Largest Department Store Chain in Venezuela Starts Accepting Payments in Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Dash
One of the largest Department stores in Venezuela TRAKI reportedly started accepting Cryptocurrencies including Bitcoin, Ethereum, Litecoin among others.
A Reddit user ImVito shared her experience of buying school supplies and clothing from the Department store using Bitcoin. She says that the $260 worth of Bitcoin spent in the store came as a donation from the Crypto community to help the country’s kids in need. With the help of the donation, she was able to purchase over 800 items in the store.
Adoption! A Big Venezuelan deparment store chain started accepting crypto as payment! Thanks to your donations I bought with $260 in BTC over 800+ items (school supplies and clothing) to be donated here in Venezuela to kids in need! Real Adoption and Real Help! from Bitcoin
She even shared the transaction on the Blockchain that was used for the purchase. She noted that the store also accepted Bitcoin Cash (BCH), Litecoin (LTC), Dash and Ethereum (ETH) as payments.
— Crypto For Venezuela! (@CryptoForVzla) November 17, 2018
Cryptocurrencies used as an alternative midst Hyperinflation
Venezuela is midst severe hyperinflation where its currency the Bolivar has lost over 95% of its value leaving the people poor and desperate for a better form of money.
Venezuelans are using Bitcoin as a way to protect their wealth, the volume on the P2P exchange LocalBitcoins skyrocketed in the South American country reaching the highest volume of 1075 BTC in 7 days beating all previous highs.
The people in Venezuela are hoarding Bitcoins and are using Cryptocurrencies like Dash and Nano to do transactions as they are cheaper. There have also been reports of authorities confiscating Gold in the airports which can be avoided by carrying Bitcoin in a small pen drive like hardware wallet or remembering the seed phrase of the wallet.
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