{"id":21742,"date":"2018-07-23T21:04:29","date_gmt":"2018-07-23T21:04:29","guid":{"rendered":"http:\/\/ci027cfe62e0002697"},"modified":"2018-07-23T21:04:29","modified_gmt":"2018-07-23T21:04:29","slug":"another-cryptocurrency-makes-inroads-venezuela","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/culture\/another-cryptocurrency-makes-inroads-venezuela","title":{"rendered":"Another Cryptocurrency Makes Inroads in Venezuela"},"content":{"rendered":"
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Dash is establishing itself as one of Venezuela’s most popular cryptocurrencies. Bitcoin may still be king on the international scene, but in South America\u2019s northernmost country, dash is vying for superiority. And, according to Latin American exchange Cryptobuyer, it has all but usurped bitcoin in the region.<\/p>\n

\u201cCryptobuyer was the first platform in Latin America to integrate Dash in early 2017, as well as the first to offer it in Venezuela. Every month, we see how Bitcoin and Dash fight for the top volume in our operations, but as for the largest number of transactions, Dash is winning at this time,\u201d said CEO Jorge Farias in a statement.<\/p>\n

In an interview with Bitcoin Magazine,<\/em> Dash Public Outreach Director Jo\u00ebl Valenzuela clarified that \u201cCryptobuyer has Venezuelan bolivar trading pairs and has user accounts, so they can easily track usage out of the country.\u201d<\/p>\n

Dash\u2019s transaction traffic on Cryptobuyer isn\u2019t limited to market speculation. On the contrary, dash has experienced extensive adoption by Venezuelan vendors and merchants. Some 522 domestic store owners accept dash in the country, Valenzuela told Bitcoin Magazine<\/em>. A Discover Dash<\/a> website acts as a directory to many of these stores.<\/p>\n

\u201cThe Dash-accepting merchants in Venezuela do so openly and proudly, displaying \u2018Dash accepted here\u2019 stickers on their business doors and registers,\u201d said Valenzuela.<\/p>\n

Given cryptocurrency\u2019s increasing popularity as an alternative to a crippled national currency in the bolivar, it may come as a surprise to hear that merchants advertise their acceptance of dash while under the eye of what could be considered a dictatorial regime<\/a>. But Valenzuela claimed, contrary to popular belief, that cryptocurrency use is quite open in the country and has only expanded with the advent of the petro<\/a>, Venezuela’s national cryptocurrency. <\/p>\n

\u201cIt appears to be a misconception that the Venezuelan government is anti-crypto. The country is in the midst of a severe economic crisis, and a way out is a way out. Additionally, local crypto advocates have expressed that the creation of the state-backed Petro has been good for adoption and awareness of other cryptocurrencies,\u201d he stated.<\/p>\n

Still, different perspectives tell different stories<\/a>. In a separate interview with Bitcoin Magazine<\/em>, a Venezuelan under the alias H\u00e9ctor indicated that \u201c[c]ryptocurrencies \u2014 and any other currency but bolivars \u2014 are banned for all citizens\u201d and so are popularly used on the black market for food and basic necessities. H\u00e9ctor\u2019s struggle seems ubiquitous in the country, and it reflects the vast and expanding use<\/a> of crypto in the bolivar\u2019s stead, a national currency that has plummeted in value amidst ever-worsening hyperinflation. <\/p>\n

Valenzuela acknowledged the substitutive role that cryptocurrencies play as private money in such an anemic economy. They\u2019ve been in use for a number of years, but dash\u2019s accelerated adoption \u201ccan be traced back to the founding of Dash Caracas and the first Dash conference around September of 2017.”<\/p>\n

Since that conference last year, Dash Venezuela has increased its presence in the area, expanding its outreach by \u201cholding monthly conferences, educating users and onboarding merchants at a breakneck pace,\u201d Valenzuela said.<\/p>\n

Dash<\/a> is a payment-focused cryptocurrency that is currently ranked 14th on CoinMarketCap<\/a> with a valuation just shy of $2 billion. Outside of Venezuela, dash\u2019s global merchant base is 1,729 strong. The network is two-tiered, using both proof of work and proof of stake to reach distributed consensus. A primary proof of work layer monitors typical transactions, while masternodes on the second layer rely on validators, those who stake dash to run what are called masternodes, to oversee specific functions like Dash\u2019s InstantSend transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin may still be king on the international scene, but in Venezuela, dash is vying for superiority.<\/p>\n","protected":false},"author":3468,"featured_media":21743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[1747,3413,3474,283],"class_list":{"0":"post-21742","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-culture","8":"tag-cryptocurrencies","9":"tag-dash","10":"tag-petro","11":"tag-venezuela"},"author_data":{"id":3468,"name":"Aaron Van Wirdum And Colin Harper","nicename":"aaron-van-wirdum-and-colin-harper","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/88b6c65a7515990786b1c04473e15469e5b0d0fffef947ed629a60854e1cb426?s=96&d=robohash&r=g"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/another-cryptocurrency-makes-inroads-in-venezuela.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/21742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3468"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=21742"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/21742\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/21743"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=21742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=21742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=21742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}