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BitCash – a new cryptocurrency ecosystem developed by blockchain engineer and serial entrepreneur Christian Kassler – launched on 28 August 2018. Combining traditional fiat banking tools and stability in one, BitCash seeks to be the world’s most useable, and most used, cryptocurrency.
Today, cryptocurrencies face a litany of challenges that hinder mass adoption. From poor user experience to market volatility, cryptocurrencies have failed to induce widespread change. Many consumers and businesses question their value, considering them too complex or financially risky to use.
The team at Bitcash, however, wants to change that.
BitCash comprises two sister cryptocurrencies, BitCash (BITC) and BitCash Dollar (BITC$). Both offer the financial management and tracking tools offered by conventional banks, such as statements, description lines, and named accounts. The BitCash Dollar also provides stability through an algorithm that pegs its value to the USD. Together, they aim to make BitCash just as easy to use as fiat.
“Simplifying the user experience and stabilising value are key milestones on the road to mass adoption” argues core developer Christian Kassler.
Rather than replacing the fiat banking system completely, BitCash augments it. The BitCash team has combined the convenience and familiarity of fiat banking with the benefits of blockchain – something that cryptocurrencies, in general, have failed to deliver.
“If I want to buy cryptocurrency,” says Christian, “I have to pick from a confusing selection of wallets, navigate complicated exchanges, find sellers at the right price – and that’s before I’ve even bought anything. When I do buy, a fall in prices could leave me or a vendor I’ve paid out of pocket. And, if I want to manage my crypto finances, I have to maintain a spreadsheet of all my transactions. It’s a nightmare for users and even worse for businesses.”
From transaction descriptions to named accounts, recurring payments to monthly statements, BitCash includes many familiar features to reassure those used to fiat. But perhaps BitCash’s most revolutionary feature is BitCash Stable – the mechanism that pegs BitCash Dollar to the USD.
Market volatility has weakened optimism of cryptocurrencies ever replacing fiat. Prices fluctuate wildly, adding financial risk to every transaction. However, with BitCash Stable, the value of the BitCash Dollar is collateralised by the supply of BitCash. In other words, the supply of BitCash changes to maintain the BitCash Dollar at a 1:1 ratio with the USD.
“With BitCash Stable, you can protect the value of BitCash by converting it to BitCash Dollars right inside the wallet,” says Christian. “Since BitCash Dollars are a cryptocurrency, they’re free to move to anyone, anywhere in the world, for next to nothing. It dramatically cuts the time and cost of payments, remittances, and international money transfers – not even PayPal can do what we can do with BitCash Stable.”
Cryptocurrencies have a long way to go before reaching mass adoption. BitCash, however, with its focus on utility and customers, seems poised to lead the race.
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