Dash Cryptocurrency is Flourishing as Venezuelan Currency Crisis Continues
Dash Cryptocurrency Flourishes In Venezuelan Crisis
Venezuela remains in deep financial crisis. As the price of their currency continues to fall, predictions hold that inflation may skyrocket to an enormous 1,000,000% before the end of the year. While the paper implications of this inflation are a problem, the effect of this disaster on the daily lives of constituents is even more significant. Locals are required to carry literal wheelbarrows of cash money in order to buy basic necessities.
While the Venezuela's leaders have worked overtime, trying a plethora of new methods to attempt to stabilize the failing and flailing economy, actual progress has been incredibly slow and often nonexistent. Almost ironically, though, it seems that a non-state cryptocurrency has stepped up to try to respond to the problems that the traditional financial powers are currently unable to solve for the fiat economy.
Dash is a cryptocurrency. Using their own blockchain infrastructure, the company offers a relatively stable coin with incredibly quick and decentralized transactions on their massive network. Created by a payment network called the Dash Core Group, the Dash infrastructure is revered for its ability to effectively send, store, and receive financial data for significant populations
A Failure In Fiat
There can be no doubt that the Venezuelan situation is going to become increasingly hard to respond to for financial officials operating in the traditional fiat system of regulation and economics. For the blockchain community, this could be a key opportunity to enter the market and gain the respect of millions of citizens who previously might not have even known what a cryptocurrency is.
For Dash, this opportunity has been immediately seized. The company recently came out with their plan to store value while the Bolivar continues to crash to all-time lows. To attempt to respond to the Venezuelan situation, the Arizona-based blockchain startup has worked to get over 800 different retailers in the country to accept their alternative form of payment for a variety of services.
The company has already won the support and endorsement of several major companies with presence in Venezuela, including Calvin Klein and Subway, according to a statement issued on behalf of Dash yesterday.
The use of Dash solves a major problem for sellers of goods all over the country. As it stands, using fiat money out of a credit account mean that, by the time the funds hit their account, they have effectively lost significant value. This makes it harder for businesses to gauge what their prices ought to be, and to perform a number of back-end operations necessary for their success.
Dash is uniquely suited to solve this major issue. The transaction fees on Dash transactions are mere pennies, compared to significant percentages associated with credit and debit cards in the country. Additionally, the speed of transaction and the stability of the currency are major assets in the usefulness of Dash in the evolving Venezuelan crisis.
The cryptocurrency community, as well as the rest of the world, is patiently watching to see how Dash might use their blockchain technology to influence millions of lives in a positive way.