Venezuela’s struggling economy has inspired many in the country to adopt cryptocurrencies as an alternative to the crashing Venezuelan Bolivar. The situation in Venezuela is dire; hyperinflation in the country has reached such extremes that a cup of coffee now costs a million Bolivars. Interestingly, amidst the chaos, cryptocurrency Dash has become so popular in Venezuela that its total adoption there outnumbers that of all other cryptocurrencies combined.
The Director of Public Outreach for Dash, Joël Valenzuela, recently gave an exclusive interview to AMBCrypto describing the current situation in Venezuela and the importance of cryptocurrency in the country’s recovery effort. He states that in a country under the rule of a deceiving and corrupt government, merchants have come to trust Dash due to the coin’s transparency and ease of availability.
“It’s been amazing to watch the first country in the world adopt cryptocurrency at the merchant and consumer level to such a degree, especially a country that desperately needs it like Venezuela,” said Valenzuela. “It has been the perfect combination of decentralized cryptocurrency, low fees and fast transactions primed for use as everyday money, and a decentralized autonomous organization that has enabled a small, grassroots team to obtain the organization and funding of a large company, without asking permission from any one entity.”
AMBCrypto reports that currently there are over 540 merchants and over 10,000 users in Venezuela now accepting and trading Dash. One employee working at Venezuelan tattoo bar Aika Tattoo says that the main reason Dash has become so popular is its instantaneous transactions and trusted security. The team at Aika Tattoo emphasized that due to the economic crisis, fast and safe transactions without restrictions have become an imperative.
These sentiments were echoed by Mundo Mascotas, another Venezuelan Dash user, who said that he and his family use Dash “as a tool for remittances.”
Valenzuela wasn’t shy in expressing his enthusiasm not just for cryptocurrency’s utility in humanitarian efforts, but for the future of digital money on a global scale. He shared his support for Bitcoin and expressed his belief that faith in the world’s most popular cryptocurrency will continue to grow.
“Other projects are making significant gains against Bitcoin year after year, but the whole process is still very new,” said Valenzuela. “We’re [still] a few years away from a complete crypto revolution. Keep watching, we live in exciting times!”
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