Bitcoin Cash Deposits and Withdrawals Are Now Available in the Abra App

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.

Remember that Abra is a non-custodial wallet. Here’s a quick guide with some to safety tips.

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Written by

Daniel McGlynn

Daniel is a writer at Abra.

About Abra

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.

Why Abra

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.

Daniel

1774 days ago

Will Abra support both Bitcoin Cash coins after the hardfork? At the moment, I can’t do anything with the BCC I have in my Abra wallet

Hopefully this post will answer your questions about the bitcoin cash hard fork: https://www.abra.com/blog/bitcoin-cash-hard-fork/. If not, please contact [email protected].

Daryl

1834 days ago

Please natively add Dash to Abra. I’d like to be able to send Dash directly to the Abra wallet. Thank you

Bradley Shimels

1841 days ago

It’s hard for some to by bitcoin. To many verification prosesse will drive new investors away bitcoin and altcoins .Blockchain was originally made to make it easy .It no longer is. .Congratulations. Bevis!

Abra User

BCASH does not deserve to be added as native guys, at least not among first. But it is up to you. Bcash does not do anythign, does not offer anything new, they just wait if enough people will jump into this and well, they have a lot of coins and a loudly shouting promoter who, by some mistake got a popular com domain. Any kind of support for this weak project slows down crypto adoption and avoids people to recognize which coins are valuable. There are better candidates to be native in Abra, even Dogecoin deserves it more. And I am not promoting it.. For sure Monero would be great, or privacy coins in general to support peoples privacy. It may be good to have many more, just try to start with more valuable stuff and add variety. Could you, also, some way, implement lightning network for users? BCash is just another Bitconnect in my eyes, which will show up in the future? Talking about technology, this coin is muchworse than Litecoin you picked first. I may be wrong, but I put my hands out of it BCash. Watching this step made by you, I just worry if the next coin will be Ripple (maybe even worse). The fact that centralized entities try to use that weird coin created by weird people (handy for them) should not have any effect on your own vision of a decentralized world of money. To sum it, this was not the best step by Abra, however I love that app. Anyway, it was not the worst thing you could do. Good luck Abra, you stil rock.

Sorb

1837 days ago

It is called “Bitcoin Cash”. Have you ever actually used it? Like Roger says in the video, anybody who has actually used it realizes that it’s incredibly convenient. I understand that you prefer the old legacy expensive slow version of Bitcoin (BTC), probably because you are not using it as money, only a very poor store of value. It’s hilarious that you are asking Abra to support the unrealistic totally failed Lightning project which cannot even transfer your money without losing them on the way, instead of using a superior solution that works here and now today.
The coin that is most valuable is the coin that people actually use and want to use, a coin which is fast and has very low fees and amazing support by apps etc.
You fancy decentralization but apparently have no problem with the censorship and badmouthing that the BTC community must employ in order to make sure that their inferior coin does not get run over like a tractor crushing a potato. In 2-3 years nobody will remember what BTC was.

1821 days ago

Yes I used that weird coin, but only once. When there was a chance to sell it high. I exchanged Bitcoin Cash, that time already called as Bcash by many. Now it is often called Btrash. And I am glad I sold it. If i will want a centralized asset I will pick a better project, at least. Abra could pick XRP first and it would be OK in my eyes, it would be a support of another implementation of a valuable digital asset. I will be happy to see silver or gold added or other things. Anyway, BCH is a very problematic project, still I understand why they added it. There was a demand, people want it because it is popular. Bitconnect was popular too, the coin is still around… People may be wrong and they may lose money on this, but I wish luck to everybody. I do not know where Bitcoin will be in 3 years but I guess it still be a good repository of value, just we will be closer to a final price. I also guess that many forked currencies originated from Bitcoin and keeping its name (like Bitcoin Gold, Bitcoin Cash, Bitcoin private), as well as hundreds similar projects that do not profit just from the name and much noise, will be closer to a final price too. I think I can predict easily that the value of BTC will still be much higher than the value of BCH in 3 years. In my eyes BCH harms the market since it started. I would not say it started the awful bear market we face now, but it could contribute to it. Nobody censors it, in fact your people are so loud that the value of many other projects has not been discovered yet. Lightning network is growing and is being developed with lightning speed, just do your research. Test for yourself. The competitor of it is not BCH, which is, by the way, more centralized than you think. So BCH people would do better with XRP and their xRAPID which just started. It may be a very good investment. They go with banks and with the system, but they have a good project with utility and users. BCH has still some support by community but it has nothing much to offer. They dream of Satoshis visions, well… If I would have to pick between BCH and Dogecoin, I would stick with Dogecoin, at least it is fun and it will also be here in 3 years. Mark my words and good luck with your crypto. 😉