroom town. However, I think it is an ideal territory to promote the adoption of BCH among merchants. Especially in the food industry for obvious reasons. When sanitary measures intensify due to the pandemic, this sector, home to a professional working class, require home delivery services that can be paid for with cryptocurrencies. Of course, it presupposes first creating awareness and trust in a critical mass of consumers who see BCH as a real alternative to FIAT cash that is becoming scarcer every day.

Source: Screenshot of https://map.bitcoin.com/

Meanwhile, I will make the first payments in the Caracas businesses. If possible, from a telephone application. Hope this is compatible with my old phone.

Probably in a future article I will relate the experience.

Original article by @Jnavedan

Cover image screenshot of https://map.bitcoin.com/

6
$ 7.47
$ 6.87 from @TheRandomRewarder
$ 0.53 from @Telesfor
$ 0.05 from @leejhen
+ 1
Sponsors of Jnavedan
empty
empty
empty
Avatar for Jnavedan
3 years ago

Comments

Venezuela is, next to Slovenia, the country with the most merchants accepting BCH and the number is increasing.

Bitcoin Cash is electronic Peer to peer cash. It is not there to speculate with or exchange into fiat. It is there to be spent.

$ 0.00
3 years ago

Venezuela is, next to Slovenia, the country with the most merchants accepting BCH and the number is increasing.

Bitcoin Cash is electronic Peer to peer cash. It is not there to speculate with or exchange into fiat. It is there to be spent.

It doesn't surprise me at all! About Slovenia, I did not know. But people in economies in crisis are often the first to take advantage of the opportunities presented by not being in comfort areas. Sure, technology will prevail everywhere.

Thanks for the support.

$ 0.00
3 years ago

There is a Slovenian company gocrypto that is very active.

$ 0.00
3 years ago

There is a Slovenian company gocrypto that is very active.

I'm going to take a look.

https://gocrypto.com/en/

$ 0.00
3 years ago

Excellent information and I'm going to go review the map because I'm very interested!.

Thank you for sharing this valuable information because it really is extremely useful.

$ 0.00
3 years ago

You're welcome, my friend! I hope you find it useful.

$ 0.00
3 years ago