- Dash cryptocurrency adoption on the increase despite crypto market crash
- Venezuela is leading in the demand for Dash POS systems
- Crypto transactions are seen as fast, affordable and secure
Dash has experienced a surge in integration to more POS systems besides creating its own POS systems. All this has happened amidst the crypto-bashing that has been ongoing during the last one month.
Dashing to the Top
The technology behind cryptocurrencies has been around for a while now even though it has remained largely under-utilized globally. Payment Service providers and merchants, according to Finance Magnates, are now considering a more viable option.
The Dash cryptocurrency has seen a surge in merchant adoption globally and especially in Venezuela. Several companies are now offering the means by which businesses can sell their products using cryptocurrencies. Answering the question as to why this is becoming the trend, Vini Armani, Co-Founder, and Chief Technology Officer at CoinText said:
“Cryptocurrency is durable, scarce, private, counterfeit-resistant, nearly free to store and use, doesn’t require third-parties, borderless, resistant to violence and offers deniability when traveling […] no government’s currency can compete with those attributes – even if they’re doing ‘an ok job.’
For Residents of Venezuela, there are over 2,500 merchants in the country that are accepting Dash as payment. Dash enables Venezuelans to quickly and easily transfer crypto funds via their mobile phones using Dash-Text, an App that facilitates the sending and receiving of cryptocurrencies via SMS.
Coinify a company that provides a point-of-sale platform for merchants to accept cryptocurrencies recently integrated Dash into their platform. The company claims in its website it serves over 300,000 merchants in over 70 countries accept up to 15 different cryptocurrencies it pays out in fiat. The company recently said they design their system for global use, but they have adapted numerous features to make the platform even friendlier for Venezuelans. They stated:
“There are easy link buttons to Dash Merchant Venezuela plus the Venezuela helpline phone number, to help merchants with any questions they may have. We work closely together with Dash Merchant Venezuela and Dash Help Venezuela on this project.”
The motivation for choosing Dash by both merchants and consumers seems to be based on the fast and inexpensive transactions that don’t sacrifice security. Where consumers don’t want to part with large fees and wait forever to get confirmations, merchants want to avoid high transaction costs through lower product or service prices, save customers from waiting for long confirmations or risk double spend frauds.
Dash has solved these problems via unique attributes that facilitate everyday usage, increasing consumer demands, therefore increasing merchant demand for Dash integrated POS systems.