Slow bitcoin transaction confirmations were crippling the company’s ability to provide a 24-hour turnaround to customers.
The company’s decision to only accept Dash reflects that cryptocurrency’s expanding use. Dash has shot from a market cap of $77 million to $1 billion. Its exclusive alliance with BitCart has fed demand for the gift card platform, with some customers making as many as five Dash orders a day.
“Dash is by far the best e-commerce token in the world and it completely solves the instant transaction and settlement problems bitcoin currently faces,” said Graham de Barra, BitCart CEO in a prepared statement. “Since we integrated Dash six weeks ago, we haven’t had a single problem. Dash is so easy to use from both a consumer and merchant perspective, and since we disabled bitcoin, demand for BitCart has gone through the roof.”
De Barra said Dash can handle a very high number of transactions, with orders being handled seamlessly. BitCart provides shoppers more than 15% savings to Amazon. The same savings will soon be added to Hotels.com.
Dash became quickly became responsible for 90% of BitCart’s orders shortly after BitCart began accepting that currency, which was the second cryptocurrency it took after bitcoin. Bitcoin orders sometimes took as long as three weeks to verify and settle.
“From a merchant’s point of view, bitcoin is extremely problematic,” de Barra said. “I had to wait three entire weeks to fill two customer orders, simply waiting on the bitcoin network to clear. Every 20 or so transactions, the platform would stop working and we would have to reintegrate the API.”
“We have a vibrant and growing community with a strong appetite for gift cards, a strong appetite for savings, and a willingness to spend in a timely and cost-effective manner,” said Daniel Diaz, Dash vice president of business development.
Dash recently joined the $1 billion market cap for cryptocurrencies. In late May, Dash reached $1.11 billion, according to data from CoinMarketCap. It was currently near the same value on June 7.
“Dash is expanding at a rapid pace as the network promotes itself in ways that are only possible in a self-funded decentralized organization,” Diaz said.
Back in January, one Dash was worth little over $11, and while its price steadily grew throughout the year, in March it skyrocketed and went past the $100 mark. The sharp increase occurred due to a combination of various factors, ranging from partnerships with banks and payment services to increase its accessibility, to the currency being offered in new exchanges such as Bitfinex.
Earlier this year, Dash released its largest software update, code named Sentinel. The update, according to the cryptocurrency’s team, would even allow it to compete with the likes of PayPal, as it featured several improvements, ranging from improved speed to a more stable and robust governance system.
Featured image from Shutterstock.
Last modified: July 13, 2020 3:12 AM UTC