CoinGeek’s Stephanie Tower chatted with Alex Agut, co-founder of HandCash, on making Bitcoin Cash (BCH) easier for the everyman to use.
The value of Bitcoin, according to Alex Agut, is its ability to be used the same way as cash, with the same exchangeability. His HandCash app, of which blockchain developer nChain purchased a majority stake in May 2018, allows transactions to occur without requests for addresses or QR codes.
The reduced divulging of sensitive information makes for more secure transactions, Agut said. HandCash’s goal is to create a Bitcoin Cash (BCH) app that works the same way as cash would. “You can just use your phone and tap it to another one, and just transfer money without any third party involved. That’s something that you would do with cash,” he said.
This all assumes a currency that allows for instant transactions, such as Bitcoin BCH. Although confirmation is limited by block times, which at present is about 10 minutes, transactions themselves are verified upon transfer.
“Already, using Bitcoin Cash is an incentive. Because of low fees and instant transactions, they are more reliable and so we are working on a very, very secure zero-confirmation protocol so merchants can be secure that all the funds are in place and they get the money,” Agut said.
He noted how Bitcoin BCH is already being used as payment for providing content in sites like Yours and Joystream, although it will require more time for more people to follow suit. “We’ve had payment systems that use cryptocurrencies for almost a decade now, and real adoption has not happened. First our priority has to be on putting this money in people’s hands,” he said.
The more that people see how easy it is to spend digital currency, “you’re beginning to solve the chicken and egg problem,” he said. That is, adoption among consumers and the merchants that cater to them becomes as commonplace as the transactions we take for granted today.
If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.