Cashaa — One Account for Old and New Money!
Bitcoin is a new kind of money system free from countries’ politics which gave birth to a peer to peer electronic cash system. Bitcoin’s market cap today is more than 100 Billion while the market cap of all the crypto in circulation is roughly 180 Billion, combining over 2000+ cryptocurrencies. There are currently 716 K Bitcoins (4% of circulation), 7M Ether (7% of circulation) and 1.2B Tether (64% of circulation) held in publicly known wallets of crypto exchanges while others are stored in crypto wallets controlled by users or other services. We can categorise the total users in three types:
1. Hodlers (Storage and Transactions): Users who use wallets like MEW, blockchain.info, Trezor and other wallets which gives them the private key and full control of their coins. These users are in an advanced stage and have a better understanding of crypto functionalities.
- Funds are in the HODLers’ custody and only they can access it.
- If you lose your keys you’ve lost your funds.
- If you want to convert your crypto during a peak, you have to transfer it to an exchange, but maybe by the time that has happened, the opportunity has gone.
2. Traders (Storage and Exchange): There are two kinds of users on an exchange, the ones who are simply buying and using it as a wallet to store. Second, traders who are running their algos and moving markets. Most of these users are with centralised exchanges who control their coins. These exchanges have always been targeted and attacked or easily lost the coins (e.g. Mt Gox, Bitfinex, Quadriga CX, BTC-e, Coinsecure, Binance and many more).
- You can take advantage of the market and act quickly.
- You can lose your assets because of someone else’s mistake, greed or carelessness.
3. Spenders (Transactions): User niche who is using Bitcoin as a payment method, but compared to the combined user base of crypto after combining all the 3 types, this type is less than 0.5%, as it’s not possible to use it directly as a payment method and it needs to be converted back to dollars.
There are a few useful apps which let you spend, which take care of all the conversion etc., and which are the reason crypto Mastercards/Visa became famous, connecting the two worlds, i.e. Wirex, Xapo etc.
- Allows to spend crypto anywhere in the world
- Centralised systems
The Cashaa account is an ideal solution for all existing users, as it provides a secure wallet with integration of a one-click exchange between crypto and fiat, as well as being fully connected with the UK banking system and linked to a Mastercard, making crypto adoption faster without compromising compliance as well as maintaining the concept of your keys, your coins.
- Funds are in the HODLers’ custody and only they can access it.
- If you lose your key or password, anyone can be used to receive your funds.
- You can take advantage of the market and protect yourself from volatility.
- Full banking system which also allows spending crypto anywhere in the world
- If you forget your password and keys (both), you’ve lost your crypto funds. No effect on your fiat funds in your bank account.
As still 99.5% of the world has to experience crypto, more businesses will be created with unique experience and business models to help the awareness and spread. But most existing and upcoming businesses are only working with crypto to crypto due to a lack of banking infrastructure.
At Cashaa, we have prioritised our business banking services and launched the bank account services in April 2019, to help the crypto business who are underserved by the banks.
Check out our Business Bank Account service and open your account in 10 mins. We are also working to open up countries like India which can bring a huge adoption in crypto. To know what Cashaa is doing in India, click here to know about Vision Blockchain 2030.
The Cashaa Team
The Next Generation Banking Platform
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