There have been unending discussions on the adoption of digital currencies and how they can bring about changes and benefits to the larger global community. Despite their probable negative effects, cryptos can open up a host of new opportunities for businesses that want to improve and grow their returns. However, these virtual assets have not yet got adequate consideration, feels Ryan Taylor, who heads Dash.
Taylor, during an interview, has disclosed his firm’s strategies for promoting the user base of digital currencies as a whole in the future. He has identified five key areas that have the capability of driving mass crypto adoption. It is worth noting that Dash is a p2p decentralized crypto asset which finds its basis on the protocol of Bitcoin.
As per Taylor, the first strategy that can trigger mass adoption of crypto includes cryptocurrency trading. He strongly feels that crypto exchanges should go a notch higher to boost transactions of cryptocurrency for driving in more trader engagement.
Taylor also revealed that including Dash to the industry of cannabis was an important move for spreading crypto awareness in general. Thanks to this collaboration, not only the cannabis supply chain could reach another level, but it also helped surge the prices of Dash.
Third, cryptocurrency can play a huge role in bringing about a change in cross-border payments. We all know that cross-border payment system has its limitations and challenges. In addition to huge transaction fees, the transfer process takes about a week to complete. Cryptocurrency, on the other hand, can resolve this very issue as it allows faster money transfer in a hassle-free way. It can also help eliminate financial entities that act as middlemen.
According to Taylor, the fourth vital strategy can be wheelbarrow economics. Explaining further, he says that devaluation or hyperinflations of the nation’s own fiat trigger people to go searching for an alternative store of value. For instance, the people of Venezuela bought Dash due to its huge merchant network around the nation.
The fifth area, as per Taylor’s viewpoint is the chargeback concept used by credit card firms. Taylor claims that Dash can solve problems related to chargeback and let its customers, as well as merchants, save a hefty amount which they otherwise have to pay to these credit card firms.
Taylor strongly believes that there is nothing like bad publicity when it comes to cryptocurrency. As more people or entities will step forward to criticize or encourage crypto, the more opportunities they will get to strengthen their market position.