A problem that has plagued cryptocurrency users (and traders specifically) since the inception of the space is deposits and withdrawals to and from exchanges taking a very long time. In a space where prices, opportunities and more can disappear or appear in mere minutes waiting for a deposit or withdrawal for hours is no longer viable. Waiting for 6 confirmations on your Bitcoin deposit might take hours, by then the market could have massively changed. That is where FastPass comes in as a great solution to this issue using Dash’s near instant transactions and finality with InstantSend and Chainlocks.
What is FastPass?
In simple terms, FastPass is essentially a “badge of credibility” that is given to platforms that support Dash’s advanced features such as InstantSend in order to encourage more platforms to adopt these unique features. For example, Coinbase Pro is a well-known exchange that allows Dash FastPass, this means that traders are able to deposit and withdraw funds from the exchange using Dash in mere seconds compared to waiting minutes or even hours with other cryptocurrencies or regular Dash transactions. As such it should come as no surprise that such an advantage would be very favourable to traders and general users who wish to move funds around very quickly. Due to the efforts done by Dash supporters and developers alike, more and more services are offering FastPass capabilities over time, especially that it will grow exponentially the more platforms join in. As such, FastPass already supports an expanding list of top-tier exchanges and industry’s leading cryptocurrency services, which provide an array of tools to traders like margin trading, OTC, trading bots, analytics, lending, and more.
How will it benefit Dash?
FastPass essentially allows Dash to actually fulfil its original vision of being Digital Cash, if you are able to send your Dash to a large number of services in seconds for near 0 fees to transact and trade that is the very definition of digital cash. This will give an advantage to Dash not found in other cryptocurrencies which is going to not only increase adoption but also show the benefits of Dash to a wider range of cryptocurrency users in an actual real-world use-case. As such, this is bound to boost the popularity of Dash and cement its importance in the cryptocurrency space like other projects have been able to in the past. And with the increased number of users this will benefit all other community members as liquidity and volume increase on exchanges and Dash miners who are the backbone of the network get more fees for their work.
The future of FastPass
Now that we have looked at what FastPass has done and is doing, it is also just as important to see what it will do in the future. And in that front FastPass will work with these partners to provide the entire cryptocurrency community with highly useful information, statistics, analysis and more on Dash. For example, using these integrations a knowledgebase might be built to allows beginners to understand Dash better, or even traders to find patterns and trade opportunities faster. Even enthusiasts would benefit from these integrations as it might bring them increased convenience when using or staking Dash, lowering the bar of entry into the ecosystem. Overall, this paints a very bright future for Dash where it truly shines as a unique project in the space and will attract many new users who are interested in these features.
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