Dash used more often than Bitcoin and Litecoin in Venezuela says Dash CEO Ryan Taylor
Dash is a privacy-based cryptocurrency which provides low-cost remittances around the world. The Dash Core team, headed by CEO Ryan Taylor, has a stronghold in Venezuela.
In a recent interview with Crypto finder, Taylor spoke about the popularity of Dash. He said,
“Dash is actually used more often at the point-of-sale in Venezuela than Bitcoin and Litecoin combined… We have two-three thousand merchants in Venezuela acception Dash.”
The Venezuelan currency went through hyperinflation due to the government’s bad economic policies and ended up losing almost all of its value making them useless pieces of paper. Despite the complexity in using Crypto as money, Venezuelans have started adopting Crypto to store their wealth which is evident in the rising volumes on local exchanges like LocalBitcoins.
Dash has much lower fees than Bitcoin (BTC) or Litecoin (LTC) but is a more volatile Crypto with lesser liquidity, however, the dash community has gained traction in Venezuela with usable wallets and merchant adoption.
Dash has been integrated by MasterCard earlier this year to provide feasible crypto-to-fiat payments. Taylor mentions Dash integrated cell-phones which have in-built dash wallets. He claims that they have shipped a hundred thousand of those phones.
The Dash Core group is focusing on establishing partnerships with existing remittance providers and financial institutions. This will in turn help reduce the overall cost of remittance and decrease the “monopolistic” effect of big firms in the remittance industry.
Dash is a form of decentralized autonomous organization (DAO) run by a subset of users, called “masternodes”. The currency was designed to allow transactions quickly and to have a swift governance structure in order to overcome shortfalls in Bitcoin.
According to Coinmarketcap, Dash is currently the 14th largest Cryptocurrency with $1.45 Billion in market cap. It is currently worth $161.5 per coin down %0.6 in the past day.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Did you like the news you just read? Please leave a feedback to help us serve you better