First Virtual Meetup of Bitcoin Cash Adoption Leaders in Latin America Recap

Co-organized by Blancomorao (Satoshi's Angels) and Roberto (BCHHouse)on January 30, 2021.
Location: Telegram Voice Chat @BitcoinCashVE

🇻🇪 🇦🇷 Read the original Spanish meeting memo here.

Agenda:

1. Meet each of the members.

2. Learn about the general experience of the adoption work carried out in the region.

Participants in the Meetup

• Blancomorao (Blancomorao) - Nueva Esparta, Venezuela.

• Luis Rodriguez (somospolvo) - Anzoátegui, Venezuela

• Linzerd (Linzerd) - Anzoátegui, Venezuela

• Roberto (BCHHouse) - Barquisimeto, Venezuela

• Ian Blas (ianblas) - Argentina / internet problems affected his participation.

• Leo Beltran (leo) - Buenos Aires, Argentina

• Elcaballero - Location Unknown.

1.General experience with cryptocurrencies:

The most recurrent comment encountered by leaders, especially in Venezuela is how to make money with cryptocurrencies? With special interest in speculation/trading.

In Argentina cryptocurrencies are perceived as a means of holding/speculation. Currently there is an important development of traditional electronic means of payment and an important increase in e-commerce.

In both countries the user base is still small, making it difficult to expand the adoption process in a more accelerated manner.

Entry into the ecosystem is mainly driven by interest in BTC.

2.Main Obstacles

Below is an excerpt of the obstacles commented by participants that hinder the advancement of Bitcoin Cash adoption in the communities in which they operate.

Leo Beltran:

• Lack of knowledge about the ecosystem.

• Ease of converting Crypto-Fiat. (This feature also produces a loss for the ecosystem as it makes it easier for the user to get rid of the currency).

Roberto:

• Fear of being scammed.

• Legality.

• Barquisimeto was a state affected by a significant number of scams related to cryptocurrencies so many merchants are reluctant to accept them openly in their stores.

Luis:

• Lack of liquidity Crypto-Fiat.

Linzerd:

• A significant portion of users use Dollars, Euros, Bolivars, Argentine Pesos and very few Cryptocurrencies as their unit of account.
  

Blancomorao:

• Lack of knowledge about what money really is. This makes it difficult to understand why Bitcoin Cash is and can be used as money.

• Some promoters of the ecosystem make a focus on the technical side, important, yes; but it is not the most relevant for the common user.  

3.Recommendations

Below are a series of recommendations promoted by regional leaders with the intention of improving the experience and adoption process of Bitcoin Cash in the region.

Entrepreneurs and small businesses are more likely to accept Bitcoin Cash if we properly present solutions to their main problems, for example: it is advisable to address them under the premise of the following benefits: 

Bitcoin Cash is an instant payment method, so you will have access to your money (BCH) immediately after the transaction is confirmed (within seconds). This is an advantage over traditional payment systems that in some cases can take up to 30 days to deposit the money in your account (Argentina case).

Bitcoin Cash is a tool that allows you to protect your capital from local inflation (Venezuela and Argentina cases), very similar to what happens when a trader or entrepreneur converts his capital to dollars or euros to protect his capital.

Bitcoin Cash is a currency whose transaction costs are very low. It does not charge for receiving money (as is the case with traditional payment methods).

Bitcoin Cash can become an investment vehicle for all business; by simply holding their positions in BCH entrepreneur and business can take advantage of market fluctuations to get a better return on their capital, either because they manage to trade at higher crypto-fiat value or simply because when compared to the cost of their goods or services they ended up acquiring BCH at a lower price than buying it directly on the crypto market.

Many merchants may offer bonuses or salaries to their Bitcoin Cash employees (see local laws) in order to incentivize adoption inside the stores.

Mass education is vital to enjoy a steady flow of adoption. In this aspect it is important to develop a quick and easy way to understand what money really is. Once the prospect understands that money is a social construct, and that social constructs can change over time, it may be easier for them to shed the veil of the traditional fiat money concept. It is also important to clarify that there is no guarantee of income, as the method of entry into the crypto world is a product of interest in BTC (speculation). Explain about exchange platforms, payment gateways, etc. It is necessary to improve liquidity. It is ideal to make contacts with crypto-buyer (Venezuela), Mercado Pago (Argentina), Local.bitcoin.com (Global) to facilitate the convertibility of Bitcoin Cash to local currencies. It is important to know what these services require to improve the liquidity of these markets.

This virtual meetup was organized by Alejandro Blanco of Satoshi's Angels. Thank you BCH House team and please stay tuned in for further meetups here.

Follow us on Twitter

Satoshi's Angels https://twitter.com/SatoshiAngels

Bitcoin Cash House https://twitter.com/BchBarquisimeto