Dash: A Savior for All Ailing Countries?
Recently, Live Bitcoin News discussed Colombia. The country’s primary digital currency exchange was adding Dash to its platform to great success and praise from both officials and average citizens alike.
Dash now seems to have the idea that it can assist neighboring regions as well, and thus far, that idea is proving fruitful. Not long ago, the company announced that approximately 800 different merchants in the country of Venezuela accepted its payment services. Today, that number has shot up to more than 2,200. That’s a big change for such a short amount of time.
Venezuela is a region that should remind us (daily) of the dangers of socialism. Once the richest country in South America, Venezuela’s socialist activity – largely brought on by current president Nicolas Maduro – has reduced it to an impoverished, financially unstable nation where food is scare, market shelves are virtually bare and average citizens are targeting zoo animals to feed their families.
Venezuela’s current political upheaval may pave the way to a brighter future. Interim president (and national assemblyman) Juan Guaido is working tirelessly to take the country out of Maduro’s hands. Thus far, Guaido has garnered support from international leaders including U.S. president Donald Trump, though he’s still facing a fair amount of opposition from Maduro’s forces.
It may take some time for Venezuela to turn itself around. Until then, residents need a way to support themselves and feed their families. Rising inflation and other monetary problems have led to the death of Venezuela’s national currency the bolivar. Now seemingly worthless, many have turned to cryptocurrencies for their daily needs and wants, and Venezuela has proven a popular hotspot for currencies like Dash.
Among the region’s merchants accepting Dash and other cryptocurrencies as forms of payment include Church’s Chicken, the fourth-largest fast food chain in the region. Stores have been accepting crypto since December of last year. Church’s Chicken currently operates in roughly 23 different states in Venezuela and in the capital city of Caracas.
Another merchant is Steelus, a company that manufactures men’s belts in Venezuela. Co-founder Kevin Ramirez explains that his company began using Dash after the fall of the bolivar, and Dash allowed his company to keep roughly 99 percent of the profits.
Dash Paves the Way for More Money
If I wanted to send our minimum order size of $70 USD of products to Ecuador, the traditional transference system would charge us $15 USD to cash out and $14 USD to send the money. In total, we would need to pay $29 USD just in banking fees, which would hinder this sale and minimize profitability. With Dash, if people send me $70 USD, I receive $69.99.