Dash, is now the most used cryptocurrency in Venezuela, so much so that the adoption of Dash is more than the adoption of all other cryptocurrencies combined. Sources say that Venezuela is undergoing a tectonic shift with the skyrocketing inflation and the recent re-election of incumbent Nicolas Maduro to the post of President.
Reports show that the Venezuelan population has lost its faith in the Bolivar and is now resorting to other means of payments as evidenced by the rapid adoption of cryptocurrencies in the country.
In an exclusive with AMBCrypto, Joël Valenzuela, The Director of Public Outreach for Dash, revealed the ground realities in Venezuela and the reason for the rising popularity of cryptocurrencies. He went ahead to state that the people trust transparency and availability of currency, something that Dash provides. Valenzuela also states the growth of Dash and the spiraling Bolivar as another reason why merchants in the country have adopted Dash.
Reports show that over 540 merchants in Venezuela have adopted Dash taking the total number of users of the cryptocurrency to be more than ten thousand. Valenzuela was quick to point out that the country is a hotbed for cryptocurrencies by saying:
“It’s been amazing to watch the first country in the world adopt cryptocurrency at the merchant and consumer level to such a degree, especially a country that desperately needs it like Venezuela. It has been the perfect combination of decentralized cryptocurrency, low fees and fast transactions primed for use as everyday money, and a decentralized autonomous organization that has enabled a small, grassroots team to obtain the organization and funding of a large company, without asking permission from any one entity.”
The exclusive also generated comments from the merchants in Venezuela which gave some crystal clear perspectives about the situation. Aika Tattoo, a tattoo bar said that Dash as a cryptocurrency was an innovation and that the main reason why they adopted Dash is that cryptocurrency transactions are instantaneous and secure. They have also stated that the current economic situation in Venezuela makes it imperative for transactions to be fast, safe and without restrictions.
Mundo Mascotas, another trader in Venezuela commented that the economic crisis played a huge role in the adoption of cryptocurrencies. The trader also went on to say that the Venezuelan diaspora who takes over the duties of their families uses “Dash as a tool for remittances”.
When asked about the current bullish trend of the cryptoshphere, Valenzuela said that the situation is something that was in the works for quite some time. Furthermore, the Dash team believes that Bitcoin has been on such a surge because people believe in the cryptocurrency and will do so for a long time in the future too. He further claimed:
“Meanwhile, other projects are making significant gains against Bitcoin year after year, but the whole process is still very new, and we’re a few years away from a complete crypto revolution still. Keep watching, we live in exciting times!”
The sources in Venezuela show that the hyperinflation in the country has reached such a point that a cup of coffee now costs a million Bolivars, another reason as to why the population is losing faith in fiat currency.
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