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Dash Coin News: Dash’s New Service to Help the Victims of Hyperinflation

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According to recent Dash coin news, this well-known altcoin is preparing to launch a new cryptocurrency payment service in Venezuela. The new service will be based on SMS messages, and it will allow Venezuelan users to carry out transactions even without a smartphone.

Dash coin news announces a text-based crypto service in Venezuela

Considering how much Venezuela grew to rely on cryptocurrencies, this will be a large game-changer for some of their citizens. Not having a smartphone, or not being able to use one, has been a large issue for the people of Venezuela. Experts believe that this may have been one of the largest barriers that prevented the country from properly adopting cryptocurrencies.

Venezuela is a country that has been suffering from hyperinflation for some time now. Their native currency, the bolivar, became almost completely worthless. As a result, Venezuela had to implement a new monetary solution in form of digital currencies.

Now, Dash is trying to speed up the process of crypto adoption by providing an alternative method of trading for those who do not own smartphones or lack internet access. To do this, Dash has entered a partnership with a company called BlockCypher. This is a firm that specializes in providing blockchain-based solutions and products that allow users to operate with several different currencies via one single platform.

The result of the partnership is earlier mentioned Dash Text project, which is currently in the beta phase of testing. In collaboration with Venezuela’s largest telecom providers — Digitel and Movistar — Dash will allow users of these services to access its platform via five-digit code.

Dash Text to reduce the effects of hyperinflation

Dash Core’s global head of Business Development, Bradley Zastrow, commented on the move by saying that Dash Text will provide solutions for all those who struggle to survive in Venezuela due to hyperinflation. So far, Venezuelan citizens who left the country have sent over $2 billion in remittances. While this seems like a lot at the first glance, it did not help much since the method of sending this money is complex and costly. With Dash Text, Venezuelan families will be able to get to this money in an easy and cheap way, while Dash’s own ecosystem will grow without the need for a smartphone.

Registering on Dash Text will also be very easy to do, according to Dash coin news. Users can easily complete the process by sending a text with the word “DASH” to 22625, and then send the word “CREAR” to create a Dash wallet. After that, sending and receiving Dash via SMS will be simple.

Dash has had a strong presence in Venezuela ever since August of this year, when the coin was successfully adopted, which sparked a price surge. Since then, Dash has partnered up with multiple retailers across the country, and it even made a deal with a mobile phone maker, Kripto Mobile.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Rufino via Flickr

Altcoins

Top 3 Cryptos to Serve as an Alternative to Bitcoin

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The crypto market continues to struggle on its way of reaching mass adoption, with most people focusing on Bitcoin. However, Bitcoin still has its fair share of problems, a few of which are quite challenging, with no guarantee that they will ever be fully solved.

While Bitcoin is, and has been the largest cryptocurrency from the moment it was created, there is no guarantee that it will remain at the number one spot forever. While this is mostly what skeptics tend to say, it is still a possibility that cannot be ignored. With that in mind, here are top 3 cryptos that might serve as an alternative to Bitcoin in the future, or maybe even now, considering how high its fees are, and how long its waiting periods tend to be.

1. XRP

XRP has become known as a ‘remittance coin’ due to its goal of providing better, faster, and cheaper international transactions. It was created by a company called Ripple Labs, and so far, it has been one of the best ways for sending money cross-border. It works in combination with Ripple’s products such as xRapid, fueling it and allowing for near-instant transactions at low fees.

The company has decided to offer its products to banks around the world, and most of the financial institutions decided to accept the offer. This is their way of trying to…

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Altcoins

Why HODLing XRP, BAT, and EOS is a Smart Idea

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The crypto market continues to grow, even though the prices of its many coins were severely damaged during the so-called ‘crypto winter’ of 2018. Even so, the market has grown a lot, and it currently features over 2,100 digital currencies, all parts of their own projects, with a goal of making an impact and entering the mainstream.

Of course, it goes without saying that not a lot of these coins have real potential. Many of them came to be during the ICO craze of 2017 and early 2018 when investors were willing to buy just about any coin. As a result, new startups emerged, each offering its own cryptocurrency. Most of these coins are believed to be bad projects with no future, with only a matter of time before they are declared ‘dead.’

However, there are several coins out there which are worthy of investing in, as well as HODLing on to them. Three such coins that we will focus on today are XRP, Basic Attention Token (BAT), and EOS.

XRP

Let’s start with XRP. This is a coin created by a company called Ripple Labs. As a result, the coin has a strong connection to the company, which many have taken as proof that it is not a real cryptocurrency, that it is centralized, and that it will eventually fade away as a bad project.…

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Altcoins

Why XRP is Worth Much Less than What Fans Expect

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The crypto world is currently facing an uncertain situation as a result of XRP value. Many fans of the digital currency are arguing that the worth should be higher than what it now. A poll taken by Twitter this year showed that 80% of the participants want XRP to be higher than Ethereum. The participant preferred the digital currency to occupy the second largest position against what experts thought. Since XRP has not offered much to improve its reputation, the participant’s reaction was surprising indeed.

From what we have seen so far, one question to ask is, why does the cryptocurrency have many supporters? The simple answer is that Ripple focuses on offering remittance services to its fans more than other digital currency. The company offers many products of which one known as xRapid a cross-border payment service impress many supporters.

Why Fans expect an increase in value

Weiss Ratings did not hide the fact that their agency is not supporting Ripple. However, they admitted that the global payment platforms which the cryptocurrency created are commendable. This commendation proves that Ripple has been impactful in that area of blockchain tech application. Also, the players in the community have seen these achievements as well. Therefore, it is not a surprise that they expect an improvement in the market cap and price of XRP

Many people have raised arguments…

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