From One to Two: Bitcoin Cash
Update 6/29/2018:
We’ve Launched! Read about the finished product: Purse v4.0
Marketplace Incentives
People have been shopping on Purse since 2014 and recommending Purse to their friends for one reason: it makes economic sense. Everyone shops on Amazon, and everyone loves saving. People use bitcoin on Purse to get the best deals online.
Marketplaces depend on balanced incentives, and use cases need to make sense regardless of the price of cryptocurrency. Business models won’t work if it relies on speculative interest or enthusiasm alone.
The average order on Purse is around $100 (similar on any large online marketplace), and the average discount is about $15. Assuming two on-chain transactions per order, the economics underpinning crypto marketplaces break as network fees approach $5.
Late last year, we witnessed a debate about whether bitcoin was digital gold or a payments system. Meanwhile, transaction fees climbed to over $50 per transaction.
Bitcoin Cash on Purse
We’re excited about the vision of a cryptocurrency for commerce and appreciate the overwhelming support from the Bitcoin Cash community. We’re thrilled to announce native Bitcoin Cash.
The update is being tested to ensure a smooth experience with a target live date by the end of May. In addition, once Bitcoin Cash goes live, users who missed the post-fork withdrawal period will be happy to see their balance restored.
bcash
Going to from One to Two has been challenging on technical and emotional levels. Over 25 crypto nerds work at Purse… when’s the last time you heard even 2 crypto nerds agree on anything?
We collectively believe in the principles of open source and permission-less innovation, and the majority of developers at Purse contribute to open source. We maintain bcoin, a battle-tested bitcoin fullnode that powers businesses including Purse, Bitpay, Joystream, BTC.com, and many others.
Today, we’re delighted to announce bcash, a bcoin implementation for Bitcoin Cash. We’re excited about projects including Yours, Joystream, Memo.cash, and Open Bazaar, and excited to see new use cases emerge. Bcash is open source and ready for testing today!
#CashBack
To celebrate the addition of our second coin, we partnered with the Bitcoin Cash Fund to give cash back to users who shop or earn BCH in July 2018.
- $10 Cash Back for Shoppers*
- $850 in prizes for top Earners**
Be sure to sign up for Purse.io so we can notify you as soon as Bitcoin Cash is live.
*Limited to first 1,000 users who make a purchase using BCH in July 2018. One Cash Back giveaway per person.
** Based on number of BCH orders successfully delivered in July 2018.
1st place: $500
2nd place: $250
3rd place: $100
