{"id":13488,"date":"2018-08-23T00:00:00","date_gmt":"2018-08-22T16:00:00","guid":{"rendered":"https:\/\/www2019.dash.org\/2018\/08\/23\/a-cryptocurrency-is-making-huge-inroads-in-venezuela-as-inflation-runs-wild-and-its-not-bitcoin-or-the-petro\/"},"modified":"2021-09-18T11:36:45","modified_gmt":"2021-09-18T11:36:45","slug":"bizinsider","status":"publish","type":"post","link":"https:\/\/www.dash.org\/news\/bizinsider\/","title":{"rendered":"A cryptocurrency is making huge inroads in Venezuela as inflation runs wild &#8211; and it&#8217;s not bitcoin or the Petro"},"content":{"rendered":"<ul>\n<li><strong>Venezuela is currently suffering from hyperinflation and <a href=\"https:\/\/www.businessinsider.com\/venezuela-devalues-bolivar-and-pegs-it-to-cryptocurrency-2018-8\">the president recently devalued the currency by 95%.<\/a><\/strong><\/li>\n<li><strong>Locals are turning to cryptocurrencies as a more stable store of value and means to transact.<\/strong><\/li>\n<li><strong>200 merchants per month are signing up to accept Dash in Venezuela, according to the Dash Core Group, and the rate of adoption is accelerating.<\/strong><\/li>\n<\/ul>\n<p>LONDON \u2013 Cryptocurrency Dash is seeing a surge in new merchant sign-ups and wallet downloads in Venezuela as hyperinflation in the country runs wild.<\/p>\n<p>Venezuela is forecast to see inflation of as much as 1,000,000% this year, <a href=\"https:\/\/www.businessinsider.com\/venezuela-hyperinflation-in-pictures-2018-8\">with locals needing stacks and stacks of cash just to buy food<\/a>. Socialist President Nicolas Maduro last weekend announced a series of measures aimed at stabilizing the economy, <a href=\"https:\/\/www.businessinsider.com\/venezuela-devalues-bolivar-and-pegs-it-to-cryptocurrency-2018-8\">including devaluing the bolivar by 95% and pegging it to the state-backed cryptocurrency, the Petro.<\/a><\/p>\n<p>However, another, non-state backed cryptocurrency is apparently catching on: Dash.<\/p>\n<p>\u201cWe are seeing tens of thousands of wallet downloads from the country each month,\u201d Ryan Taylor, the CEO of the Dash Core Group, told Business Insider. \u201cEarlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now.\u201d<\/p>\n<p>The BBC reported on Wednesday that <a href=\"https:\/\/www.bbc.co.uk\/news\/world-latin-america-45262525\">Venezuela is \u201ca paralyzed country\u201d<\/a> after the economic changes over the weekend. Cash withdrawals are being restricted and there is confusion over how exactly the new system works.<\/p>\n<p>Venezuelans are turning to cryptocurrencies as a way to store value as the Venezuelan bolivar\u2019s exchange rate spirals out of control.<\/p>\n<p>Dash is an open source cryptocurrency created in 2014. It has low fees and near-instant transactions. Dash is currently the 14th largest cryptocurrency in the world, according to CoinMarketCap.com, with just over $1 billion-worth in circulation.<\/p>\n<p>The Dash Core Group, which Taylor heads, is owned by the payment network that Dash runs on. The Core Group services the network and its funding comes from mining fees that are generated by the network.<\/p>\n<p>As well as wallet downloads, which consumers need to hold and spend Dash, Taylor said the cryptocurrency is seeing strong adoption with merchants too.<\/p>\n<p>\u201cIt took them a long time to get the first 50, first 100 [retailers],\u201d Taylor, who is based in Arizona, told Business Insider on a call last week. \u201cBut at the beginning of July the number was around 400, and we\u2019re already at 800. We\u2019re at this point signing up more than 200 a month.\u201d<\/p>\n<p>Brand names including Subway and Calvin Klein have signed up to accept Dash in Venezuela, Taylor said.<\/p>\n<p>\u201cEffectively, even if I accept a credit card, three days later when the funds hit my account, it\u2019s worth significantly less in Venezuela than when the authorization went through,\u201d he told BI. \u201cThis is a problem that cryptocurrency can solve. Our instant transactions can solve it and the relative stability of our cryptocurrency is better than their fiat currency.\u201d<\/p>\n<p>Responding to questions over email this week, Taylor said adoption in Venezuela has accelerated even faster after Maduro\u2019s latest \u2026\u2026\u2026\u2026\u2026&gt;<br \/>\nPlease read Full Article at:<\/p>\n","protected":false},"excerpt":{"rendered":"<ul>\r\n<li><strong>Venezuela is currently suffering from hyperinflation and <a href=\"https:\/\/www.businessinsider.com\/venezuela-devalues-bolivar-and-pegs-it-to-cryptocurrency-2018-8\">the president recently devalued the currency by 95%.<\/a><\/strong><\/li>\r\n<li><strong>Locals are turning to cryptocurrencies as a more stable store of value and means to transact.<\/strong><\/li>\r\n<li><strong>200 merchants per month are signing up to accept Dash in Venezuela, according to the Dash Core Group, and the rate of adoption is accelerating.<\/strong><\/li>\r\n<\/ul>\r\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[216],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A cryptocurrency is making huge inroads in Venezuela as inflation runs wild - and it&#039;s not bitcoin or the Petro - Dash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dash.org\/news\/bizinsider\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A cryptocurrency is making huge inroads in Venezuela as inflation runs wild - and it&#039;s not bitcoin or the Petro - Dash\" \/>\n<meta property=\"og:description\" content=\"Venezuela is currently suffering from hyperinflation and the president recently devalued the currency by 95%. Locals are turning to cryptocurrencies as a more stable store of value and means to transact. 200 merchants per month are signing up to accept Dash in Venezuela, according to the Dash Core Group, and the rate of adoption is accelerating.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dash.org\/news\/bizinsider\/\" \/>\n<meta property=\"og:site_name\" content=\"Dash\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DashPay\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-22T16:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-18T11:36:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/media.dash.org\/wp-content\/uploads\/dash_facebook.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"dash\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@dashpay\" \/>\n<meta name=\"twitter:site\" content=\"@dashpay\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"dash\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.dash.org\/news\/bizinsider\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.dash.org\/news\/bizinsider\/\"},\"author\":{\"name\":\"dash\",\"@id\":\"https:\/\/www.dash.org\/#\/schema\/person\/49e370ea57b37d1186318dab9e4e6513\"},\"headline\":\"A cryptocurrency is making huge inroads in Venezuela as inflation runs wild &#8211; 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