First Post 01/16/2020

By: Sofia Corona

Tambien disponible en: Español

The impact of cryptocurrencies as a means of exchange in societies has been in the forefront as a topic of discussion. Their negative points are noticed by constantly attacking them. The BCH has had to survive multiple attacks by Cobra, Blockstream through its powerful communication and censorship system, as well as attacks from the BSV community, among many others.

During its evolution, it has tried to boost its adoption as a central development issue, trying to focus mainly on merchants. User manuals have been made to address merchants, strategies on how to motivate them through free advertising, economic incentives to accept BCH as a form of payment, among some other strategies towards adoption.

Now we ask the following question to the community. Does society ready for the adoption of cryptocurrencies?

Possibly we can find many answers and each one adapted to the society where you live and its economic reality as determining factors, so I am sure that there is NO generic strategy or manual for this. The manual, like the answers, must be adapted to societies, with the aim of offering a means of digital exchange that allows real people to solve everyday problems, citing Roger Ver's phrases in his last interview.

In recent days I have read comments, articles, chat logs on Telegram and news on the issue of adoption in Venezuela reacting to the massive delivery of Petro. Many of them pessimistic and pointing out the difficulty of promoting cryptocurrencies due to the fact that people identify Petro as the cryptocurrency of the current government and therefore, the other cryptocurrencies associate them with the government too, without thinking about it, I don't agree with that affirmation and I say it by results obtained in surveys carried out during (05) months of study in the Venezuelan market.

We cannot evade or hide the existence of Petro beyond its technical details of creation or debate if it is a figure such as stablecoin or hybrid cryptocurrency, according to official information issued during December 2019, 8.000.000 people benefited, 3.500.000 of them. public workers and 4.500.000 retirees and pensioners (benefited from meeting the requirements established by Social Security and missions, mostly older adults).

Just as it is a mistake to call people who own Petros "chavistas", it is for this reason that for this study we must set aside political preferences and be objective, focus on the business trying to include all stakeholders. Each of these people who complied with the profile described above was assigned Petro mean taking as reference the value of the barrel of oil.

We are talking about an airdrop of 4.000.000 Petros, an estimated $ 240.000.000 in just one month. It is important to note that the population of Venezuela is approximately 30.000.000 people. A unique event in the world of cryptocurrencies or there are hardly any comparable examples to this scenario in just one month, this undoubtedly opens the doors to BitcoinCash, we are facing an incredible opportunity, this massification is a wave that BitcoinCash must be ready to surf.

It is unavoidable that the economic power of the government is immense around the development and momentum of Petro investing about 6.000 M $ to adapt its technological platform, promote its forced use for the internal and external market, this impulse is a consequence of hyperinflation in relation to the national currency Fiat (Bolívar), low foreign exchange earnings, wrong economic policies and as an alternative to the sanctions in the global financial system for the sale of oil internationally. While on the other side we are (BCH community) with a powerful and developing tool such as BitcoinCash that guarantees privacy, transparency, speed and security, characteristics that Petro lacks, and a turning point for the benefit of BCH.

Our role is to make the BCH visible in society. Trying to attack Petro for its mistakes or limitations does not help us as a group in search of the adoption of cryptocurrencies, we must focus our efforts on contrasting the benefits of using BCH vs. Petro. This time it is the Petro but we can also do it compared to any other cryptoactive of relevance in each of our societies (BTC, LTC, Dash, ETH).

Venezuela, as I have described before, is a special case because it lacks digital payment alternatives that allow free national and international exchange. The banks do not offer exchange alternatives, cash has lost its value due to hyperinflation and it is also difficult to obtain, so the value of the US Dollar has taken major relevance, but it is impossible being a Nation with a Central Bank, to depend of a foreign currency having no organic liquidity and with economic limitations. Reasons why people buy dollars in cash to sustain their savings and protect themselves from the effects of inflation.

The use of dollars is a fast and popular way of having a medium of exchange and reserve of value in the face of the constant depreciation of the Bolivar, but they have an even greater problem in making this exchange. As is known, in the Venezuelan economy there is no amount of dollars needed to sustain common exchanges or to a large extent, which is why if you have a $ 100 cash of which you need to spend only $ 5 it is impossible to do so, since very few People have low denomination dollars or doubt the quality of cash money, so you are obliged to spend more than you want. This situation has motivated many people to use exchange alternatives such as Paypal, Uphold, Zelle and bank accounts abroad.

This is an interesting point to highlight because it demonstrates the lack of education about cryptocurrencies and their benefits. It is important to make visible the BCH for its real adoption, as well as to establish the appropriate link between the merchants for a fast and secure exchange towards any exchange alternative through Local.bitcoin.com, Exchange.Bitcoin.com and any other, to offer the tools necessary for the exchange according to their needs (to Bolivares, Zelle, Uphold, Skrill, Paypal, other cryptocurrencies and stablecoins) the user's preference and the alternatives existing in other exchanges that accept BCH.

Once explained the reasons because the Venezuelan economy is the ideal scenario to promote the use of BitcoinCash as a means of exchange, at the same time we must guide the necessary efforts for its progressive and organic structuring. We must leave aside trying to make up figures and promote fake news of millionaire transactions, when the reality that is observed on a daily basis is different.

It is evident that the efforts to establish a new economic pattern in each society require constancy and trust, therefore we must create an adoption route through a plan that we have called BCH Culture.

Raising key points and in a well explained way we should educate about privacy, security, volatility and forms of exchange based on experiences.

At the end of December (2019) SUNACRIP, the regulatory entity of cryptocurrencies in Venezuela, issued a Decree to define the accounting parameters based on the adoption of cryptocurrencies for companies. This is an important step to adapt the accounting records of companies and a measure that points towards the future payment of salaries in cryptocurrencies legally.

Finally, we can conclude after our research, adoption tests, economic situation and appearance of Petro tasks, stating that Venezuela is a fertile ground for the adoption of the BCH but needs a road map, based on trust and exchange experiences, since the necessary conditions to boost the BitcoinCash are given.

In the case of Venezuela we move away from the influence of financial advisors who are responsible for stigmatizing adoption with regulatory arguments from institutions to limit freedom and privacy as in first world countries, we have a community wide open to the use utility , benefits and less use regulations. Remember that adoption is the path to the Moon for the BCH, and I allow myself to quote Amaury's words to overcome volatility and have a better BCH.

BitcoinCashRyver will continue to conduct research activities in a neutral way, supporting speeches towards adoption as the recent response of Tyrone V. Rose Jr, and offering the BCH without political, racial or religious censorship, in order to give it a privileged space in the Venezuelan ecosystem from cryptocurrencies to BitcoinCash.

On the way to establishing the adoption route through the BCH Culture, we will establish strategies that we will break down in the next chapters of Ryver Analysis during the evolution of the cryptocurrency ecosystem in Venezuela.