Besides Bitcoin and the Petro, another cryptocurrency is making serious inroads in Venezuela.
Dash usage in the ravaged South American country is on the rise, registering a 562% increase in active wallet users.
Dash usage in Venezuela rises
Dash director of media and PR Mark Mason posted on Twitter that, from May to December 2019, there had been a 562% increase in active Andriod devices using the Dash wallet app in Venezuela.
From May to December there has been a 562% increase in active android devices using #Dash wallet app in #Venezuela 🇻🇪 Growth for December was 29% 📈🚀
This is NOT total installs, 'active devices' shows how many devices that have been online at least once in the past 30 days. pic.twitter.com/06v6jtYPbN
— Mark Mason (@StayDashy) January 20, 2020
He also pointed out that this figure did not represent total installs, but actual devices. Moreover, growth for December 2019 was 29%.
This prompted one follower to point out that, at the current growth rate, it will take just 12 more months to crack the 1 million mark in Venezuela.
Coin Rivet has previously reported on the increase of Dash usage in Venezuela. Currently, more than 2,500 merchants in the country accept payment in Dash.
These include small cafes and grocery stores and large merchants and international brands such as Calvin Klein, Church’s Chicken, and Burger King.
Dash Text also allows people who don’t have smartphones to send and receive the cryptocurrency by SMS. Cell phone penetration is extremely high in Venezuala, with around 85% of the population owning a mobile phone.
However, with sweeping blackouts and frequent internet issues, smartphones are not always a viable option. By allowing for payment with a simple text, transactions can be made regardless of internet connection and from any type of mobile phone.
Dash turns six years old
This month also marked another milestone for Dash, as the cryptocurrency celebrated its sixth anniversary on January 19.
Dash is 6 years old already! We want to thank everyone who has supported the project and invite you to many more exciting years together. pic.twitter.com/pEgITQMiqy
— Dash (@Dashpay) January 19, 2020
Dash’s genesis block was originally mined for Xcoin. This was soon rebranded to Darkcoin and eventually to Dash in early 2015.
Despite falling out of the top 10 cryptocurrencies in terms of market cap, Dash has been growing steadily. Functioning as a DAO, Dash is the first organisation in the world to offer its holders full control over the funding and decision-making in its ecosystem.
Dash also offers private transactions and additional features such as InstantSend, which means that transactions are confirmed in real time.
This type of feature is especially useful in countries with out-of-control inflation rates where waiting for block confirmations means a change in price.
Despite its ups and downs, Dash has a lot to be proud of over its six-year history. From providing hope to people in developing countries to allowing for private and instant payments, it will be interesting to see what happens over the next six years.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.