DASH (DASH) – Despite a year down for cryptocurrency, several currencies across the market have seen a rise in prices. During the past week, NANO jumped from less than $ 1 to over $ 3, publishing a 300 percent gain in a matter of days. DASH, another popular currency for transactions, benefited from a 24% price increase, which brought the currency close to $ 200 from writing. While there are a number of reasons for the price increase, from a small prominence in the generally encrypted valuation to a general rebound in altcoin prices after the bloodbath experienced in the last two weeks, DASH has also been The goal of Venezuelan citizens looking to move from the fiat governed to that cryptocurrency.
As the Venezuelan bolivar approaches absurd levels of inflation up to six digits (with an expected inflation rate of one million dollars by the end of the year), the citizens of the besieged country have turned to the cryptocurrency in mass in an attempt to escape the erosion of government power. While most of the narrative surrounding cryptocurrency, particularly for Westernized investors and the Wall Street structure, is focused on price volatility, citizens of countries with irresponsible fiscal policy and rampant inflation see a digital heritage that provides the functionality of money with the security of the relative price stability.
The Venezuelan government's response to the rising rate of inflation has been the creation of its own "cryptocurrency", dubbed Petro, which should be supported by the country's oil supply. However, given the poor management of the current bolivar by the government itself, in addition to concerns about how a fully centralized cryptocurrency would work (the reality is that the currency is more digital fiat than crypto), has led the Venezuelans to abandon the mass project even before it was able to take off.
Bitcoin has been a popular choice for those trying to escape a fiat for a stable and secure cryptocurrency resource. However, given that the bolivar has become unusable and is able to erode the net worth of anyone who holds it, Venezuelans need more than just digital shelter for their wealth: they need a currency that works for transactions. While Bitcoin has been praised for its high profile and widely recognized brand, it is lower than the other 20 major currencies in terms of usability as money. Compared to the aforementioned NANO and DASH, BTC's mining tariffs for transactions, in addition to greater confirmation times, have led to a large part of the country exploring the cryptocurrencies that provide the greatest utility in terms of transactions.
Enter DASH, a cryptocurrency that has fluctuated in the top 10 by market capitalization (currently sitting at 13), with an average of two and a half minutes of transaction time thanks to the network of the main technology node and to the service of instant sending. While some have indicated other cryptocurrencies that provide even faster transaction times, DASH has managed to capitalize on the market share by portraying its currency as a viable alternative for those looking for a form of digital money.
DASH has been at the forefront of the growth of its brand through a transactional appeal, with an average of 200 new suppliers signing up for the service every month. In an article with Business Insider published last week, Ryan Taylor, CEO of DASH Core Group, exposed the tremendous growth driven by the Venezuelan market,
"We are seeing tens of thousands of downloads of wallet from the country every month.At the beginning of this year, Venezuela has become our market No. 2, also ahead of China and Russia, which are obviously huge in cryptocurrency at this time .. It took a long time to get the first 50, first 100, but at the beginning of July, the number was around 400, and we are already at 800. At this point we are recording more than 200 a month. " In an interesting juxtaposition, while US investors remain hanging on SEC approval of a fund traded with Bitcoin Exchange, which signals the possibility that institutional investors enter the market, Venezuelans who turn to cryptocurrency to meet their need for transactions dig itali is the biggest proof of validity for the growing sector, an alternative to the fiat government only reliance