{"id":13975,"date":"2018-06-22T00:00:00","date_gmt":"2018-06-21T16:00:00","guid":{"rendered":"https:\/\/www2019.dash.org\/2018\/06\/22\/dash-ceo-reveals-how-crypto-is-changing-lives-in-venezuela-and-zimbabwe\/"},"modified":"2021-09-18T11:37:12","modified_gmt":"2021-09-18T11:37:12","slug":"zim","status":"publish","type":"post","link":"https:\/\/www.dash.org\/news\/zim\/","title":{"rendered":"Dash CEO Reveals How Crypto is Changing Lives in Venezuela and Zimbabwe"},"content":{"rendered":"

One of the most promising use cases for\u00a0cryptocurrency<\/a>\u00a0is its potential to help people all over the world transfer money without the hassle and attendant costs of dealing with remittence policies, currency exchange, or in the case of some economies, hyperinflation.<\/p>\n

\u201cDespite its volatility, cryptocurrency offers a stable alternative for people residing in hyperinflation economies,\u201d Ryan Taylor, CEO of Dash Core Group, tells\u00a0Inverse<\/em>. \u201cWe are seeing this play out in Venezuela right now, which has rapidly become the second largest market for Dash.\u201d<\/p>\n

Dash<\/a>, short for \u201cdigital cash,\u201d is a fork of\u00a0bitcoin<\/a>\u00a0created in 2014 that promises transactions in under a second and fees of just a few cents. Bitcoin transactions, by comparison, can reach an average of $55 and take hours to confirm. Its popularity in hyperinflation-hit Venezuela and Zimbabwe has helped make Dash the 13th-largest cryptocurrency according to CoinMarketCap.<\/p>\n

Film production collective\u00a0Frame 48<\/a>\u00a0announced on Friday the release of a documentary about Dash\u2019s work in Zimbabwe.\u00a0Starting from Scratch<\/em>\u00a0focuses on Dash-powered money transfer system\u00a0Kuvacash<\/a>, which claims to be the country\u2019s first peer-to-peer localized digital currency payments service, enabling users to transfer cash with just a mobile number.<\/p>\n

\u201cZimbabwe\u2019s challenges stem from both a distrust of the financial system and a lack of access to physical cash needed to facilitate transactions,\u201d Taylor says. \u201cZimbabwe has also faced hyperinflation in the past, and that memory is a driving force for the adoption of cryptocurrency.\u201d<\/p>\n

In the years prior to the 2008 hyperinflation crisis, Zimbabweans saw their money lose value as the country\u2019s dollar was re-denominated three times. Citizens needed to use alternative currencies like the U.S. dollar to purchase international goods and services, but this came with steep fees. The national government issued bind notes pegged to the U.S. dollar, but even these notes lose value.<\/p>\n

\"Hyperinflation<\/p>\n

Hyperinflation is a big issue in Zimbabwe.<\/p>\n

Cryptocurrencies like Dash can help users practically anywhere make international transactions through a secure, decentralized network running on a\u00a0blockchain<\/a>. It\u2019s seen as a key use case for crypto: Ray Youssef, head of exchange platform Paxful,\u00a0told\u00a0Inverse<\/em>\u00a0in March<\/a>\u00a0that the company\u2019s growth in Africa is \u201cabsolutely massive,\u201d particularly in Nigeria and Ghana. The price of one bitcoin surged to\u00a0$34,000 on Zimbabwe-based<\/a>\u00a0exchange Golix in December 2017, far higher than its peak global estimated trading price of under $20,000.<\/p>\n

Venezuela is also jumping on Dash and cryptocurrency, as the country\u2019s bol\u00edvar experiences severe inflation rates:<\/p>\n

Taylor claims that over 300 merchants are accepting Dash in Venezuela, with tens of thousands of user wallet downloads each month. Latin American brokerage firms that take Dash transactions also report that over 80 percent \u2026\u2026<\/p>\n

https:\/\/www.inverse.com\/article\/46299-dash-is-helping-with-hyperinflation<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

One of the most promising use cases for\u00a0cryptocurrency<\/a>\u00a0is its potential to help people all over the world transfer money without the hassle and attendant costs of dealing with remittence policies, currency exchange, or in the case of some economies, hyperinflation.<\/p>\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":"\nDash CEO Reveals How Crypto is Changing Lives in Venezuela and Zimbabwe - 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\/zim\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dash CEO Reveals How Crypto is Changing Lives in Venezuela and Zimbabwe - 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