Dashing Ahead Despite Slowing DownThough Bitcoin has undoubtedly increased in popularity among Venezuelans, Dash — the 14th ranked cryptocurrency by market capitalization — is reportedly gaining traction. Dash (DASH) has had an especially rough 2018, losing more value than the vast majority of major cryptocurrency market players. At the time of this writing, Dash is trading at $138.88 per coin — down from an all-time high of approximately $1642 in December 2017. Nevertheless, Dash is reportedly an effective alternative to fiat currencies in Venezuela, as the bolívar spirals into worthlessness. It boasts near instantaneous transaction times and low fees, and — despite the loss in value — holds its value better than the bolívar. As such, both individuals and merchants are turning to Dash.
Increased Merchant AdoptionMerchants have also reportedly been signing up to accept Dash at an increasing rate, despite the Venezuelan government’s best efforts to stabilize the economy and promote its own controversial state-issued cryptocurrency. Among those merchants accepting Dash in Venezuela are Subway and Calvin Klein, according to Taylor. What do you think about Dash’s reported rise in Venezuela? Do you think cryptocurrencies will continue to prove their value in countries with worsening economic situations? Be sure to let us know your thoughts in the comments below!
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.