On August 28, 2018, Christian Kassler, a blockchain developer and serial entrepreneur, launched BitCash, a new cryptocurrency ecosystem. BitCash aims to be the world's most accessible and used cryptocurrency through combining conventional fiat banking resources and stability into one.
Cryptocurrencies are currently confronted with a slew of issues that are preventing widespread acceptance. Cryptocurrencies have struggled to bring about widespread change due to a variety of factors, including poor user experience and market uncertainty. Many customers and companies doubt their worth, believing them to be too complicated or financially costly to use.
Bitcash's team, on the other hand, wants to change that.
BitCash (BITC) and BitCash Dollar (BITC$), two sister cryptocurrencies, make up BitCash. Both provide traditional banking tools for financial reporting and monitoring, such as statements, overview lines, and named accounts. The BitCash Dollar is also stable thanks to an algorithm that ties its value to the US dollar. They hope to make BitCash as simple to use as fiat currency.
According to Christian Kassler, core developer, "simplifying the user interface and stabilizing value are crucial milestones on the path to mass adoption."
Rather than fully eliminating the fiat banking system, BitCash complements it. The BitCash team has merged the ease and familiarity of fiat banking with the advantages of blockchain – something that cryptocurrencies have struggled to offer in general.
“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.”
BitCash has many common features to reassure those used to fiat, such as transaction descriptions, named accounts, recurring payments, and monthly statements. BitCash Stable, the mechanism that pegs BitCash Dollar to the USD, is perhaps the most innovative aspect of BitCash.
The likelihood of cryptocurrencies ever replacing fiat currency has dwindled due to market uncertainty. Prices fluctuate dramatically, putting any transaction at risk. The value of the BitCash Dollar, on the other hand, is backed up by the availability of BitCash in BitCash Stable. In other words, BitCash availability fluctuates in order to keep the BitCash Dollar at a 1:1 ratio to 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 hitting mass acceptance. BitCash, however, with its focus on utility and consumers, seems poised to lead the chase.