Tim Draper has stated that he believes we need a world currency, and a cryptocurrency may be perfect for that role.
Draper, a VC investor and founder of Draper Fisher Jurvetson, realized that “the world needs this new kind of currency” after cryptocurrency survived and surpassed the price lows of the 2014 collapse of the biggest Bitcoin exchange, Mt. Gox. Draper got into Bitcoin as an early adopter and has only become more confident in cryptocurrency over the years. Draper supported his crypto world currency argument by emphasizing that cryptocurrency helps the unbanked, which currently amounts to 2 billion people. He said that banks will push away anyone that wants to put $20 into an account because it will cost them $200 a year in regulations to maintain.
When asked about the upside, Draper said that the world market for currency is $86 trillion and he thinks that a very large portion will be crypto in the future and he is very excited for the innovation occurring because of crypto. To become a world currency, specific consumer needs must be satisfied.
World currency needs to be fast and reliable digital cash
To become a world currency and serve the banked and unbanked, a currency needs to fulfill certain functionality. Cryptocurrency needs to be inexpensive to use and fast in everyday small transactions. Dash, for example, has many of its transactions below one cent, which places it among the cheapest cryptocurrencies to use. Dash transactions also typically take less than a couple minutes to confirm, with InstantSend taking around 1-3 seconds to confirm. These two properties paired together allow Dash to be used in daily activities by both the banked and unbanked around the world.
A world currency also needs to be adaptive and reliable to maintain its value. Dash goes even further by not only having a strong development community, but also a governance and treasury system, which establishes many possible operational systems to solve any unseen complications that can arise in the future. Dash is well-positioned to supplement volunteer developers with paid developers to ensure the exceptional performance of the chain. Dash is also ideally positioned to decrease volatility and thus safeguard its value further. These features offer security and peace of mind, which allows Dash to go above and beyond competition to achieve what Draper had in mind for the world.
Dash taking steps to become a world currency
Dash is on its way to become a major global payment network, evidenced by its many advancements just over the past few months. Dash was able to efficiently and smoothly upgrade the network to two megabyte blocks last fall, which is more than can be said for other cryptocurrencies that are constantly encountering forks. Dash masternodes have reached a new all time high further ensuring confidence in the network. Dash was recently added to Paybear (a merchant solution for cyrpto payments), to GODEX (an instant exchange), to Bitrefill (a popular mobile refill provider), and expanded merchant integration initiatives in the UK. Dash has been reaching out to the unbanked in Nigeria and Ghana since last year and recently expanded to neighboring Cameroon. In Venezuela, more than 80 merchants have added Dash payments along with the Dash conferences seeing in excess of 2,200 attendees. In addition, Dash continues to add more integrations and partners with 20 in January alone.