Earlier this week, ZIMBOCASH a local decentralised cryptocurrency- listed their token ZASH on Bithumb Global (a cryptocurrency exchange headquartered in South Korea).
In marketing material, ZIMBOCASH is marketing the ZASH token as a replacement alternative to Zimbabwes flailing Zimbabwe Dollar. A total of 4.5 billion ZASH tokens have been created with 950 million currently in circulation.
The Zimbabwe dollar was already collapsing with 500% inflation, before this crisis dealt a debilitating blow. We believe that ZIMBOCASH is perfectly positioned to solve this problem by fixing the amount of money in the country using blockchain technology. Our aim is to provide sound-money.
I believe Philips comments about ZIMBOCASH being perfectly positioned to solve the Zimbabwes economic turmoil are a bit premature. We reached out to ZIMBOCASH to understand where Zimbos in possession of the ZASH token will be able to use it and Philip explained to me that they are developing that network and expect organic use of the ZASH network to grow as the currency environment deteriorates in the country.
For ZIMBOCASH, listing with Bithumb offers the digital currency an opportunity to start making the ZASH token more valuable;
Our first step in establishing value is in getting it listed on an international exchange (Bithumb Global), where there is a market of buyers and sellers. On the basis that there is value derived from a market price it can become something that is used in trade
It is important to note however that Bithumb the exchange in question has been hacked a number of times;
A concern I had after going through ZIMBOCASHs marketing material was how they were going to communicate the concept of digital currencies to the ordinary Zimbabwean something theyll have to do if ZASH is to become a compelling alternative to the Zim dollar.
Philip explained that they have been doing some work on that front but believes ultimately the pain that people experience in a collapsing monetary system will cause people to naturally find alternatives that work.
Right now the clearest incentive to get the token is the fact upon signing up for the token youll get 3125 tokens. The issue with that is the value of those tokens will depend largely on the network in which you can use them. If theres nowhere to use them 3 or 4 months down the line are they valuable?
The elephant in the crypto-shaped room has been regulation or lack thereof. Interested parties would want to know what guarantees there are that the tokens would be safe. If they get the token, will ZIMBOCASH turn out to be another Golix? The expectation is that it wont be a problem since they are currently not regulated locally and not making use of local banks at the moment:
We are not operating through the banking system in Zimbabwe. There is no cash-out or cashin. Zimbabweans are allocated the token directly by signing up at our websitewww.zimbo.cash. There is no charge for signing up. It is similar to signing up for Facebook.
For those who have fears regarding volatility, Philip explained that volatility is to be expected with any currency however they belive that as their network grows stability will increase alongside;
There may be volatility in the price however, all currencies have some level of volatility. Ultimately, as a network of scale grows, the price is likely to become more stable. This is why a reference price on a market is used in trade.
However, with Zimbabwean history, people are used to changing their prices to the market rate. With the current system, people need to mark their prices to a market rate regularly. Our concern isnt what the price will be our concern is that thereisa price. If we get a price, we would have added value to a whole lot of Zimbabweans who have been allocatedZIMBOCASH, who can use it in daily trade.
That has been one of the biggest knocks when it comes to cryptocurrencies. The lack of centralisation seems to come at the price of security and accountability when things go wrong.
At the time of writing ZASH is being distributed solely via internet channels (Bithumb and the ZIMBOCASH website). If ZIMBOCASH is to realize their dream of dethroning the ZW$ as the local currency thats another aspect theyll have to improve to ensure that the Zimbabweans who arent on the internet are also included among those who can transact.
Once you have the currency where will you be able to use it? Right now beyond trading, your options are limited at the time being. In future, ZIMBOCASH will be more useful;
Ultimately, we would like to see people being able to pay for imports denominated inZIMBOCASH. This last step would require a very liquid international exchange where there isnt price slippage when there is acash-out. This is something that needs to develop over time.
Update: An earlier version of this article claimed that ZIMBOCASH was looking to replace the ZW$. This was inaccurate and the intention of ZIMBOCASH is to offer an alternative, NOT a replacement. We apologise to ZIMBOCASH and our readers for the misinterpretation.
If anything goes wrong, click here to enter your query.
See more here:
ZIMBOCASH Lists Cryptocurrency Token, Wants To Be Alternative To ZW$ - Technology Zimbabwe
- MIT-educated brothers accused of stealing $25 million in cryptocurrency in 12 seconds in Ethereum blockchain scheme - CBS News - May 15th, 2024 [May 15th, 2024]
- DOJ Charges 2 Brothers With Scheme to Steal Cryptocurrency - PYMNTS.com - May 15th, 2024 [May 15th, 2024]
- US charges two brothers with novel $25 million cryptocurrency heist - AOL - May 15th, 2024 [May 15th, 2024]
- MIT-educated brothers allegedly stole $25M in crypto in just 12 seconds - New York Post - May 15th, 2024 [May 15th, 2024]
- DOJ charges 2 brothers tied to $25M attack on MEV bots last year - Blockworks - May 15th, 2024 [May 15th, 2024]
- Brothers indicted for 'first-of-its-kind' cryptocurrency heist - Courthouse News Service - May 15th, 2024 [May 15th, 2024]
- The Ultimate Cryptocurrency to Buy With $1,000 - The Motley Fool - May 15th, 2024 [May 15th, 2024]
- Sonne Finance developers offer bounty to hacker behind $20 million crypto theft - The Record from Recorded Future News - May 15th, 2024 [May 15th, 2024]
- Brothers indicted over $25 million Ethereum cryptocurrency theft: DOJ - FOX 10 News Phoenix - May 15th, 2024 [May 15th, 2024]
- Cryptocurrency Price on May 15: Bitcoin dips below $62k ahead of US inflation report today - The Economic Times - May 15th, 2024 [May 15th, 2024]
- $100 Trillion Market Cap For Cryptocurrency Will Be a Reality: Analyst - Watcher Guru - May 15th, 2024 [May 15th, 2024]
- This Week in Web3: Crypto Payment Rails and Regulatory Clarity - PYMNTS.com - May 15th, 2024 [May 15th, 2024]
- Unveiling Fourprime Token Where Innovation Meets Cryptocurrency Revolution - AccessWire - May 15th, 2024 [May 15th, 2024]
- Binance: A Comprehensive Overview of The World's Leading Cryptocurrency Exchange - Blockchain.News - May 15th, 2024 [May 15th, 2024]
- Cryptocurrency Likely to Resume Rally: 4 Stocks Set to Gain - Yahoo Finance - May 15th, 2024 [May 15th, 2024]
- Cryptocurrency: Mass Institutional Adoption Underway, with Bitcoin, BlockDAG Network, and Ethereum Value Surge - Yahoo Finance - May 15th, 2024 [May 15th, 2024]
- The Ultimate Cryptocurrency to Buy With $1,000 - sharewise - May 15th, 2024 [May 15th, 2024]
- Two Brothers Arrested for Attacking Ethereum Blockchain And Stealing $25M In Cryptocurrency - Eurasia Review - May 15th, 2024 [May 15th, 2024]
- 3 Potentially Brutal Cryptocurrency Risks That Most Investors Simply Aren't Ready For - The Motley Fool - May 15th, 2024 [May 15th, 2024]
- Crypto customer scammed in alleged HK$1 million hell money scheme in Hong Kong - South China Morning Post - May 15th, 2024 [May 15th, 2024]
- Brothers accused of stealing $25 million in cryptocurrency in 12 seconds - MSN - May 15th, 2024 [May 15th, 2024]
- Solana (SOL) Price Prediction 2024,2025 And 2030 Forbes Advisor INDIA - Forbes - May 15th, 2024 [May 15th, 2024]
- Cryptocurrency Warning: Avoid These 3 Failing Names - InvestorPlace - May 15th, 2024 [May 15th, 2024]
- Top 3 Cryptocurrency to Invest Now According to Reddit: Bitcoin, Ethereum, Furrever Token - Yahoo Finance - May 15th, 2024 [May 15th, 2024]
- Two Brothers Educated In Prestigious University Stole Cryptocurrency Worth $25 Million In 12 Seconds, Feds Allege - Daily Caller - May 15th, 2024 [May 15th, 2024]
- 6 Altcoins To Consider Buying For The Next Bull Run In 2024 - Forbes - May 15th, 2024 [May 15th, 2024]
- US charges two brothers with novel $25 million cryptocurrency heist - ThePrint - May 15th, 2024 [May 15th, 2024]
- Bitcoin Just Did Something It Has Only Done 3 Times Before. The Cryptocurrency Usually Does This Next. - The Motley Fool - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Market News: Bitcoin Halving Steadies Price, Network Transaction Fees Spike - Investopedia - April 25th, 2024 [April 25th, 2024]
- Bitcoin Just Did Something It Has Only Done 3 Times Before. The Cryptocurrency Usually Does This Next. - Yahoo Finance - April 25th, 2024 [April 25th, 2024]
- 10 Best Cryptocurrencies To Buy In April 2024 - Forbes - April 25th, 2024 [April 25th, 2024]
- Movement Labs raises $38 million to build layer 2 blockchain on Ethereum with Facebook tech - Fortune - April 25th, 2024 [April 25th, 2024]
- Cardano Founder Charles Hoskinson Reiterates Core Purpose of Cryptocurrency Here's What You Need to Know - Cryptonews - April 25th, 2024 [April 25th, 2024]
- From Cryptocurrency to Cannabis: 7 Penny Stocks on the Rise - InvestorPlace - April 25th, 2024 [April 25th, 2024]
- South Carolina: Cryptocurrency scams on the rise in Upstate - WYFF4 Greenville - April 25th, 2024 [April 25th, 2024]
- Binance BNB Memecoin Traders Join 100X New Cryptocurrency On Uniswap - Yahoo Finance - April 25th, 2024 [April 25th, 2024]
- The Future of Real Estate: Investing in Tokenized Properties with Cryptocurrency - ForexLive - April 25th, 2024 [April 25th, 2024]
- The Current Position with Cryptocurrency Regulation in the United States - Latest Cryptocurrency Prices & Articles - April 25th, 2024 [April 25th, 2024]
- 3 Must-Know Facts About Ethereum, Before You Buy the Cryptocurrency - The Motley Fool - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency: 3 Meme Coins To Watch In May for Exponential Gains - Watcher Guru - April 25th, 2024 [April 25th, 2024]
- EOS Falls 14% In Bearish Trade By Investing.com - Investing.com - April 25th, 2024 [April 25th, 2024]
- The UItimate Cryptocurrency to Buy With $1,000 Today - The Motley Fool - April 25th, 2024 [April 25th, 2024]
- Romance scams involving AI images, cryptocurrency on the rise in Chicago - CBS Chicago - April 25th, 2024 [April 25th, 2024]
- Bitcoin Halving Event Of 2024: The Aftermath Forbes Advisor Australia - Forbes - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Ethereum Classic Down More Than 4% Within 24 hours - Benzinga - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency: Top 3 Coins To Buy Now For 10X Gains In 2024 - Watcher Guru - April 25th, 2024 [April 25th, 2024]
- What's going to be different with the halving of Bitcoin this time? - Euronews - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency OKB Decreases More Than 3% Within 24 hours - Benzinga - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency OKB Decreases More Than 3% Within 24 hours - Investing.com UK - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Kaspa Falls More Than 3% In 24 hours - Benzinga - April 25th, 2024 [April 25th, 2024]
- BRICS To Replace US Dollar With Cryptocurrency for Trade - Watcher Guru - April 25th, 2024 [April 25th, 2024]
- Bitcoin Halving Sparks Unprecedented Transformation in Cryptocurrency Market - West Island Blog - April 25th, 2024 [April 25th, 2024]
- Influential Analyst on YouTube Shares High-Potential Cryptocurrency That Could Beat Shiba Inu (SHIB) and Dogecoin (DOGE) Gains in This Bull Run -... - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Uniswap Up More Than 3% In 24 hours By Benzinga - Investing.com UK - April 25th, 2024 [April 25th, 2024]
- Bitcoin is halving again what does that mean for the cryptocurrency and the market? - The Conversation - April 25th, 2024 [April 25th, 2024]
- Cryptocurrency Ethereum Classic Down More Than 4% Within 24 hours By Benzinga - Investing.com UK - April 25th, 2024 [April 25th, 2024]
- RackNerd Expands Cryptocurrency Payment Options with Coinify Integration, Accepting Over 30 Cryptocurrencies - PR Web - April 25th, 2024 [April 25th, 2024]
- What Meltdown? Crypto Comes Roaring Back in the Philippines. - The New York Times - March 18th, 2024 [March 18th, 2024]
- Chinas cryptocurrency investors made gains of US$1 billion in 2023 - South China Morning Post - March 18th, 2024 [March 18th, 2024]
- 1 Super Cryptocurrency Could Soar to $200,000 by 2025, According to a Wall Street Analyst - The Motley Fool - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency Miners Need to Report their Energy Use - Earthjustice - March 18th, 2024 [March 18th, 2024]
- Understanding the Fundamental Differences Between Cryptocurrency and Fiat Currency - FinSMEs - March 18th, 2024 [March 18th, 2024]
- SOL Flips BNB, Becoming 4th Largest Cryptocurrency as Ethereum Becomes Next Target - CCN.com - March 18th, 2024 [March 18th, 2024]
- Prosecutors seek from 40 to 50 years in prison for Sam Bankman-Fried for cryptocurrency fraud - The Associated Press - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency: 3 Meme Coins That Could 15x This Bull Season - Watcher Guru - March 18th, 2024 [March 18th, 2024]
- Can the Bitcoin surge push India to overcome its cryptocurrency hurdles? - The National - March 18th, 2024 [March 18th, 2024]
- The Ultimate Cryptocurrency to Buy With $1,000 Today - Yahoo Finance - March 18th, 2024 [March 18th, 2024]
- Cryptocurrency laundryman gets hung out to dry - The Register - March 18th, 2024 [March 18th, 2024]
- Bitcoin price predictions: How much more could it rise in 2024? - Euronews - March 18th, 2024 [March 18th, 2024]
- Shiba Inu Is Skyrocketing: Is It a Top Cryptocurrency to Buy Right Now? - Yahoo Finance - March 18th, 2024 [March 18th, 2024]
- 1 Top Cryptocurrency to Buy Before It Soars 1,328%, According to Cathie Wood of Ark Invest - The Motley Fool - March 18th, 2024 [March 18th, 2024]
- The other Bitcoin rally: How scams are cashing in on the cryptocurrency fever - EL PAS USA - March 18th, 2024 [March 18th, 2024]
- Kalshi Prediction Market To Introduce Cryptocurrency Betting (Payouts In USD) - Blockchain Magazine - March 18th, 2024 [March 18th, 2024]
- Bitcoin Hits Record $72,000, Emboldening Crypto Industry - The New York Times - March 18th, 2024 [March 18th, 2024]
- Solana (SOL) Flips BNB to Become 4th Largest Cryptocurrency - Watcher Guru - March 18th, 2024 [March 18th, 2024]
- Predicting which Cryptocurrency will Boom in 2024 - ForexLive - March 18th, 2024 [March 18th, 2024]
- Nigeria's Cryptocurrency Crackdown Will Have Consequences, Experts Say - Voice of America - VOA News - March 18th, 2024 [March 18th, 2024]
- Crypto ETN providers head for UK but urge rethink on retail ban - Financial Times - March 18th, 2024 [March 18th, 2024]
- Trump Signals Positive Stance on Cryptocurrency If Elected to the White House - Yahoo Finance - March 18th, 2024 [March 18th, 2024]
- Bitcoin Bulls vs. Bubble Bears: A Cryptocurrency Clash - Crypto Times - March 18th, 2024 [March 18th, 2024]