2018-11-14 23:42 |
To encourage the merchants to accept bitcoin cash in Latin American countries, the Bitcoin Cash Association, in conjunction with Spendbch.io created a bounty program.
This bounty program is designed to create awareness about bitcoin cash as a viable currency alternative that they can use for their daily transactions.
To this end, it is estimated that above 250 businesses in the countries of Colombia and Venezuela have adopted it as a payment option in their stores. So, people who have bitcoin cash, can walk into any of these stores and make their purchases without the need for cash.
The bounty program is to help encourage people to spread the word about the cryptocurrency, particularly the merchants. As a result, all bitcoin cash evangelists are rewarded for helping these local businesses adopt the tech, and get people interested in using the token.
While the Bitcoin Cash Association intends to do this throughout Latin America, it has limited the first phase to a few of them. As a result, the bounty is only available in three Latin American countries: Mexico, Colombia and Venezuela.
The good news is it doesn’t require a lot of effort for anyone to participate. The guidelines are pretty simple and straightforward.
All anyone interested in the program has to do is introduce a business to the cryptocurrency, help them create and set up their wallet, and show them how they can accept and use it.
Once the merchant agrees to start using it, and it’s set up, the bounty participant will tweet about the business. After the tweet is sent, the retailer would have to fill out a form about their business and where it’s located.
To receive the bounty, participants will need to include a valid bitcoin cash address where their bounty will be sent once the merchants’ applications are approved.
The Latin America phase is just the beginning of the process aimed at increasing its adoption worldwide. After this succeeds, the next phase would be to duplicate the same program across the globe. So how’s it going so far? Well, the Bitcoin Cash Association has indicated that it’s been largely successful, with an increasing number of merchants adopting the cryptocurrency. The organization tweeted recently that
“More than 250 new businesses in Venezuela and Colombia are in the process of being on-boarded to accept bitcoin cash through the Spendbch Bounty program,”
Increasing its Reach and AdoptionSince the announcement of the initiative, there’s been a significant increase in the adoption rate of the bitcoin cash cryptocurrency in the countries, with the highest growth and adoption rates recorded in Colombia and Venezuela, with the former, recording the highest adoption rate.
This bounty program is pursuant to Bitcoin Cash Association’s pledge to donate $1,000 to the EatBCH nonprofit.
These funds will be further disbursed to both Venezuela and South Sudan through the nonprofit agency, and hopefully aid with BCH adoption among retailers and merchants in both countries. During the announcement of the donation, the Bitcoin Cash Association said:
“This will also have a direct impact on adoption in these areas, especially as the projects develop further relationships with suppliers that accept BCH as payment, and therefore aligns fully with our goal of global adoption,”
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