Handcash’s Alex Agut Says Real Bitcoin Adoption is Just Getting Starting to Happen
Handcash’s Co-Founder Thinks That Real Crypto Adoption Hasn’t Happened Yet
It is increasingly becoming evident that the value of Bitcoin is its ability to be used in the same way as cash, with the same exchangeability. In an interview with CoinGeek, Alex Agut, co-founder of HandCash, points this out.
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. Users can identify and send funds to each other using “handle” names. In addition, users can keep their funds safe with easy ways to back up their wallets on the cloud or inside any NFC chip.
HandCash also supports the growth of Bitcoin Cash for merchant payments, with plans to create easy “contactless” payment mechanisms at the retailer point-of-sale. Its anticipated payment features will ignite greater merchant adoption of Bitcoin Cash.
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 remarked 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 continued.
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.