Excited about eCash? So are we! Below, you will find answers to the most frequently asked eCash questions.
eCash is a cryptocurrency that’s designed to be used as electronic cash. Just like the invention of emails made it possible to send direct messages online, eCash makes it possible to send money directly to other people online. This includes being able to use eCash to pay for goods and services.
eCash is a cryptocurrency, whereas Bitcoin ABC is the software businesses use to interact with and maintain the eCash network. The team behind the Bitcoin ABC software also operates under the same name.
You can learn more about Bitcoin ABC at https://www.bitcoinabc.org/.
eCash was briefly known as Bitcoin Cash ABC (BCHA). The eCash branding came into effect on July 1, 2021. Exchanges are strongly encouraged to update their older listings accordingly. You may still see eCash listed as BCHA on some exchanges if they haven't yet made the switch.
You can use eCash to send and receive payments without the need for a bank account. It’s available in every country, and you can use it to send and receive cross-border payments anywhere in the world.
Simply download the latest Electrum ABC release and import your old Bitcoin Cash wallet: https://www.bitcoinabc.org/electrum/.
Since eCash transactions go directly between you and whoever you’re paying or getting paid by, you don’t need a bank account to own it. Instead, you just need an electronic wallet. Once you have a wallet, you can get eCash by buying it on a cryptocurrency exchange and then sending it to your wallet. Other people can also send eCash to your wallet.
eCash uses ”bits” which make it easy to send small payments because you no longer have to handle unwieldy decimal places. For instance, instead of sending 0.00001000 bitcoins (which was the base unit used by BCHA), you’ll simply send 10 bits!
On November 15, 2020, the Bitcoin Cash (BCH) blockchain split into two chains. One of those chains was called BCHA for a time. This chain was what eventually became eCash.
The exponential growth in crypto has unfortunately led to similar growth in scams. Here are some common ones to watch out for.
Some scammers will send you an email impersonating a member of an official team and ask for money, a 12-word wallet seed, or a private key. Official team members will never send you an unsolicited email. For tech support, we will never ask for your wallet seed or private key. Never share your private key or your wallet seed with anyone.
Scammers may send you a link to a website that looks like an official crypto website but does not have the same URL. You may think you are sending funds to your own wallet, for example, but are in fact sending them to a cloned page that is not your wallet. Always make sure the URL in your browser URL bar is correct. Always confirm a scanned QR code address matches what you expected.
Always verify the SHA256 hash when you are downloading an official cryptocurrency wallet.
No. We think XEC is valuable, and therefore we will not burn any.
It is also important to realize that eCash is different from other new tokens where the founding teams often hold a large proportion of the total supply. In those other coins, the large amount of coins that the team holds is still waiting to be released into the market, causing future inflation. XEC, on the other hand, is already about 90% issued, and the dev team holds only a small amount relative to total supply. This means that new supply of XEC into the market will continue to be very limited.
XEC is not an ERC-20 token, it is its own blockchain similar to Bitcoin (BTC).
There is a "Wrapped XEC" token available on the Binance Smart Chain, with contract address 0x0Ef2e7602adD1733Bfdb17aC3094d0421B502cA3. Users should recognize that holding this BEP-20 token, or similar "wrapped XEC" products, has custodial risk as you have to trust that the custodian (in this case Binance) will hold the full reserves of native XEC safely. For this reason, we recommend that users hold their coins as real native XEC, in a wallet where they control the keys.
To hold native XEC yourself, you can use a supporting wallet. Write down the "seed phrase" for your wallet and store that in a safe place. This is usually 12 words. The 12 words contain enough information to restore the private keys of the wallet in case you need to recover them in the future.
eCash has the same fixed supply as bitcoin. The default base unit of eCash has 2 decimal places (100 satoshis). The default base unit of bitcoin (BTC) has 8 decimal places (100,000,000 satoshis).
90% of all the eCash that will ever exist has already been mined. The inflation rate for eCash is already low (less than 2% as of 2021), and will decrease to zero.
No, eCash is its own blockchain. eCash's Avalanche Consensus code is being built completely independently by the Bitcoin ABC team. This is important as it puts eCash in a technology leadership role, rather than having to rely on the innovation of others.