There’s another reason to love Bitcoin Cash even more. A new Bitcoin Cash (BCH) wallet called Handcash was launched on February 10, and it will push BCH even further to the front of the line.
The wallet uses Near Field Communication (NFC) for its transactions, allowing transactions to be processed in a few seconds without the need for a specific cryptocurrency address. The wallet received its name because the transactions take virtually the same amount of time as does handing cash to a cashier.
Besides employing NFC functionality, Handcash has a unique method of identification. It uses cashtags, which are simply usernames that are tied to the phone’s ID instead of a particular address. The result is the creation of a new address each time a BCH transaction occurs between two Handcash users.
Handcash product designer and marketeer Alex Agut was as excited as anyone about the creation of the wallet, and how it is a better fit for BCH than for legacy Bitcoin, otherwise known as SegWit1x (BTC). In response to a comment news.bitcoin.com regarding Handcash, Agut said: “Our first thought was to make it for BTC as it is the leader of crypto in people’s minds. But brand power isn’t enough to sustain a business. We finally decided for BCH because of BTC’s slow tx and high fees. Also, we saw a more grassroots and positive community on BCH side.”
“We are not in a cult, we are doing business. We look for practicity. BTC just doesn’t work for any real world usage right now. And we don’t fully trust LN [Lightning Network] yet…We’ll see. We don’t HATE BTC’s code. It’s just code. But we can’t build a business around a technology that appears to have problems scaling. BCH looks like a safer bet at the moment,” he added.
Handcash developers have given the wallet a one-tap backup feature that is also unique from the normal 12-word backup phrase. The team created a means to allow the wallet’s backup file to automatically encrypt itself. It also stores both the rights to a cashtag username and the private key information in a Google Drive folder. This way, if you change devices, once you install Handcash again, the information will be recoverable almost immediately from the backup file.
Handcash is still in beta testing, and is available for download on the Google Play Store for any Android platform. It won’t be released to the BCH mainnet until developers are sure that everything is working properly. A ‘Handcashbot’ is distributing testnet BCH to users so they can test drive certain features like the NFC transactions. The wallet’s username is not encrypted in the beta version, but will be once the 1.0 version is rolled out.