Some cryptocurrencies are technically superior on the back end. Some are based on a blockchain network that attains a high level of security and privacy. Another virtual asset facilitates rapid transactions but none of these factors would translate to the digital currency’s success if their adoption rates do not reach a widespread userbase.
In a recent interview with Crypto Beadles, Ryan Taylor explained that Dash had a meticulous strategy to improve the virtual asset’s adoption rates, which was based on five areas.
He mentioned that the first one was unsurprisingly based on cryptocurrency trading. He said it was important to get the majority of the exchanges to “honor” their instant send features so that more traders can quickly transact values between exchanges using their virtual asset.
The second area was cash businesses and Dash was particularly focused on cannabis. Dash had started facilitating transactions with the various dispensaries. The third area was of remittances in the crypto industry.
“International remittances are something that cryptocurrency solves very well and with instant send we think we can provide a much better user experience.”
Hyperinflation market was the 4th area of development for adoption rates and the CEO mentioned that Dash was currently the most successful asset in Venezuela. According to Taylor, the virtual asset was accepted by over 2000 merchants, and among these merchants, Dash was the most popular crypto in the country. He claimed that a lot of people in Venezuela were using Bitcoin too but only as a “store-of-value”. When it came down to store based transactions, the number of transactions on the Dash network was more than all the other cryptos combined.
The fifth and final area was high chargeback industries, which at present included the usage of credit cards. He said,
“This industry has a really high incidence of fraudulent activities. So the use of Dash takes away what is traditionally done with credit cards and these companies pay 6% processing fees because of high-end incidents of chargebacks and Dash solves that problem for the consumer too.”
When the host, Robert Beadles, suggested that Bitcoin had failed to act as a peer-to-peer transaction asset and had slowly transformed into a store of value, Taylor agreed with him and said,
“Since the beginning we’re digital cash and we are sticking with that position of ourselves within the market. Dash certainly has a use case for it as a payments mechanism and we have been optimizing towards that.”
Taylor however, acknowledged Bitcoin’s importance and said that the fact it even gained the attention of the US President, spoke volumes about the industry. He suggested that the industry was well ahead in its timeline for development and the market would only grow from this point forward.