The Dash Revolution In Venezuela
Cryptocurrencies have come along way since the inception of bitcoin in 2008. There are a lot of corporations and firms all over the world that have adopted the use of this currencies, accepting and making payments with them. The most popular of these coins is still by far, bitcoin, but others with better futures like Ethereum are coming into play.
Even though digital currencies are yet to get mass adoption as national currencies, a lot of countries are slowly incorporating the underlying blockchain technology into their systems. While a few countries like India and China have had strict restrictions against digital currencies, Japan, South Korea and the likes of Venezuela which is our main focus have been making significant strides towards using cryptocurrencies as the main medium of exchange.
Crypto enthusiast Rodrigo from Brazil takes us on a tour to Venezuela to show us how Dash, a digital currency has been transforming the country since it sank into a depression following a drop in the oil prices back in 2013. Rodrigo begins his journey by paying for his plane ticket and buying other equipment needed for the project using Dash. The process takes a few minutes in which he simply scans a QR code from his digital wallet and pays instantly for his ticket.
Before delving into how Dash has transformed the lives of the Venezuelan people, it is important that we learn a little about how the country sank into an economic crisis. Venezuela has some of the largest conventional oil reserves in the world. When Hugo Chavez took over power in 2004, the price of a barrel of oil was well over $100. Chavez nationalized oil reserves in the country and initiated a social transformation in which the country imported everything using proceeds from oil, killing local industries and national production as a result.
Chavez government failed to cushion the country’s economy for the future by relying solely on oil and not saving anything. An economic crisis was to hit Venezuela a few years later in 2013 when the prices of oil dipped. It was also in the same year that Hugo Chavez died leaving the country without a way out of depression. An attempt by the national government to print more money only served to push the country into further depression and currency devaluation.
The Dash Solution
Venezuelan people have turned to Dash to revive their economy after their national currency lost value. There have been active campaigns in major cities around the country to have individuals, merchants and corporations join in the Dash revolution. Bill boards have been erected on major highways in strategic location in an effort to make this program a success.
This program is so far gaining grounds with many establishments accepting Dash as a form of payment. Rodrigo says that he was able to pay for cab rides, pay for food and other services using Dash. A lot of merchants prefer this mode of payment to avoid carrying huge stacks of paper Venezuelan currency when going about their businesses.
In addition to active campaigns and Dash social awareness programs, there have also been Dash merchant programs to encourage more merchants and consumers to adopt the digital currency as a form of exchange. Currently, there are ten times more businesses accepting Dash in Venezuela than in the United States, US. Dash community has gone a notch further help/support centers where people can visit and be guided on how to use the currency and its wallet. There are is also the Dash youth Venezuela, a program that has initiated lectures in Venezuelan institutions of learning to educate the youth on the importance of this technology.
News and media stations have also not been left behind in this project. Major news channels in Venezuela have been in the forefront educating the masses on the importance of digital currencies and especially Dash in the country.
The community has also been using social programs to grow the Dash community. A good example is eatBCH, a program in which individuals are given free Dash upon joining the communities and encouraged to donate the same to support worth causes like feeding the homeless.
In addition to the social programs, the community also holds frequent Dash Digital Conferences. People are so much encouraged to participate in these conferences since they are changing the manner in which business is carried out in Venezuela. Dash digital city emerged from these conferences. Consumers are encouraged to convert their fiat currency into Dash and spend the same within the city for various goods and services.
To make all these possible, the Venezuelan people have organized themselves into various communities and appointed community leaders to act as the focal point towards the digitalization dream. It is the power of community that has contributed towards the digital transformation and the eventual economic revival. There is now hope in a country that was on the verge of collapse.