VegaWallet’s co-founder believes that Dash is the ideal cryptocurrency for payments due to its instant settlement capabilities from InstantSend and ChainLocks.
Wire Transfer: 3-5 Days
Paypal: 21 days before money can be freely moved.$Dash: Instant
Tell me again how there are no real use cases for $crypto in payments ?
— ₿allou (@MrBallou) November 20, 2019
In a recent post on Twitter, Jacob Ballou, co-founder and Chief Creative Officer of cryptocurrency wallet and merchant solution VegaWallet, compared payment finalization rates between various financial services including PayPal and bank wire transfer, many of which can take as little as three days and as many as several weeks to permanently settle, against Dash, which settles permanently within a couple of seconds. Ballou elaborated that while much of this advantage is true of several other major cryptocurrencies, which he supports, Dash’s technology is uniquely suited to the instant settlement payments use case:
“This post is based off of actual real-world encounters I have had within the last 30 days. If you do not do a lot of business with PayPal/other services, then expect a long hold on your account. I can obtain a Dash wallet to receive payment or get it funded in a few clicks.
While this is true with other crypto as well, I mainly focused on Dash because it is something I deal with for payments and can personally vouch to how fast it has become. I’m a firm believer in Bitcoin and Ethereum, but everything has its use cases.”
The VegaWallet platform has been a strategic partner for Dash, first adding the coin to its platform thanks to the BitGo integration from 2018. VegaWallet also leveraged a new partnership with CoValut to advance Dash as a use case for cannabis companies.
Dash’s two-level instant settlement can prove to be a payments game changer
The combination of two separate mechanisms by Dash, InstantSend and ChainLocks, provides an extremely secure instant settlement experience for payments. InstantSend, activated by default for all transactions earlier this year, locks in transactions in under two seconds on average by a quorum of masternodes, a group of advanced and incentivized nodes. ChainLocks, also activated earlier this year, users the masternode network to lock in blocks as permanent, creating a permanent and irreversible transaction record about 2.5 minutes after sending a payment. The combination of these two features means that transactions are extremely secure within seconds, and are reliable even if one of these two security measures fails for some unforeseen reason.
Dash’s unique setup enables a host of instant settlement payment use cases, remittances for example. Recently, Mexican cryptocurrency exchange Cubobit released RemeZaZa, an exclusively Dash-powered remittance platform that allows end recipients to receive funds spendable within five minutes from initiating the payment.