Digibyte (DGB) has shown a level of understanding of the future of Cryptocurrency with its widespread charity campaign in troubled Venezuela. The South American country is currently embroiled in serious economic crises.
The country fiat currency the Bolivar has lost value and the country inflation has risen to up to 1 million percent. However, Digibyte is making a movement to enlighten the masses on the idea of cryptos and how to utilize the potentials.
Impact of Digibyte campaign
Digibyte community launched a campaign last month to help thousands in Venezuela and has over the past month made large DGB funds available to pursue humanitarian aids. This has apparently pushed the popularity of the digital coin in Venezuela.
This movement by Digibyte has proven to many skeptics the value that cryptocurrencies bring as they tend to cross carpet government-issued currencies over time.
Venezuela has been opened to the idea of cryptocurrency as a life saver.
Although the economic crises is not expected to last forever, it has proven that cryptos are the future of currencies no matter how long it they are ignored. There have been several reports of persons stocking up Digibyte as security for emergency situations in the country.
Since many mainstream business analysts have over the past claimed that digital coins are untenable, this could indicate a change in mindset.
The situation in Venezuela have shown that masses have to understand the concept of cryptocurrency before they can buy into it.
An initiative in changing the general concept of cryptocurrency
There have always been this misconception of cryptocurrency as a risky or gamble like investment among many which Digibyte seeks to change.
The 2017 boom of digital currencies brought public awareness to the concept of cryptos.
However, the subsequent crash in the value of major coins led to a widespread distrust in cryptos and has seen a steady decline of interest in Blockchain technology.
As seen by the latest infographics from Google on search trends.
Digibyte foray into Venezuela gives it an edge in the country’s financial system which could lead to an increase in value in the country.
Venezuela today announced that a new currency would be placed in circulation pegged to the nation’s crypto petro.
How Digibyte could become the major transaction crypto in Venezuela
Petro is an emerging crypto which essentially depends on Digibyte technology meaning that DGB could essentially become the major payment means in the country. This development will be unprecedented in the history of cryptocurrency.
Though there are fears if this currency revolution would be sustainable in the long term as Venezuela is an oil-based economy. Digibyte has always been renowned for its reputation as one of the most secure, fast and reliable digital coin for daily transactions.
So it should be able to handle this massive influx of transactions which would reflect positively on the on the crypto over time with an increase in value. This would also reduce the strain on the failing government financial institutions to meet up with currency demands.
About Digibyte (DGB)
Digibyte has undergone a renaissance in the past year having suffered various slumps over the years. The crypto founded in 2014 by Jared Tate has failed to break into the top echelons of the crypto market despite its longevity.
Digibyte should be one of the best cryptocurrency as it gives remarkable speed, security and has never been hacked. But the laid back approach and lack of substantial whitepaper by the company has seen it lag behind as other cryptos have overtaken it in the market.
However last year was a good year for DigiByte particularly in December when the value went up 120% in 12 hours creating headlines globally. Though this has not really been sustained, there is still hope digicoin will become more respected in the crypto space.
Digibyte still remains a distant 34th most valuable cryptocurrency according to Coinmarketcap with a market capitalization of £413 million. This is despite the 10 billion DBG currently in circulation it would take a drastic change in strategy to break into the top 10 digital coins.
Impact of Digibyte campaign on the future of Blockchain tech
It had been suggested by some quarters that Digibyte needed a significant government or nation backing to achieve progress. This Venezuela campaign has struck the right notes and would be an excellent platform to build on for the cryptocurrency.
This campaign in Venezuela could signal a change of approach from crypto companies that could usher an exciting era of Digital currencies. Before then, there is possibility it becomes a government-supported coin.