Venezuela, which has been in our crypto news section for quite some time now, is still fighting the hyperinflation in the country and desperately looking for ways to minimize it. What’s new in this field is the crypto project and altcoin Dash, which recently launched its SMS-based cryptocurrency transaction service for Venezuelan users, naming it Dash Text.
The main idea behind this service is to eliminate the need for Venezuelans to possess Internet access to carry out crypto transactions, which has been a major barrier to adoption in the impoverished country, especially during the state of hyperinflation which made the national currency (bolivar) practically worthless.
Currently, Dash is looking to succeed with this text service. Developed in partnership with BlockCypher, Dash Text will enable users of Movistar and Digitel – which are Venezuela’s largest telecom providers – to access the Dash services via a five-digit shortcode.
The Global Head of Business Development at Dash Core spoke following the announcement of Dash Text. He stated:
“Venezuelans living abroad send an estimated $2 billion USD back home in remittances. This process often takes too long and costs too much, making it a huge pain point for many users. With Dash Text, we are providing real solutions that address real problems. People need easy and cheap ways to send money home, and we’ve done it in a way that expands the Dash ecosystem to those without smartphones! Dash Text offers the perfect solution to ensure that everyone can become part of the Dash family, regardless of what phone people own.”
As the announcement showed, users should send an SMS with the word “DASH” to 22625 followed by another SMS with the word “CREAR” to the same number – in order to create their Dash wallet. Once this is done, they will be able to send and receive Dash via SMS, which is definitely a revolutionary feature given the situation in the country.
Following the announcement, the price of Dash climbed by more than 13% and is trading at $165.28 at press time.
XLM Jumps By 11% After Banks Got Interested In IBM’s Stellar Blockchain Opportunity
Digitec Galaxus Group From Switzerland Officially Accepts Crypto Payments
“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
New Report Shows That Bithumb Is Laying Off 50% Of Its Staff
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
Stellar (XLM) Makes Moves Up, Binance Coin (BNB) Flips
Join us on Facebook
- Binance Launched Completes Another Successful Token Sale Of Celer Network
- XLM Jumps By 11% After Banks Got Interested In IBM’s Stellar Blockchain Opportunity
- Trade On YorkBit Today: A Legit Broker With Low Fees
- Digitec Galaxus Group From Switzerland Officially Accepts Crypto Payments
- QuadrigaCX Co-Founder Was Involved In Criminal Activities In The Past
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
Bitcoin Dominance Falls To 2019 Low: Is The Altcoin Season Here?
Bitcoin News2 days ago
Block.one CEO: Bitcoin Will Replace Gold As The Leading Commodity
Altcoin News4 days ago
Bitcoin Slowly Reaching $4,000 While Stock Market Goes Green
Bitcoin News4 days ago
Boston Legal System Damaged After BTC Ransomware Attack
Bitcoin News3 days ago
BTC Lightning Network Surpasses 1,000 BTC Network Capacity On Its First Birthday
Bitcoin News2 days ago
Analysis: Could Institutional Adoption Bring The Financial Elite To Destroy Bitcoin?
Altcoin News4 days ago
Cryptocurrencies Are Not Banned In Mexico: Bitcoin Exchange
Blockchain News4 days ago
Blockchain Representatives Raise Concerns About A Nevada Crypto Bill