With Bitcoin reaching out to find new users and expanding its influence, the issue of acquiring and spending the currency has been a significant barrier to the growth. We have seen a lot of effort put into developing new solutions that allow users to obtain digital currencies more conveniently, as well as moves to allow easier spending or converting of Bitcoin into fiat funds for use. One relatively new platform for this has been ABRA, which takes an app based approach to managing digital funds, in a similar way to other phone app based purchasing platforms. Ready to expand across the world from its successful Philippines launch, is this the solution that solves the digital currency problem?
Read the full story below.
A hot topic in the cryptocurrency industry has always been the ability to purchase and spend the digital currency. Transferring any digital currency in and out of the fiat money system will be a necessity until there is such widespread adoption that the digital currency can be used to fund everyday life and make purchases as easily as fiat money. Even the most optimistic people in the industry understand this is a long way off, and right now getting new people to adopt the technology means making it easier for them to acquire and then spend digital currency.
ABRA is a peer to peer digital currency payment system that aims to deal with this issue in a new way. We have seen the growth of physical payment cards that allow real time conversion of digital currency into local currency at ATM machines, here is a new approach. ABRA uses an app based infrastructure to allow users to cash out digital currency directly into their bank accounts, send digital funds to other users via the app and pay for goods with digital currency too. It also has a location based system for finding tellers signed up to the system near the user’s location where they can purchase digital currency for fiat cash over the counter, the digital currency being transferred to their app based wallet directly. With the ubiquitous use of smartphones today, this represents perhaps the most user friendly solution for Bitcoin yet developed.
Currently operating only in the Philippines, this year sees ABRA moving out to Europe and the Americas, and presents a new approach that has potential for the industry. As people become accustomed to Apply Pay and other phone based solutions, adding in a system that combines that convenience with Bitcoin offers a gateway to new users that will benefit both Bitcoin itself and raise awareness of the cryptocurrency industry as a whole.