A Morgan Stanley survey revealed that Bitcoin was “accepted at only four of the top 500 online merchants in the March quarter” and “adoption remained unchanged”.
The report mentioned how there has been no “notable acceptance among larger merchants, with the exception of Overstock.” James Faucette, one of the analysts behind the report, however, did mention that they “recognize that a number of cryptocurrencies may be better designed for payment functionality, like Dash and Litecoin.” The report went on to discuss the various market share trends of the major payment processors.
The report was still significant in that it recognized the difference between Bitcoin and other cryptocurrencies and how each have unique attributes that set them apart from one another. A sign of wider acceptance of cryptocurrency since all coins are not being lumped into one category with a single attribute.
Dash is being used in New Hampshire, US and Venezuela
While many may assume that since cryptocurrencies originate online that their only ecosystem would be online transactions, this would be a wrong assumption. New Hampshire, located in the US, and Venezuela provide excellent proof that a significant and increasing share of cryptocurrency transactions are occurring offline.
In New Hampshire, one can walk along the quaint New England sidewalks of Portsmouth next to the ocean inlet and stop in any number of stores to spend Dash. The first stop would instinctively be The Free State Bitcoin Shoppe to buy some cryptocurrency paraphernalia, educational material, and get a local map of merchants that accept Dash. The next stop could be some shops to buy clothes or other souvenirs. After that, check out a show at the local theater. Finally, the tour can end with a visit to numerous restaurants to fill an exhausted stomach will delectable local cuisine – all paid in Dash, of course. Not to even mention the number of shops that take Dash in the state’s largest city, Manchester, or in the other crypto hub of Keene. This is all on top of the numerous individuals throughout the state that will typically exchange goods and services for Dash and agree to a price on a case by case basis.
In Venezuela, one must forgive the author for his lack of detailed local expertise, but can nevertheless have a lively time spending Dash. A country ravaged by an annual inflation of over 6,000%, Dash provides a much needed respite for spending and saving income. Starting with the ever expanding Dash Caracus Conferences, there will be a chance to meet hundreds and even thousands of other Dash users in the local area. Before even getting to the conference, meals can be had at restaurants and paid for in Dash. The driver connecting the destinations can also be paid in Dash. Back at the conference, the Dash City (Ciudad Dash) pops up to allow numerous local merchants to trade their goods and services for Dash. Soon, there could even be a “Dash Mall” with 250 Dash accepting merchants. The GetFreeDash project is a large initiative to give out free Dash and is focusing on Venezuela due to the likelihood of its citizens to use Dash to exchange for goods and services.
The world and the internet is a big place, but Dash is carving out its home
Dash may not have adoption numbers to compete with the likes of Paypal, Visa, and Mastercard, yet Dash is finding quick adoption among a select group. Cryptocurrencies are a new technology and as with all new technologies, there is an adoption curve. Early adopters, who share traits of being adventurous, risk-taking, and are usually minimal in overall numbers are drawn to Dash over other cryptocurrencies because of its unique value proposition. Dash, with its combination of miners, masternodes, and treasury fund provides a reliable cryptocurrency that has been able to upgrade efficiently in the past, maintain low transaction costs and fast transaction times, keep the development flow going, and adapt to the wishes of its users.
The early adopters of Dash are drawn to not only the security Dash offers as a cryptocurrency, but also its demonstrated ability to adapt to change and handle future problems that could arise. These early adopters reside in concentrated numbers across New Hampshire and Venezuela, but are located all over the world. As Dash enhances its value proposition and early adopters demonstrate the benefits of using Dash, others will follow and only then will overall merchant and user adoption of Dash increase to compete with the likes of Paypal, Visa, Mastercard, and the rest.