Business 10 July 2018Erik Gibbs
Cashpay crypto wallet introduces ‘spend and replace’ feature
A new cryptocurrency wallet designed exclusively for Bitcoin Cash (BCH), Cashpay, was launched in June and is proving itself to be a strong option among available wallets. The wallet quickly gathered a lot of interest and has now introduced a new function that should make it even more appealing to users. That function is called ‘Spend and Replace’ and allows users to automatically buy BCH every time they spend BCH.
In an announcement by Cashpay developers on Reddit, they explained how the plan functions. Their statement reads, in part, “Spend and Replace works as follows: You connect your Coinbase account with Cashpay and enable Spend and Replace in the wallet you want to use. Every time you spent an X amount of Bitcoin Cash, the same amount of Bitcoin Cash (minus Coinbase fees) will be bought on your Coinbase account using the fiat available in your account.”
The protocol is said to be the first of its kind, allowing BCH to be used for what i t is intended—spending. Response has been favorable, with many BCH users approving of a system that allows them to purchase with BCH and automatically replace that purchase.
The function can be configured in the Cashpay wallet, meaning it doesn’t have to be used unless a user wishes. If it’s enabled and fiat isn’t available for replacement when BCH is spent, Coinbase will look for a secondary payment option, such as a debit card or bank account. It’s important to note that Coinbase charges fees for making deposits to wallets, so the amount received into the wallet will be slightly less than what was spent.
Cashpay is available for both Android and iOS users. It was launched by Cryptonize.it and includes several features not found with other wallets such as the ability to donate to a number of charities using BCH and access to purchase virtually anything found online.
The Spend and Replace option was linked to Coinbase because, as Cashpay noted in the Reddit thread, it was “the most user friendly way of doing this right now.” However, it was also mentioned that the Coinbase option is only the first iteration, and that the company hopes to expand options in the future.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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