by Hodler Ash 
What is the name of Venezuela cryptocurrency?
There are numerous countries struggling with economic depression, but the story of Venezuela is different. Due to its brimming oil reserves, this South American country was once one of the richest. But reluctant policies led to shattering the economy, resulting in hyperinflation, poverty, and unemployment. What further instigated the economic crisis is US sanctions.
In order to overcome those sanctions, Venezuela planned its own national cryptocurrency called “Petro.” The idea behind Venezuela’s cryptocurrency Petro was to conduct transactions, avoiding the US dollars.
Which cryptocurrency is the most popular in Venezuela?
The cryptocurrency “Dash” has established itself as the most popular cryptocurrency in Venezuela. In early 2017, Dash was first integrated into the exchange platform called ‘Cryptobuyer.’
Merchants and vendors in Venezuela have liberally adopted Dash as a payment method. Somewhere around 522 domestic store owners openly welcome Dash payments. They are not afraid to advertise the acceptance of Dash in their stores.
Dash is a cryptocurrency focused on being a medium for payments. It currently ranks 38 in the CoinMarketCap and stands at a value of $1 billion. Dash is designed with a two-tiered technology, using both the benefits of proof-of-work and proof-of-stake to maintain a distributed consensus. The proof of work layer is responsible for monitoring typical transactions. The master nodes constitute the second layer which involves validators monitoring the transaction.
Also Read : SAFU Meaning in Crypto
How to buy Venezuela Cryptocurrency?
Step 1 – Open account in a Dash wallet
Before investing in Dash, it is important to have a secure place to store it. Just like Bitcoin wallets, Dash wallets are of different types.
- Dash Hardware Wallets
Hardware wallets are very secure because they store your private key offline, making it almost impossible to hack. But they come with a price tag which is not the case with software wallets.
- Desktop wallets
Desktop wallets help in storing and managing the private key in the hard drive of your computer. They are connected to the internet. For small amounts of dash coins, this can be the best option. The best desktop wallet is the Electrum Dash wallet.
- Mobile Wallets
Mobile wallets are readily accessible and make the process of payment very easy. But as a mobile device is always connected to the internet, it becomes more vulnerable to attacks. Moreover, instances of mobile devices getting stolen are broken are very common.
Also Read : HODL Meaning in Crypto
Step 2 – Find a Dash Exchange
There are trading exchanges that allow you to invest and start trading instantly. Such platforms do not allow easy withdrawal as they are focused on letting you trade. If your goal is to trade, you do not even need a dash wallet.
CEX.io has been a platform for Dash since 2013. This allows a brokerage service, where you can buy Dash with a credit card, debit card, and wire transfer.
To buy Dash directly with cash, Dash ATMs are the best option.
Step 3 – Transfer your Dash coins to Wallet
Once you purchase dash coins, be careful not to leave them in your default exchange wallet. It is important to move them to your personal wallet. The exchange wallets are not safe. After transferring the coins to your wallet, you officially become the owner of them.
Bitcoin might be capturing the international market but in Venezuela, Dash owns the market. It has become a significant contender in the race of anonymous cryptocurrencies. It has maintained its position, ranking at the top of the market cap. Some analysts even consider Dash to be better than Bitcoin in terms of anonymity.
