Bitcoin's Largest Competitor Ethereum Quickly Gaining Ground in Colombia

Alo Kingsley   Aug 20, 2019 03:31 (52).jpg


From every indication, it appears the second largest cryptocurrency and most formidable Bitcoin rival, Ethereum has been seen quickly gaining ground as it gains tremendous popularity in Colombia.


Ethereum becoming Colombia's best option


It has been seen that the South American region has been very receptive to Bitcoin and cryptocurrencies in general. Countries such as Venezuela that have experienced extreme situations ranging from inflation of their currency to other economic situations which ultimately renders them useless to persons within that geographical location have been left with little or no choice but to seek refuge in cryptocurrencies.


While some others have turned to other cryptocurrencies such as dash to make sure they are able to meet their daily needs such as feeding, the government hasn't been of much help in this situation.


Venezuela’s president, Nicolas Maduro had recently introduced the Petro, which was alleged to be backed by the countries rich oil reserves. However there has been no mention of backing this native digital currency by the country's oil reserves in the country's whitepaper, and many believe this to be false and not workable. Also, Maduro had made efforts to integrate Petro into the salary scheme of workers in the country so as to enable ease of there payment through this digital currency as the value of the Venezuelan Bolivar is fast hitting rock bottom. But unfortunately, this plan too had failed.


Although the plans to integrate Petro into the country's financial system had failed, its citizens have been able to take on other solid substitutes like Bitcoin, and now Ethereum which has been gaining a lot of popularity recently. This was reflected in a survey conducted by Paxful, a cryptocurrency platform that allows peer to peer trading between users who want to buy and sell cryptocurrencies. From every indication, this looks like a good sign for the altcoin.

Image via Shutterstock

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