Cryptocurrencies have faster adoption in Venezuela for the fact that the Bolivor, their fiat currency constantly suffers from economic and political crises. Therefore turning cryptocurrency adoption quite faster in the South American country.
Among the various businesses in Venezuela, Coincoin a mining equipment supplier in Caracas have started accepting bitcoin cash as an alternative payment option.
The firm is into selling modern crypto mining hardware to digital currency miners is accepting payments in the cryptocurrency. One of the reasons for this is to popularize the acceptance of cryptocurrencies in the region as a form of payment. Doing this could also lead to an overall economic development.
The business is selling mining devices in a very submissive conditions due to the economic conditions in the country a varied industries have been affected. This is one of the reasons for the quick adoption of decentralized cryptocurrencies as payment option.
Coincoin has two types of stores a brick and mortar store and also an online store. The business offers a varied of mining products which also includes a Antminer model manufactured by Bitmainl, a Chinese giant in the segment.
The online format of the store not only sells mining products but also sells products like home appliances, TV sets, smartphones and more. Buyers can make purchases not only by the U.S dollars or the Euro but also from other digital coins that are popular in the country, like Bitcoin cash, bitcoin core and dash.
A few of the other reasons for not on Venezuela but also Turkay and many other places to adopt cryptos as a payment option as cryptocurrencies serve the purpose as a long term preserving option and also increases the value of their income. It also serves as a stable revenue option and can provide buyers with exciting offers.
BTC is a better option than the other digital assets because it offers low fees which is less than a single US cents and also has a faster transaction for payments and remittances. The Marco Coino app by Bitcoin.com has a base of 200 merchants registered that accept BTC as a payment option.