Venezuela Bitcoin Trading Volumes Hit Record High as Dash Gets Compared to Snake Oil
Bitcoin Trading Volumes Hit Record High In Venezuela, Dash Gets Labeled As Snake Oil
As the economic crisis in Venezuela worsens leading to an increasing emigration of citizens out of the country, the demand for bitcoin and other cryptocurrencies has erupted. Venezuelans traded bitcoins worth nearly 300 million bolivars last week and the record could be broken again as so far this week bitcoin worth more than 292 million bolivars has already been traded. This is in continuation of a trend on the BTC/VES pair that began earlier in the year.
On one hand, the national currency has been devalued by 95% and renamed as the sovereign bolivar. On the other, earlier in the year, the Venezuelan president Nicolas Maduro introduced the Petro cryptocurrency. Adoption of the Petro cryptocurrency has, however, been low amidst wide skepticism with some questioning whether it exists at all. Despite this the government has soldiered on making efforts to boost the cryptocurrency by, for instance, decreeing that it would be the official currency of Petróleos de Venezuela, S.A. (PDVSA), the state oil company. Maduro has also pushed for the Petro to become the second unit of account.
Eduardo, who has become increasingly well known for his observations about Venezuela’s bitcoin (BTC) habits, also rejected reports that altcoin Dash had become a similar go-to currency replacement anywhere in South America. When asked about Dash’s performance in Venezuela, he responded: “Snake oil. Nobody uses it for payments down here.”
Notably, Petro (PTR) appears to be a “blatant” copy of Dash, as it has the same mining algorithm, similar features, and a part of its whitepaper appears to have been lifted from that of the privacy-centric cryptocurrency.
As first pointed out by Ethereum developer Joey Zhou on Twitter, the oil-backed cryptocurrency’s whitepaper has on its 11th page an image that appears to have been lifted directly from Dash’s Github repository.