Dash: Venezuela’s Biggest Mobile Payments / Cryptocurrency Tool

July 30, 2018 By: Steven Anderson

With over 1,500 different cryptocurrencies out there, we’re starting to see some noteworthy distinctions come into play. From the Dentacoin system for dental visits to Reel Cash for paying those involved in streaming media, we’ve seen good investments, poor investments, outright jokes and beyond. Now, new reports sent our way from Business Wire say that Dash–one of the leading cryptocurrencies worldwide–has a new distinction to its credit: the leading cryptocurrency in Venezuela.

Perhaps most interesting of all is that over 500 different merchants in Venezuela are currently accepting Dash in payment for a wide range of goods and services. Land through Remax Venezuela, motorcycles from Motos Bera, and even baked goods from the Susy Cookies franchise are all available for a few Dash. Dash counts fully 10,000 users to its credit in the country, as well as 10 different non-governmental organizations and 50 different people who are actually paid in Dash for their labor.

The second place currency, meanwhile, is none other than bitcoin itself. Reports suggest that the two are often locked in competition, and only occasionally does bitcoin come out on top.

One of the biggest reasons that Dash is so widely accepted is due to the ongoing economic disaster. With reports suggesting that the inflation rate in the country could top one million percent by the end of the year, a stable currency is vital toward Venezuela’s ongoing economic survival. Since the bolivar is clearly not up to the task–a single cup of coffee now reportedly sells for one million bolivars, or around $8.34 US as of this writing, or 0.03 Dash–a more stable cryptocurrency was called for. Some will wonder here why Dash specifically; there are several cryptocurrencies that would have been up to the task. The fact that Venezuelans turned to bitcoin isn’t a surprise, but why not Litecoin or Monero or even Ripple? This is especially telling given that Venezuela has the petro, the official national cryptocurrency.

While that part’s unclear, the point that the Dash coin is almost the new de facto coin of Venezuela should have people taking notice. Venezuela can embrace this development, make history, and potentially pull itself out of its economic death spiral, or it can carry on as it has for several weeks now.