Bitcoin Cash deposits and withdrawals are now available in the Abra app.
This means that in addition to funding your Abra wallet with bitcoin and litecoin (or by funding your Abra wallet with a bank transfer — including from Europe — wire transfer, or credit and debit cards) you can also fund Abra from any Bitcoin Cash wallet anywhere in the world.
So now Bitcoin Cash can be used as an on-ramp to invest in the growing selection of other cryptocurrencies in the app.
Looking for more info about how to use Bitcoin Cash on Abra? Check out our new FAQs.
Bitcoin Cash 101
Bitcoin cash forked — a process that creates a new network by implementing changes a blockchain’s underlying code — from Bitcoin in August 2017. The goal driving the creation of the Bitcoin Cash included a plan to increase the number of transactions happening on the Bitcoin network by increasing the block size (a Bitcoin block is created every ten minutes and contains transaction data) from 1 megabyte to 8 megabytes.
The bitcoin community has been debating block size for a number of years. Proponents of smaller blocks argue that keeping the block size small keeps the network distributed globally, and accessible to a large number of people. Increasing a blockchain’s block size requires more computation, which at scale, requires more specialized machinery. Big block opponents argue that the increase in computation could lead to centralization.
Bigger block proponents, including the creators of Bitcoin Cash, argue that the increased blocksize is important to keep the Bitcoin code aligned with the original vision laid out in the Bitcoin Whitepaper written by Bitcoin’s founder, Satoshi Nakamoto.
Put simply, Bitcoin Cash was created to act like a better version of peer-to-peer digital cash because, at the time of the hard fork, processing transactions on the Bitcoin blockchain had become slow and expensive. In addition to the Bitcoin Cash solution, there have been other ideas implemented and proposed to help reduce the cost and increase the speed of bitcoin transactions.
Abra in full build (or #buidl) mode
The addition of Bitcoin Cash support and adding three new coins to the app are just the latest in what we hope will be some pretty exciting updates in the weeks and months ahead.
We are working on supporting more cryptocurrencies for native withdrawals and deposits, and we are vetting more coins to add to the Abra app.
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Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.
Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, pymnts.com reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.
How Abra Protects Your Funds
Abra places clients’ financial objectives and security first. Abra practices a culture of risk management across all levels and functions within the organization.
Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.
Please visit our FAQ to learn more.