Venezuela looking for alternatives to its currency

Local people in Venezuela are adopting Dash as their daily transactions as it is a functioning solution that is easy to use.  Alejandro Echeverría, co-founder of the Dash Help, Dash Merchant Venezuela and Dash Text says that it is simple to use and solves the peoples’ payment problems.  However, according to a dash merchant listing site, DiscoverDash, in less than a year there are 2,427 merchants listed as accepting dash. And that figure is continuing to increase.

The national Venezuelan bolivar is expected to achieve a one million per cent inflation by the end of the year.  In fact, it has already reached absurd levels of inflation to the tune of six-figures as the people of Venezuela turn to accessible cryptocurrencies like Dash.

Most importantly, Alejandro Echeverría stated: “The dash movement is spreading and growing fast in Venezuela. First it was food trucks and small family businesses that started to adopt dash for payments, now we’re attracting more established businesses.”  Echeverria is adamant that he would like all Venezuelans to have access to a strong currency which they can use for payment as well as for storing for value.  In Venezuela the International Monetary Fund (IMF) is predicting inflation to hit one million% this year.  Caracas is set as the initial focus for the Dash foundation.

Venezuela adopts Dash: a Three Stage Process

The process is being undertaken in three stages: finding merchants, getting Dash into peoples’ hands and incentivising mass consumption.  This strategy is being called “Strategy for Adoption”.  The gold is to reach 10,000 merchants in 2019 and at the same time promote Dash transactions.

“Just like banks have their support centres to help their clients, dash has its own,” said Echeverría. “It is the first support center of a crypto in the world and in my humble opinion is one of the killer features of dash, because no other crypto provides support to its users in this way.”

Since its December 2017 highs, the cryptocurrency line Dash has devalued 90% however, most imporatntly it is still flourishing.  However it is a stellar success when compared to the bolivar’s expected one million percent inflation by EOY. Current support rests at $60.85 [Bitfinex] on the 4-hour chart, with resistance set by the 55-EMA at $76. The crypto asset is now looking to continue its upward trajectory above $78 to confirm a bullish bias after having established a higher low at $67.