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The world financial system processes trillions of dollars every day. Yet, much of the infrastructure enabling these transactions is decades old. It's inefficient, expensive, and unfit for the demands of 21st century.
Blockchain has spawned a better way of exchanging digital value. One that promises speed, efficiency, and security in one package: cryptocurrency.
Why, then, have cryptocurrencies failed to reach mass adoption?
The answer is simple: usability and price volatility.
Spending, managing, and accepting cryptocurrency is still prohibitively difficult for most consumers and businesses. Cryptocurrencies are too volatile. Too complex. At the same time, criminal misuse has led many countries to restrict or ban them altogether.
To reach mass adoption, we need to create the world's most usable cryptocurrency. One that combines the convenience and stability of fiat banking with blockchain benefits, while also deterring bad actors.
That cryptocurrency is BitCash.
What is BitCash?
BitCash combines the power of blockchain with the features of traditional banking to create the world's most useable cryptocurrency.
Whether you're a consumer or a business, BitCash offers you the financial management tools you need to reap blockchain's rewards without sacrificing the familiar. Think descriptions for every transaction, nicknames for addresses, monthly statements, and full accountancy software integration. All underwritten with blockchain certainty.
BitCash comprises two cryptocurrencies: BitCash (BITC) and the BitCash Dollar (BITC$). While BitCash and BitCash Dollar are separate cryptocurrencies, they are intrinsically linked. Their relationship is similar to the use of gold for collateralisation of paper money. In simple terms, BitCash is the collateral for BitCash Dollar.
Together they form an ecosystem that bridges the gap between fiat and cryptocurrency, providing the tools and stability required for mass adoption.
The BitCash Dollar also gives you a safe haven to store value when BitCash prices fluctuate. This makes it easy to send money, pay or receive payment, or protect value at times of market or economic volatility. The supply of BitCash will fluctuate, however BitCash Dollars always retain the value at which you bought them.
The BitCash wallet integrates both cryptocurrencies and allows anyone, regardless of their technical expertise, to transact BitCash and the BitCash Dollar in a safe, private, and secure manner for both business and personal payments.
Why choose BitCash?
The aim of BitCash is to become the world's most usable, and most used, cryptocurrency. It is therefore designed to put the power of the blockchain into the hands of as many people as possible.
Where other cryptocurrencies aim to replace the world financial system, BitCash works to enhance it. BitCash delivers a faster, cheaper, and easier way of transferring value without asking you to adopt an entirely new financial management system.
Here are some of BitCash's best features:
BitCash Stable addresses the problem of price volatility when sending money to a third party, paying retailers, or storing value. BitCash Stable secures the value of BitCash for the short, medium, and long term, making it easier to integrate into the financial system.
If, for example, you pay someone in BitCash (or any cryptocurrency for that matter), they must accept the risk that its value might fall before they can convert it to local currency. Few people would accept such risk, even if it was faster, cheaper, and safer than PayPal or wire transfer.
The same applies to online retailers. When accepting BitCash, they must immediately convert it or risk it losing value. Instant conversion might not be a problem for one-off transactions, but when it reaches ten, twenty, a hundred, or more, it becomes very time-consuming, costly, and risky.
You want to maintain the value of your long-term cryptocurrency holdings, too. In the physical world, investors usually turn to gold as a secure store of value, but in the cryptocurrency world, there really isn't a reliable stable cryptocurrency
that doesn't rely on third parties.
With the new BitCash stable feature, there are now two currencies stored on the blockchain, BitCash and the BitCash Dollar. There are also two currency accounts in the wallet.
So how does this actually work?
Say as of 1 January 2019 the price per BitCash is US$0.10, and on this day you send 5,000 BitCash to your BitCash Dollar account. At that time, you will immediately have 500 BitCash Dollars in your BitCash Dollar account with a value of US$500. You can keep the 500 BitCash Dollars for as long as you want and they will never change in value.
Now assume the date is now 10 January 2019 and the price per BitCash coin has dropped to US$0.05. If you were to then convert the BitCash Dollars (still worth US$500) into BitCash, you would get 10,000 BitCash. So, the amount in BitCash is now 10,000 instead of 5,000, but the value in BitCash Dollars is still US$500.
So when you hold your money in a BitCash Dollar account, the value will always remain the same. Keep in mind, you can send the money from one BitCash Dollar account to another BitCash Dollar account. You can also make payments in BitCash Dollars directly and there will be no price risk for the merchant.
The benefits of this feature are groundbreaking. With the BitCash Stable feature, you can send US$1,000 to someone across the globe and they would receive it in less than a minute with minimal fees , no conversion fees on each end, no middle man, no hefty transaction fees for both parties, and no having to wait days for funds to clear. Not even Paypal can do this.
Also, if you're running an online store, you can now accept BitCash without having to sell instantly, but instead hold the coins in your BitCash Dollar account until you're ready to sell. This will help entice more online merchants to accept BitCash and/or BitCash Dollars.
Send coins via Twitter, Instagram, and Twitch
You can send BitCash to anyone on Twitter using only their Twitter handle. Gone are the days of having to send and receive complex cryptocurrency addresses just to send someone cryptocurrency – and even though BitCash already has easy to use nicknames, we've taken it a step further so now all you need is anyone's Twitter handle and you can instantly send them BitCash.
The community's goal with BitCash as we've communicated consistently is mass adoption and ease of use. We feel that this takes BitCash a step further in making it seamless for anyone to send and receive cryptocurrency in seconds.
Want to tip your favourite Twitter celebrity? Maybe accept payment for a retweet to your followers, or even run a competition on Twitter. The potential is only limited by your creativity and we're excited to see what the community does with this new feature.
How does it work?
The Twitter feature allows users to easily send BitCash to any Twitter account by simply inserting the receiver's twitter handle in the recipient section in the new BitCash wallet.
The BitCash wallet will then create a link that you can post on twitter or send it to the receiver by email, chat, or any other medium. Only the receiver (the owner of the twitter account) will be able to claim the coins. If someone else tries to click on the link, they won't be able to access the coins. Only the intended receiver can ever access those particular coins, and importantly, they don't need a BitCash wallet.
This feature will allows others on twitter to see you giving the coins away if you post the link as a new tweet tagging the receiver or if you comment on the receiver's tweets, which will increase awareness of the BitCash project.
We encourage the BitCash community to leverage this exciting feature and post their links on Twitter to increase BitCash exposure.
Name your cryptocurrency accounts
You know those long, hashed addresses you need to send and receive cryptocurrency? Not exactly user-friendly, are they? If you're new to crypto, the sheer obscurity of it might put you off.
BitCash uses an account nickname system on top of the blockchain that simplifies payments to readable, recognizable, and memorable names. This makes it far easier to know who you're paying, and makes payments and receipts easier to track.
The next step towards world-wide adoption is increasing usability for merchants and retailers. Businesses can use company names instead of hashes to accept payments, which again, simplifies trade for both parties.
Send cryptocurrency to anyone
Through the BitCash wallet, you are able to send BitCash coins (or BitCash Dollars) to anyone around the world through all kinds of mediums, including email, chat, SMS, and social media even if the recipient doesn't have a BitCash wallet themselves. This makes it easy to send money to friends and family, or to pay your bills.
Get descriptions for every transaction
Cryptocurrencies don't provide a record of your credits and debits, making it extremely hard to track your spend. Not only does this make budgeting virtually impossible (you'd have to do it manually or buy software that does it for you), but it risks fraud going unnoticed.
All BitCash transactions include payment tracking, where you can attach reference notes to each transaction. It's a bit like balancing a cheque book – you can go through your transactions at the end of each month and know exactly what you spent and where. This helps both consumers and businesses manage their cryptocurrency transaction history as well as identify suspect transactions.
Enjoy 100% anonymity while deterring criminal activity
Let's face facts: privacy coins give crypto a bad name.
While total privacy is a laudable aim (and should be a human right), the fact remains that privacy coins are often used to finance illegal activity.
This is a huge obstacle to adoption, both for businesses and governments.
However, BitCash has developed a solution to legitimize the currency without sacrificing privacy for law-abiding citizens.
BitCash uses a sophisticated algorithm to ensure transactions are 100% private to the general public. However, the BitCash blockchain has a master-key which can be provided to governments, law enforcement agencies, and exchanges to explore subsets of the network as if it were public – identical to the BitCoin network.
This is the best of both worlds. Your transactions are 100% private unless access is requested by law enforcement – just like your bank account. We call this Safe Privacy: privacy that simultaneously deters illegal activity.
Keep in mind, that in the event the Safe Privacy feature is called upon and then subsequently used, the information that would be available is the same type of information that is currently available in the current BitCoin explorer, nothing more. Also, if this feature is called upon, no-one will be able to take, sieze or delete any coins.
We are currently working on a voting mechanism to ensure that the Safe Privacy feature is completely decentralized and controlled by the community at large.
Other Unique Features
BitCash includes other unique features like:
- Multiple account
s in one wallet. Keep your business and private accounts separate, or simply set up a savings account.
- One-click mining. Mine BitCash on your home PC without buying a ton of expensive hardware.
- Account statements. Keep track of your ingoings and outgoings without needing a separate, manual system (or paying for one!).
- Recurring payments. Pay your rent and other recurring expenses with ease.
- Verify before sending. The BitCash wallet automatically makes sure the recipient address is correct before you send the coins so that no coins are sent to invalid accounts.
All of BitCash's features are designed to be ideal for both business and consumers. It'll be just as easy, secure, and cheap to pay for your morning coffee with BitCash as it will be to integrate BitCash into your business. This, we believe, is the key to mass adoption.
What else do you need to know?
BitCash is a direct BitCoin v0.16 fork.
BitCash also uses stealth addresses from Monero but enhanced with our master key to help deter bad actors.
BitCash is a new and experimental protocol, so be cautious. There is no expectation of "profits" as this project is a protocol. BitCash coins are a means to transfer wealth and shouldn't be considered as an investment.
BitCash software is open source and issued with no guarantees. No money was ever raised for the development of BitCash. All work conducted on BitCash is done so by volunteers around the world.
By mining, trading, or acquiring BitCash by other means, you acknowledge that this is not an investment into a company or any such centralized entity. BitCash is an entirely open source project whereby anyone is able to volunteer and contribute. As this project is developed by the community, there is nobody solely responsible for the success or failure of BitCash.
The BitCash project has no physical offices or any employees. The network is coded, designed, and run by volunteers from all around the globe, and anyone is welcome to contribute. Furthermore, no ICO or fundraiser of any kind ever took place. The BitCash project has never asked for and will never ask anyone for funds. All code is given away and published as open source.
BitCash was officially launched on the 28th August 2018 through Medium, Discord, Telegram and Twitter. We chose to delay the Bitcointalk announcement so the BitCash team could focus on developing the project's core features. We made this decision so that the crypto community could enjoy the complete BitCash experience immediately after the announcement instead of waiting for updated releases.
- Algorithm: Cuckoo Cycle forking over to x16R
- Consensus: Proof of Work (PoW)
- Coin Ticker: BITC
- Block Time: 1 Minute
- Block Reward: 21.5 BITC
- Difficulty Adjustment: Virtual Timespan Retargeting (retargeting after every block like Dark Gravity Wave (DGW) for example, but our own development, which adapts faster to changes in mining power)
- Total supply: Initially 100,000,000 Coins but will fluctuate upon mainnet of BitCash Stable Feature
- No ICO
- No Masternodes
- Pre-mine: 9.7%
- Block reward: 10%
- Emission Halving: Every 4 years (after 2,100,000 blocks)
Fun Fact: The BitCash symbol ? was originally called the col�n (?) currency, which was used in Costa Rica since 1896 and in El Salvador from 1892 until 2001, when both were replaced by the American dollar.
About the Core Developer
Christian Kassler began programming at the age of 12 and later founded his own software company at 15. Christian was also the founder of @recocoin
Click here to find out more about the core developer of BitCash.
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