In June, many media outlets reported the creation of a new cryptocurrency wallet called Cashpay. The mobile application, available for iOS and Android, was developed by the Cryptonize.it team. Cashpay provides some features not available in other wallets, such as the ability to donate in BCH. Now the wallet is launching a feature called “Spend and Replace,” which will allow users to exchange Bitcoin Cash.
“It's finally happened - the Spend and Replace function is available in the Cashpay wallet,” writes the development team.
Spend and Replace works as follows: the user connects a Coinbase account to the Cashpay wallet, then launches the function. Every time a user spends a certain amount of Bitcoin Cash, the same amount of Bitcoin Cash will be automatically purchased in their Coinbase account using the fiat in their balance.
The spend and replace protocol is the first of its kind. This is an attempt to create a platform that will allow BCH users to spend their cryptocurrency easily and simply. Users and Bitcoin Cash supporters seemed to like the idea. Cashpay also posted a video tutorial on how to activate the Spend and Replace feature.
Cashpay also explained that for Spend and Replace users who do not have fiat in their account, Coinbase will automatically select the next available payment method, such as a debit card or bank account. In this case, a commission will be charged on the payment.
Note. ed.In our opinion, Cashpay in conjunction with Coinbase offers the option “irredeemable nickel”. That is, the possibility of endless replenishment of spent BCH. On the one hand, this in some sense stabilizes the volatility of the crypto coin. But, on the other hand, it greatly limits users in terms of maneuvering between the rise and fall of the Bitcoin Cash price.
According to news.bitcoin.com
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