Just recently news.Bitcoin.com reported on a new Bitcoin Cash (BCH) centric wallet called Cashpay. The wallet launched last June and allows any user to purchase anything online using BCH. This week the development team has added a new feature called ‘Spend and Replace’ a wallet function that replaces BCH with a BCH buy order from Coinbase whenever the cryptocurrency is spent.
Disclaimer: On November 15, 2018, the Bitcoin Cash chain bifurcated into two chains. There is now a network called – Bitcoin Satoshi’s Vision (BSV) – and the company/wallet/infrastructure provider mentioned in this editorial has chosen to support the BSV chain. Sending Bitcoin Cash (BCH) to a BSV wallet/address or vice versa can lead to financial losses.
Cashpay Allows Users to Replace the Bitcoin Cash They Spend
During the first week of June, we reported on a new bitcoin cash wallet application called Cashpay. The mobile app that’s available for Android and iOS was launched by the Cryptonize.it team. Cashpay has a few features that other crypto light clients don’t provide like the ability to donate to certain charitable causes with bitcoin cash. Further, the wallet allows users to purchase any item online through any merchant using BCH. Now the wallet makes it possible for users to replace the BCH they spend with a new feature called ‘Spend and Replace.’
“It’s finally here — Spend and Replace is enabled on the Cashpay wallet making it possible replace the Bitcoin Cash you spend,” explains the Cashpay development team.
Spend and Replace works as follows: You connect your Coinbase account with Cashpay and enable Spend and Replace in the wallet you want to use. Every time you spent an X amount of Bitcoin Cash, the same amount of Bitcoin Cash (minus Coinbase fees) will be bought on your Coinbase account using the fiat available in your account.
Hodlers Can Now Purchase That Coveted Coffee
The spend and replace protocol is a first of its kind type of app that allows bitcoin cash users to do what they do best and that means spending BCH. Bitcoin cash proponents on forums seemed to like the idea of a wallet that allows people to spend their BCH on a cup of Starbucks coffee and replace the cryptocurrency spent with a Coinbase purchase. The Cashpay development team has also published a video walkthrough that shows people how to use the spend and replace feature.
Cashpay also explains that for users who have the Spend and Replace feature enabled but don’t have fiat available, Coinbase will choose the next available funding method like a debit card or bank account. Coinbase fees will apply as well so you will get slightly less BCH than you originally spent.
What do you think about the Cashpay Spend and Replace feature? Let us know your thoughts in the comment section below.
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Images via Shutterstock, Cashpay, and Pixabay.
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