There is an interesting video on YouTube showing Venezuelan children transacting in Digibyte (DGB). While this video may not be that much of a big deal, it could mark a transition in the mindset of how people view Digibyte, and help in its adoption. At the moment, almost everyone holding Digibyte, like every other crypto, is a HODLER. Everyone is holding hoping that Digibyte or any other cypto for that matter will make them rich at a future date.
Unfortunately, this mindset simply means that most coins that aim to be used as everyday currency will never achieve that end. For a crypto that is designed to be a currency to work as a currency, people have to actually use it in making payments. HODLing will only keep prices volatile, further pushing away businesses that would be looking to accept cryptos. No business will accept a currency that can lose half its value in an instant.
It simply doesn’t make business sense. As such, any crypto that has people willing to spend it rather than just HODL is actually a plus, and on that front, Digibyte is showing some positive progress. It may be at a small level, but it could go a long way in changing mindsets in the long-run.
The only other crypto that seems to be making moves in a similar direction is Litecoin (LTC). Thanks to the #PaywithLitecoin campaign, Litecoin has seen its usage grow, albeit slowly, beyond the normal crypto HODLing. Services like Lite.im could see people start exchanging Litecoin (LTC) even more, through SMS, and this will greatly add to its usage in everyday business. Increased spending may not lead to an instant jump in price, but it can create long-term price stability that makes it possible for businesses to accept cryptos as currencies, without the fear of price volatility.
If that usage of cryptos as currencies doesn’t gain traction, then it is cryptos that have a use-case outside of payments that look set to thrive in the long-run. In such a scenario, Digibyte (DGB) still emerges a winner. That’s because Digibyte has a strong use-case in cybersecurity. With IoT set to be an integral part of the 4th industrial revolution, security will be critical for machine-machine communication, and DGB stands the best chance of securing them, given that it has unrivalled security features in blockchain.
The multi-faceted use-case of Digibyte (DGB) is therefore, a huge asset for its growth in the long-run. While it stands to grow faster in faster in cyber security than as a currency are very high, achieving both will see its value skyrocket. It could end up in the top 10 on coin market cap. At the moment, Digibyte (DGB) is up a few positions and is now at the 30th spot. How fast it will push higher? Only time will tell, but its sure going up. Venezuela could mark the beginning of the adoption of DGB as a currency, and this could quickly spread to other countries with volatile currencies.