Venezuela’s Walmart Started Accepting Bitcoin Payments. The largest department store in Venezuela has started to accept virtual currencies such as Bitcoin (BTC). Also, Dash, Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH).
Amidst the hyperinflation, and hard economic and social crisis which is affecting Venezuela, the decision was implemented. The information was posted by a user named ImVito on Reddit saying she was able to purchase 884 items of school supplies and clothing for kids that was needed by them with as little as $260 in BTC.
“Adoption! A Big Venezuelan department store chain started accepting crypto as payment! Thanks to your donations I bought with $260 in BTC over 800+ items (school supplies and clothing). I will donate here in Venezuela to kids in need” Real Adoption and Real Help!”
-The Reddit post uploaded by ImViTo.
Another Reddit user ‘tonyram19’, uploaded a picture which stated: Traki will be accepting Bitcoin (BTC), Dash, Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH). Venezuelans have embraced virtual currencies in order to escape the problems that they have been facing in the country.
Traki is the largest department store in Venezuela. It is the ‘Wal-Mart’ of the South American country. It has started now to accept cryptocurrencies as a form of payment. Traki offers a wide range of products such as clothes, food, sporting equipment, and other consumer goods people need on a regular basis.
Around 49 Traki stores are located throughout Venezuela and it makes sense that the store would begin to accept digital currencies due to its country’s hyperinflation. Also, Traki has been operating for the past 30 years.
Venezuelans are using cryptocurrency as a way to protect their wealth, which suggests that the P2P cryptocurrency trading exchange has skyrocketed in the South American country, reaching the highest volume of 1075 BTC in 7 days up to Nov. 3, beating all previous highs. Venezuelans are hoarding Bitcoins and using cryptocurrencies like Dash and Nano to make transactions, as they are cheaper.