Dash is positioned as one of the main cryptocurrencies in Venezuela

Currently, Venezuela is going through a serious political, social and economic crisis. The currency of the South American country is devalued day after day and hyperinflation makes it impossible for Venezuelans to save. All this has made the inhabitants of the country look for other ways to conserve value in spite of the economic situation that the nation is going through, and apparently they have achieved a solution in cryptocurrencies.

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However, this solution was not given the most popular cryptocurrency, Bitcoin, much less the Petro, a supposed digital currency created by the country's government, but Dash.

Dash is a cryptocurrency that is gaining great popularity in Venezuela, one of the countries with the highest inflation in the world. Ryan Taylor, CEO of Dash Core Group, told Business Insider that "earlier this year, Venezuela became our second market, even ahead of China and Russia, which are, of course, huge in cryptocurrencies at this time. "

This open source cryptocurrency was created in 2014 and is now positioned, according to CoinMarketCap, as the fourteenth (14) largest digital currency in the world, and only in Venezuela are 200 downloads of the portfolio per month.

As the crisis deepens, more people begin to opt for cryptocurrencies. The recent economic changes announced by the Venezuelan government, where five zeros are removed from the currency, change the monetary cone for the new sovereign bolivar, whose value is anchored to the Petro, has accelerated the adoption of digital currencies by the Venezuelans

"We have seen 94 new Venezuelan merchants added to DiscoverDash.com since last week, which is approximately double the normal rate of approximately 50 merchants per week in recent months," Taylor said.

Taylor explains that the adoption of Dash is due to the loss of the value of the bolivar, the national currency: "Indeed, even if I accept a credit card, three days later, when the funds enter my account, it is worth much less in Venezuela than when the authorization was approved. This is a problem that the cryptocurrency can solve. Our instant transactions can solve it, and the relative stability of our cryptocurrency is better than its fiduciary currency. "

In Venezuela Dash has been preferred before the other digital currencies because the tariffs are accumulated in cents and the confirmation times are much faster.

As in the South American country, there are other nations that have high inflation rates where their population is increasingly turning to cryptocurrencies. However, Taylor said that "we are going to try to succeed first in Venezuela before branching out to test this in other countries."

In crisis situations, people look for alternative means to store value, and it seems that, at present, cryptocurrencies have become the preferred means to achieve this goal.