A faster, more efficient cryptocurrency

Re:A faster, more efficient cryptocurrency by scartracs on Tuesday February 19, 2019 @12:20AM (#19196793)

DASH and NANO had several initiatives this past year to achieve adoption in Venezuela due to their humanitarian crisis. It was small, but there were some good results especially by DASH if we believe the media they produced. There was a movement to donate DASH/NANO and get merchants to accept it in exchange for goods. All merchants need is a sticker that displays their QR code and a terminal that can confirm the transaction, which can be done by any smartphone/tablet/computer/IOT with minimal effort. Keep in mind, this happened while DASH and NANO are quite unknown and all crypto was in a bear market, meaning there were few people following the projects that could donate and promote the events.

The hard part is not adoption within poverty-stricken nations, rather adoption in developed nations with complicated tax codes and lack of incentives for merchants to invest in more payment processing tech is the true challenge ahead.

[ Parent | on HN ]

Re:A faster, more efficient cryptocurrency by puranjay on Tuesday February 19, 2019 @01:03AM (#19196955)

Venezuela is an interesting case in the sense that it is an otherwise well-off, decently well educated country going through a crisis.

My country - India - has the world's largest number of poor. Even if these people were to get smartphones, there are already deeply entrenched players (PayTM, Google Pay) who offer free and instant transactions.

This is true for a lot of African countries as well. No reason for anyone to use a new currency when there's already M-Pesa and UPI and PayTM that use the currency they already know and trust.

[ Parent | on HN ]