Doing research on Dash in Africa.
Introduction
I am an admirer of crytocurrency, both for it's technology, diversity and it's utility.
I especially admire Bitcoin for it's focus on security, decentralization, and deflationary characteristics.
I also admire it's first mover advantage, which allowed it to create the largest network of computers running a copy of the same digital ledger in the world. This is also called the bitcoin node network.
I value it's adoption world wide as a asset of value and a medium of exchange, which is in fact used as currency in some areas of the world.
I recently studied it's use as a money transfer system, and it is the very aspirational model of a global digital value transfer system.
It solves so many problems, that I need to write another article about the worlds money transfer system issues and how bitcoin fixes those problems.
Lastly I am very intrigued and truth be told, still learning about the new blockchain, called The Lightening Network, a side-chain of bitcoin, built to run on top of it, which is one solution for certain barriers to bitcoin becoming a truly global and globally accessible digital value transfer and storage system.
I was delighted to learn of this system, which is one solution to the high cost of bitcoin transaction fees, and the slow pace of bitcoin transactions.
For those of you new to cryptocurrency, a transaction on the bitcoin blockchain can take up to 30 minutes to settle on the bitcoin blockchain, which is not idea for buying coffee at at the local coffee shop or payng for your groceries with a long line of other customers behind you. Bitcoin is built for security and accuracy and transparency and other great character traits. But it is not built for speed.
Although to bitcoins credit, when it was built, it was compared to a human bank teller, who can only perform 3-4 transactions an hour. So bitcoin performing 3 transactions an hour, was an more then adequete.
However, I am also intrigued that Dash, created 2014, was specifically built to focus on security, transparency and like bitcoin, there will only ever be 21 million Dash. BUt Dash transfers are over 100 times faster and over 100 times cheaper.
So I studied dash, wondering why it didn't become immensely popular??
As part of this research into bitcoin and Dash, I decided to study the use of Dash in Africa, because I had just started studying Bitcoin in Africa, and it seemed like a fare comparison of market penetration and infrastructure.
I am currently studying an organization called African Bitcoin, wich offers education, and Lightening Node Services in certain, limited areas of Africa.
i am also studying the use of bitcoin mining to helpo electrify rural areas in Africa, which don;t have any electricity.I think Bitcoin has successfully penetrated many areas of Africa and is providing valuable financial services there.
As I looked at the unique problems associated with using Bitcoin as an medium of exchange for every day purchase, it's differences from Dash loomed larger.
dash are more apparent.So I asked google to tell me, if there were organizeations in Africa working on helping people learn about Dash? And are there Dash communities promoting the use of Dash for similar purposes that African Bitcoiners use Bitcoin.
If I am completely honest, it takes Bitcoin and Bitcoin Lightning to perform the functions of just one Dash blockchain, so right away I could see how it would be simpler to use.
This is the research I found on dash groups, dash wallets, and dash money transfer networks. These communities and businesses are utilizing the ability of Dash to perform microtransactions, for microtransaction fees and perform or settle these transactions faster then Bitcoin.
I really like Bitcoin, but I really like innovation, new and improved and faster, cheaper, smaller sounds to good to ignore.
This is the article: https://www.dash.org/news/how-the-dash-cryptocurrency/
Dash in Africa
- From this article I extracted important characteristics of Dash and it's utility.
Dash is a leading crypto in digital payments globally with a huge user adoption in Venezuela and growing acceptance on the African continent. By leveraging the wide mobile penetration and the fairly unstable currencies and economies, Dash is proving to be a well-fitted solution to these opportunities and challenges on the continent. The organization called BitcoinKE had an exclusive question and answer session with the Dash Nigeria lead, Nathaniel Luz. The purpose of this session was to understand the use case and adoption level of Dash on the African continent.
source
Who is using Dash in Africa and Why?
- It appears that some Dash communities have taken a different approach then Bitcoin, Instead of making people accept dash, you use Dash, but pay the merchant in dollars or whatever currency they want, unless they want Dash, then you pay them in Dash.
If you plan on living solely on crypto, you have to consider merchant adoption. Dash is being used to pay merchants even without them choosing to accept it. CoinProfile, a Nigerian-based crypto-to-fiat platform lets Nigerians use Dash to pay for goods offered and services rendered. The merchant simply receives payment in the local currency making it possible to completely live off Dash. You can send Dash from anywhere in the world directly to a local bank account on the platform making it very convenient for remittances due to its low or zero fees and in less than two minutes.
source
AnkerPay
- The service provides access to Dash via Bank ATMS.
AnkerPay, a South-African based ATM and crypto payments services provider, has also added Dash on its platform. This means you can access Dash across its large ATM and POS network allowing merchants to accept Dash on their brick and mortar shops and direct convert it to fiat if they wish.
source
Najacrypto
NaijaCrypto, a Nigerian crypto exchange, has added Dash onto its platform enabling users to directly make Dash withdrawals at any any ATM stand in the local Naira currency via its debit card which can be used anywhere.
Many companies in Nigeria are now using cryptocurrency since the government has put a $20 per month transaction limit on all bank accounts. Can you believe that? An example of such is a domain site I use known as Gigalayer (https://www.gigalayer.com.ng/) and they give me a 30% discount if I use Dash as a mode of payment. The increased instability of the Naira has led to more Nigerians keeping their money in crypto.
source
DashText
- This service solves the problem of *What if you don't have internet, but your have a cell phone?
There are also plans to integrate Dash Text, a service that lets you send and receive Dash in USSD code, across areas in Africa that have unstable or no internet connection. Think of it as Dash mobile money.
source
SEE ALSO: First Health Spa in Nairobi to Accept Bitcoin and Dash
What are the volumes being transacted at Dash currently?
Dash was ranked #31 in Coincap with trading volumes of
Market Cap – Approximately $700 million
24 hour volume – approximately $50 million
What makes Dash stand out from other cryptos?
Here are some of the characteristics of Dash that separate it from the rest:
Security is key at Dash Nigeria. (He gave an example of lack of security in traditional setting where the Nigerian government made peoples’ BVN numbers {similar to Kenya’s huduma number} public with was an outcry and a breach of privacy the government has exposed the owners to all sorts of insecurities one can imagine).
Dash is fast and takes seconds to transact
Low fees where $1 in fees goes a long way
source
What is the approach you at Dash are using to get adopted in Africa?
We have a free Dash book that explains digital currencies in very simple terms.
We also feel that there is not enough being done to educate people about the very basics of digital currencies and why they are needed in the first place. The limited knowledge gained from such learning material is not enough to hasten crypto adoption.
Educating the communities on crypto is thus our biggest and strongest strategy that we are using to promote adoption in Africa. It is working well so far in the West and we hope it will have adoption soon in East and Southern Africa.
source
The End.
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