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Venezuela has been known for years as a country with one of the most troubled economies in the world. It has been facing hyperinflation for a long time now, and its authorities decided to try combating the issue with cryptocurrency.
Originally, they developed a native cryptocurrency called Petro, backed by the country’s oil reserves. However, the coin never really won the heart of the public, despite the country’s president, Nicolas Maduro, coming up with various plans to make it more popular and used in his nation.
Instead of Petro, Venezuelans turned to more traditional cryptocurrencies, such as Bitcoin and Dash. Using Bitcoin is not surprising, given the coin’s status of the oldest and largest cryptocurrency in the space, but the use of Dash signals that the people of Venezuela are interested in making their transactions private.
Dash pushes crypto adoption in Venezuela
Recently, Dash shared a story by thecoinrepublic.com, discussing the rate of crypto adoption in the small nation. The project noted that 2021 was a huge year for cryptocurrencies in Venezuela, with P2P (peer-to-peer) payments stimulating crypto adoption inside the country.
🧵 (1/4) – 2021 was a HUGE year for crypto in Venezuela, w/ P2P payments stimulating crypto adoption within the country. People sought the use of #Dash and other cryptocurrencies to counter the effects of hyperinflation and debasement of the bolivar.https://t.co/DhvvqO51Br
— Dash (@Dashpay) February 17, 2022
It also noted that Dash was among the top-used cryptocurrencies. In fact, the project retweeted one of its November 2021 tweets, where it announced that DASH had become the #1 crypto in Venezuela, beating even Bitcoin and Litecoin. Now, in February 2022, the project noted that little has changed. People in Venezuela are still turning to cryptocurrencies for payments, and Dash Core Group is quite thrilled that Dash has played a role in crypto adoption in the country.
Dash also shared that, according to a report by the University of Cambridge, Venezuela turned out to be among the 10 best crypto mining nations in early 2021. In fact, after China introduced its new laws that banned crypto mining and miners were forced out of the country, there was a huge gap left in the crypto mining sector. Venezuelan miners were one of the largest groups to fill that gap last year, further indicating that crypto adoption is continuing to grow in the small Latin American country.
P2E games are exploding in Venezuela
Another important thing to note is that Venezuelan people have started massively adopting P2E (Play-To-Earn) games. P2E is a model adopted by blockchain games that wish to provide incentives to the players and reward them for their loyalty to the project. At the same time, they are granting gamers the opportunity to have a good time while playing their favorite games, and to earn a bit of money while doing it.
For the most part they are either earning the native cryptocurrency of the blockchain on which the game was developed, the native coin of the gaming project itself, or NFTs, which they can then sell for crypto or fiat on a variety of NFT markets.
Dash shared that one popular use for earned tokens is to exchange them, and DASH itself is available for exchange, being paired against the bolivar via Binance P2P.
(4/4) In addition to growing merchant acceptance, ppl are flocking to play-to-earn games. We have info from users on the ground that a popular use for earned tokens is to exchange them. Dash is available for exchange w/ the bolivar via Binance P2P.https://t.co/pU0melI24j
— Dash (@Dashpay) February 17, 2022
Dash is a cryptocurrency that falls under the category of the so-called privacy coins. The project uses special technology that allows users to make their crypto transactions private, which is no longer possible with the likes of Bitcoin, Ethereum, and other “regular” cryptos.
Unfortunately, this ability does not sit well with most of the world’s governments who fear that it can allow for criminal activity, which is why most of them have forced their local exchanges to delist Dash from their platforms. Still, crypto users in need of private transactions are finding ways of obtaining Dash and using it for payments, as witnessed in Venezuela throughout 2021, and now in 2022, as well.
To learn more about this token visit our Investing in Dash guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.