Altcoin Overview #3 - BitCash (BITC)

By LiteLiger | LiteLiger Blog | 5 Mar 2020

What is BitCash (BITC)

Today i will be continuing my altcoin overview series that has been on a break for a while, if you haven't seen my previous posts about Banano & BLAST, feel free to check them out on my profile. So what exactly is BitCash and what is the thing makes it so special and worthwhile talking about?

By combining the advantages of cryptocurrency (speed, privacy, decentralization, low fees) with traditional fiat banking systems (transaction records, account names, electronic statements, accounting software integration) BitCash is the world’s first truly decentralized cryptocurrency designed to facilitate real world trade between consumers and merchants with a goal of becoming the world’s most used cryptocurrency. - BitCash Website

I really want to start by talking about BitCash Stable first since its most interesting and unique aspect about this project so far. With the new BitCash stable feature, there are now 3 currencies stored on the blockchain, BitCash, BitCash Dollar and BitCash Gold. There are also 3 currency accounts in the wallet.

351665157-19ea013fd9d3893fcd887e8449ce9a822cd67cb79ba5c5a2030c7ada07251d62.png

So how does this Actually Work?

When BitCash originally launched in August of 2018 there was a 100,000,000 BITC max supply. With the implementation of BitCash Stable, there is no longer a max supply. The number 100,000,000 is still significant because this is now the number of BitCash that can ever be mined. This means that the number may inflate or deflate depending on the times.

One price is a 7 day average and the other price is the spot price. The lower price of the two prices is utilized to convert BitCash to BitCash Dollar while the higher price allows a user to convert BitCash Dollar back to BitCash.
The purpose of the two price system is to make the price less predictable in order to prevent users from repeatedly burning then minting new BitCash.
BitCash stores 3 price pairs at the end of the block header. Each price pair needs to signed by one of 14 private keys. BitCash checks that all 3 price pairs are signed by different private keys. Each of the 3 price pairs consists of one price which will be used to convert BitCash into BitCash Dollars and another price which will be used to convert BitCash Dollars into BitCash.

You are able to swap between all the 3 currencies inside the BITC blockchain and don't have to worry about bear markets in general since you can always choose safe haven option depending on current market situation. More about the stable system can be found at their Medium article.

351665157-d0390ea79baaf1aaf01c141273cc6ca57148252870fe29002e35d07765dde5d6.png

One of the points of their adaption plan is sending payments via Twitter, Twitch or Instagram handles. The Coin is also listed on discord tipping bot known as PandaBOT if you want to tip the token to your friends for example.

Among this they have made a Crypto version out of Quora called PeerQ that is currently on beta that allows people to ask questions about crypto or hold quizes, polls or other types of bounties in order to get BITC as reward. In future you can gain premium accounts among other features for people who want to promote stuff.

351665157-749a19390f56c6d0ce180be0b7c2e698021a49ee5a01fb1c0ab69dd87d8eaba9.png

While BitCash is a fork of bitcoin they have made enchantments to the blockchain by supporting stealth addresses (same as Monero), but luckily when you are using nicknames with your account - the system will randomize you new address each time which will keep your funds safe and private from prying eyes of the government or jealous ex-girlfriends.

351665157-e6b49d51034f0baba045c170fc4d44912fb5e02e7e8da68d7ebd0a992abe0e65.png

There is also multiple tools at peoples disposal when it comes different types of accounting and payment options when you are using BitCash.

Stored Transaction records for book keeping & records management
Multiple accounts within the wallet with different labels, to organize personal and business level addresses
eStatements printing possibility
Importing transactions into Quickbooks and Xero (Coming Soon)
Recurring Payments (Pay employees or subscriptions with BitCash)
There are already couple of merchants who also accept BitCash at the moment

351665157-32e3cc5bd189d52a7f2d371d1120069c44a4d6242868c1e0d5f6e49c6426f0ea.jpeg

Currently you have an option to get a GUI Wallet that has in-built miner in it (Great extra tool) or you can choose the mobile BitCash wallet, which doesn't have the feature to convert gold -> dollar -> bitc but you can still store all these currencies to this wallet however. GUI wallet comes out with lot more features compared to the mobile wallet.

351665157-ec32463a49d7449b72ca714302173294b3f1fb957b9938975b413a32a7c1415b.png

As for the exchanges you can currently trade BitCash (BITC) at these locations. Among instaswap which allows you convert bitcash directly into bitcoin without any middle-men.