Crypto Transactions Without Internet-Dash Text, a wallet service enabling Dash transactions via SMS message, has launched its public beta in Venezuela, allowing users without smartphones or internet connection to access Dash services using SMS enabled cell phones on Movistar and Digitel networks, Venezuela’s largest telecom providers. Users simply have to text “DASH” to 22625 and then “CREAR” to create their wallet. Within a few minutes, the phone will be able to send and receive Dash.
The company said in an announcement this week that Dash Text disposes of the requirement for Venezuelan users to possess smartphones and have internet access to process crypto transactions, which has historically been the most significant obstacle in the adoption of crypto transactions. Dash Text will result in a specific outcome in a nation where just about 40% of the population have access to smartphones, and which frequently encounters electrical and internet blackouts because of its continuous financial emergency.
Dash Text was created through a partnership with BlockCypher, which specializes in blockchain solutions and blockchain agnostic products that enable users to engage with multiple cryptocurrencies through one platform.
Crypto Transactions Without Internet-Venezuelans have increasingly turned to cryptocurrencies as a solution to their country’s continued hyperinflation which has basically crumpled the state currency, the Bolivar, to an all-time low. Cryptocurrencies have a lot to offer the inflation-plagued citizens of Venezuela. The Government of Venezuela took initiative earlier this year and introduced a state-backed cryptocurrency, Petro, in February 2018 which is reportedly a copy of Dash. Statistics say that there are a lot of Dash users in the country. There are supposedly over 500 merchants that accept Dash. Now, rumor has it that Dash is becoming more popular in Venezuela.
Cryptocurrency transactions through SMS is certainly not a new idea. Bitcoin and different cryptocurrencies have had that capacity in specific regions for a considerable length of time. In any case, Venezuela is in a one of a kind position in light of the fact that there is such a conspicuous requirement for a steady currency in the nation. While the U.S. Dollar is and will remain the primary option the to the Venezuelan Bolivar, digital forms of money have their advantages.
There are several opportunities for cryptocurrencies to grow in the Venezuelan market. The general population of Venezuela hopes for a currency that isn’t dropping like a rock in value. While Bitcoin, Dash, and practically every other cryptocurrency are far off of their highs, they have still performed infinitely better than the state currency, Bolivar. Ease of use is the major hurdle for cryptocurrency adoption, and Dash has simply brought down those hurdles.