Retailers Using Dash (DASH) Coin Continue To Rise Despite Bear Market

The retail use of cryptocurrency Dash has been on the rise despite the bear market. Reports have shown that its use by retailers has increased more than three-fold since February, with the cryptocurrency now concerned about adoption rather than price.

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The retail use of cryptocurrency Dash has been on the rise despite the bear market. Reports have shown that its use by retailers has increased more than three-fold since February, with the cryptocurrency now concerned about adoption rather than price.

New merchant count soaring in Dash use

Back in February, 639 merchants were accepting Dash as a means of payment. The number has increased to what currently stands at 2,288, as per data by user directory DiscoverDash. Dash has been able to achieve this despite the crypto bear market.

Venezuela leading the way

According to a press release on August 20 from the Dash team, more than 2,300 merchants currently accept the virtual currency as payment for various services. Use has been pushed by strong figures in Venezuela, the firm added.

Mass adoption, public and media interest usually increase during a bull market. Dash, however, has been able to achieve this despite the bear market. The coin, like other cryptocurrencies, have been on a downtrend since the start of the year.

The firm highlighted that the drop in price has not affected the coin’s use for everyday buys. According to Dash, some of the reasons merchants favor the digital coin are its instant settlement capabilities and low transaction fees.

US Dash retailer Derrick J. Freeman, told Cryptovest:

Cash is King. People love Dash because it is cash on their mobile. Customers love that it is fast and private.

Venezuela has the highest number of commercial Dash network in the world. A total of 866 businesses in the country currently accept the cryptocurrency.

The head of Dash Merchant Venezuela Alejandro Echeverria believes that the current economic crisis in the country and hyperinflation is attributed to the increased use of Dash to buy everyday goods.

Dash Core Group Ryan Taylor commented that:

Venezuelans are facing inflation rates so high, that legacy electronic transfers are worth considerably less by the time they confirm to a recipient’s bank account. Shortages of cash can make those infeasible as well for all but the smallest transactions.

The South American country has now turned to cryptocurrencies as they face an economic crisis due to U.S and EU sanctions.

President Nicolas Maduro introduced the state-backed digital asset Petro. He recently decided to devalue their fiat currency, Bolivar and has proposed to peg the value of the currency to that of Petro.

Why Dash?

Dash is a cryptocurrency that is considered to be a faster and cheaper way of accepting payments, online or in physical stores.

The payments made using Dash are irreversible once confirmed on the blockchain, thereby reducing merchant risk of fraud or failed payments.

Customers can also keep their information private since the transactions do not require their private data to accept payments.

The top ten countries using Dash include; Germany, Spain, Colombia, United Kingdom, Austria, Ukraine, Australia, Canada, U.S, and Venezuela.

Learn more about Dash: What is Dash? (complete guide)

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