Cryptocurrency Dash (Dash) is becoming more popular in Venezuela: yesterday’s jump of 20% in 24 hours is associated with a steady increase in the spread of virtual currencies in the country, Venezuelans are increasingly turning to “new money”, fleeing from inflation, adding the national currency — the Bolivar — has five zeros.
Earlier, Venezuelan President Nicolas Maduro (Nicolas Maduro) announced the creation of a “sovereign Bolivar” currency, which will replace the depreciated predecessor. The cost of the new Bolivar is pegged to the rate of other official of a unit of Venezuela, namely the state of digital currency Petro provided by oil.
And yet the evidence suggests that the new mechanism developed by the authorities, Venezuelans prefer the relative stability of bitcoin and other cryptocurrencies. The reasons are clear: according to forecasts, inflation in the country can reach an absurd level, in 1 000 000 % by the end of the year, and Venezuelan enterprises of the oil industry is also currently experiencing a crisis due to the significant lack of investments.
From the point of view of a citizen of Venezuela, opting Dash due to the advantage in the duration of the transaction: bitcoin and other virtual currencies on this indicator is clearly inferior to the crypto currency with high anonymity. As you know, before last year’s boom in cryptocurrency — bitcoin transaction took an average 10 minutes, but with the end of 2017 have to wait from 20 minutes to an hour in peak periods.
With Ethereum, the situation is better: the average waiting time is 4,49 minutes. However, Dash suggests even faster confirmation, the average duration of which is 2.5 minutes, mastered and operating on its basis service Instant Send. For Venezuelans, in fact, not having a reliable Fiat currencies such fast transactions have become part of everyday life when you have to do the usual things to pay for purchases, for example.
It is worth noting, Dash full advantage of the situation: as stated, the startup for a month has signed agreements with about 200 vendors, including contracts with such brands as Subway and Calvin Klein.
“We see tens of thousands of downloads of wallets in the country on a monthly basis. Earlier this year, Venezuela has become our market is No. 2, ahead of even China and Russia, which, of course, is now actively included in cryptoprocessor… to get the first 50, 100, took a lot of time, however, in early July the number was about 400, and now we’re already at around 800. In this regard, we signed more than 200 [agreements] per month,” said CEO Dash Core Group Ryan Taylor (Ryan Taylor).
So, the jump rate of the cryptocurrency is also partly explained by one of the biggest transactions of a startup — a partnership with South American mobile phone manufacturer Kripto Mobile, which will now produce the device is initially configured in the ecosystem Dash. Buying a phone, the user will already have built the DASH and installed the app Bitrefill. According to Taylor, this deal will help the Dash to raise up to 10 000 new users per month.