Business 25 May 2018

Gerald Fenech

Bitcoin Cash moving towards adoption in Colombia with Bitek

The adoption of Bitcoin Cash (BCH) has gotten a lot easier in Colombia, thanks to cryptocurrency payment processor Bitek.co. The company, which offers merchant processing with payable invoices and accounting services, is the brainchild of two Bitcoin Cash proponents, Javier Barrera and Andres Rivera, who have set it upon themselves to see that merchants in the South American country are able to accept BCH and convert all or a percentage of their funds to Colombian pesos.

The business model holds similarities with the BitPay system in that it allows merchants to accept the cryptocurrency and convert it to fiat currency—in this case, the Colombian peso—when they choose. The payment processor also offers a community section on their website for merchants who wish to announce their acceptance of the BCH currency. Interested merchants only need to register, fill out the necessary information for a payment gateway and the receiving of deposits in BCH and Colombian pesos. Bitek also has plans to educate Colombian residents through meetups and educational programs on the use of cryptocurrency.

At the Satoshi’s Vision Conference in Tokyo, Barrera explained how his team is integrating BCH into Colombia’s retail market. In a recent interview with Latin American press Diariobitcoin, Barrera and Rivera described Bitcoin Cash as “the asset that best fits with the definition and the philosophical line proposed by Satoshi Nakamoto.”

In the interview, Barrera explained Bitek’s benefits for merchants who are looking for a BCH payment gateway—namely, accounting, liquidity with a remuneration in Colombian pesos as well protection from cryptocurrency volatility since BCH deposits can be converted to Colombian pesos on the same day. The exchange rate is based on estimates from exchanges and trading platforms such as Bittrex, according to Barrera. Merchants also have the ability to convert 100 percent of their funds into pesos or a fraction of that in a similar way to other cryptocurrency payment processors.

Bitek also has plans to launch a marketplace which facilitates trades between buyers and sellers and payments made with BCH.

“Another aspect that also motivates us to promote its use is that behind BCH there is no single figure that monopolizes the fate of the digital currency – as it happens with Vitalik Buterin in Ethereum,” Barrera told the news outlet.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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