Three Competitors and Why U.CASH Is Different
At U.CASH, we’re committed to developing a network of retail and online converters that facilitate the conversion of cash fiat to digital currencies (and back) on top of Blockchain technology. We’re incredibly proud of what we are building, and that’s why today we’re taking a look at 3 product offerings from competitors — and showing you why U.CASH is different.
Bitcoin ATMs — access to cryptocurrency
Bitcoin ATMs provide a convenient way for individuals to convert their cash to cryptocurrency. Users give the ATM the public key of their cryptocurrency wallet, and the cash deposited into the machine is then credited into the wallet. Bitcoin ATMs have many problems, however. The first concern is that Bitcoin ATMs charge high fees, usually in the range of 10% of the transaction — and sometimes as high as 15%. Second, Bitcoin ATMs are only available in countries that Bitcoin ATM companies have deemed profitable — meaning there are still a number of countries around the world that don’t have access to cryptocurrency. Third, not all Bitcoin ATMs offer withdrawal services, with many offering just depositing of cash.
Cashaa — value locking
Cashaa is a blockchain-based service, on top of a token called CAS, that enables individuals to use their smartphones to send, receive and spend money globally. We applaud Cashaa’s goal of providing services to those who lack traditional access to banking. And we also welcome Cashaa’s ability to store national and digital currencies in one wallet. Where U.CASH is different is that we believe physical, paper fiat money will be here for a long time — and that there is a need to bridge the divide between paper fiat and digital currencies. Cashaa doesn’t appear to support the ability to take your own physical money that you have on hand, and lock it into that same currency — or other fiat or digital currency. That’s a core function U.CASH offers to its users globally.
Abra — sending and receiving digital currenct
Abra enables consumers to buy Bitcoin and Ethereum using a variety of funding options, including through their bank account. In some countries, Abra will allow individuals to use cash to purchase Bitcoin, although this feature is only available in the Philippines (whereas U.CASH aims to have this service in almost every country around the world). Abra is also getting into the remittance game, allowing individuals to not only transfer their Bitcoin, but convert it to fiat currency through “Abra Tellers.” So far these tellers are only in Philippines, unlike U.CASH’s approach, but we welcome a healthy system of remittance services around the world.
How U.CASH Is Different
U.CASH plans to be operational in almost every country across the globe. Our network of converters will be able to set their own service fees when loading and unloading user’s U.CASH account, allowing market competition to flourish and drive down the price of fees. We also believe that, for better or worse, physical paper fiat money is going to exist for a while, and we will provide a way for individuals to lock in the value of that paper money digitally within their U.CASH account — in either a fiat or one of many popular digital currencies.
U.CASH hopes to provide a global alternative to traditional banking and financial services. Individuals will be able to access P2P loans within U.CASH, much like Cashaa, but one thing that sets U.CASH apart from their three competitors is that users will be able to pay bills with their digital funds — either on a one-time basis or for recurring payments. This, along with U.CASH’s other suite of features, will allow for complete financial empowerment for the 7 and a half billion people in the world.
