With the increasing surge in merchant adoption at recent market lows, Dash is primed to take advantage of a potential market recovery later this year or next year. While the valuation of units of Dash has experienced a sharp decline over the last 8 months, its usefulness as a currency has performed quite the opposite. Historically, usage statistics, media attention, and public interest tend to spike during bull markets. With Dash laying the groundwork for wide adoption during the calm months, the currency is in a prime situation to capitalize on a renewed rush of interest with a market turnaround, and may be prepared to become the first cryptocurrency to reach common use as money.
Dash’s unique feature set of instant settlement and transaction fees under a penny make Dash ideal for merchants around the globe that wish to escape excessive payment processor fees.
Dash merchant adoption is strongest in Venezuela, a country currently undergoing an economic crisis. According to Dash Merchant Venezuela Head of Business Development Alejandro Echeverría, this has led to heavy use of the currency for purchases of regular items such as food, rather than for speculation. “Most of the transactions are used at food related merchants, and it makes a lot of sense due to the economic crisis we are living,” Echeverría said. “In comparison to other cryptos, I can tell you that Dash is running a solo race, because no other crypto here has a specialized team that teaches merchants how to accept it, and they also don’t have a community like the one here. Dash is the number one crypto in Venezuela in terms of adoption and real usage.”
Venezuela in particular has been suffering from a severe currency crisis. The IMF has warned that inflation could top 1 million percent by year’s end and compared the economic turmoil to 1920s Germany. Dash adoption in Venezuela has exceeded all other cryptocurrencies combined. Dash Core Group CEO Ryan Taylor commented:
“Venezuelans are facing inflation rates so high, that legacy electronic transfers are worth considerably less by the time they confirm to a recipient’s bank account. Shortages of cash can make those infeasible as well for all but the smallest transactions. Because Dash is digital cash that confirms instantly, it offers an incredibly valuable service to the market there, enabling point of sale transactions with incredibly low fees.”
A 30 min documentary titled Venezuela and the Cryptocurrency Revolution has been published on YouTube that showcases the incredible rise of Dash adoption in Venezuela amidst its economic crisis. Created by Rodrigo Ambrissi, the documentary explores the history of the causes behind the countries hyperinflation and how Dash is providing solutions. Rodrigo details his 7 day experience in Venezuela paying everything with Dash Digital Cash, from his airplane ticket to hotel, breakfast, lunch, and dinner. The documentary shows the effectiveness of a dedicated and professional team of cryptocurrency activists in a country that desperately needs what they are offering, and demonstrates why Venezuela has made Dash one of the most widely-used cryptocurrencies to date. The documentary encapsulates the growth and rapid rise of Dash adoption in Venezuela which perfectly correlates with merchant listing statistical data on Discover Dash.