With the development of cryptocurrency, most of the wallets are in a constant race on how to improve on the features. That results in innovations which are proving essential for the coins and their forks. Such a change was on the headlines on February 10 when a bitcoin cash wallet was set to start using Near Field Communication. This project is the first of its type and much of its aims to create a personal bank for people.
The Handcash BCH Wallet plans to revolutionize payments by facilitating mobile transactions at the touch of the phones. The platform will feature an in-person payment system where users will carry out BCH transactions at the ease of their phones.
How Handcash BCH Wallet Works
Upon release, the application will be available for the Android users only. The current version is a trial app, as most of its features are still unstable. Still, once fully developed the user can download it and install it with little issues.
Each installation will require the user's details to link your phone's ID. Upon this, you will also need sending some Bitcoin Cash (BCH) to your new Handcash BCH Wallet. There are plenty of exchanges trading on BCH, and it would not take long to find a suitable one.
What are NFC payments?
For any avid shopper, at times the payment details sat a shop requires you scan a QR code for digital payments. The NFC works on a much similar process, although it entails the touching of two phones. In short, NFC payments will allow your phone to act as a payment terminal during payments on BCH. With each transaction, the NFC system will provide a contactless mode of cash in the comfort of your hand.
The Benefits of Handcash BCH Wallet
With regards to the name, the first noticeable advantage that we get is the convenience of sending cash. The NFC payment will enable users to send or receive some money at an instance, without the need to ask for an address. Once you key in the amount in the wallet, just tap both phones, and the necessary happens. It's like handing cash over but more like digitally and safely.
Apart from the convenience of NFC, the wallet has a unique way to protect the user's identity during transactions. Rather than send the parties details, the purse displays a username or “cashtag” with each purchase. This feature helps the system create a new address whenever a new sale happens.
The wallet's backup system also provides a much-needed advantage when it comes to saving details. The backup feature will create and encrypt a backup file with the client's information and store it a Google Drive folder. If you happen to change your phone or lost your login details, you can easily fetch them from the Google folder.
Handcash BCH Wallet Conclusion
For a much-anticipated project, I would concur that Handcash is worth the hype. For starter, the program is among the first using such technology with BCH as its mode of currency. And with NFC picking up on business, the app has come at the right time for individual mobile payments.
However, the technology is still facing competition from other modes such as QR-Code. Much of Handcash will rely on the tech-savvy generation to cause a cultural shift on how we transact in the near future.