Time of Inflation in Venezuela: Adoption of DASH Leads Towards More Legitimacy For The Digital Currency
Due to the recent decline in the value of prominent currencies, it is now in need of all the validation it can get since virtual currencies have now lost a lot of goodwill it had managed to earn the previous year, however, things are looking more positive with the attempts of recovery. Venezuela is contributing to increasing the validation of cryptocurrency in the market with the adoption of DASH to overcome the inflation that is hitting the markets of Venezuela. Steps are being taken in Venezuela, through the means of cryptocurrencies like DASH, to overcome the effects of inflation.
This news has also affected the price of DASH to a great extent, that is, it came close to $200 at the time of writing. Along with the adoption by Venezuela, another reason for the leap in the value of DASH is the general increase in the prices of various Altcoins after their fall in the past weeks. As per the latest reports, it can be stated that the citizens of Venezuela would soon move from the fiat currency of the government to cryptocurrency. The increase in the adoption of cryptocurrency is because the inflation is doing its worst in the country with the fiat currency, Bolivar being hit by the inflation. It is being speculated that the situation will only worsen in the coming time and therefore more people are resorting to cryptocurrency every day. Even as the rest of the world is still grappling with the idea of cryptocurrency, even as the other countries are trying to speculate if the arbitrariness in the market can be combated, the adoption of virtual currency by this country has proved that it can play the role of money as well as provide the kind of stability that is expected of fiat currency.
Initially, the Venezuelan government had come up with its own currency called Petro that was based on Bolivar. However, this endeavor of the Venezuelan government was not successful considering the goof up of the government when it comes to the management of Bolivar. As a result, a lot of citizens strayed away from this project by the government.
It is important to understand that at this point when the value of Bolivar is on the track to major decline, the citizens are on the lookouts for something which can aid them in various transactions as well. Therefore even though Bitcoin is immensely popular and has been dubbed the “safe” cryptocurrency, it can be believed that the citizens of Venezuela are looking for something more. There is also the issue of BTC mining fee. It is for this reason that the people of this country, which is wrought with inflation, are exploring other options as far as cryptocurrency is concerned. DASH is amongst the top cryptocurrencies and also the transactions through DASH take place at a quicker rate than other cryptocurrencies, DASH, therefore, the aid the citizens of Venezuela are looking for when it comes to carrying out the transactions through means other than money.
