Bitcoin application Abra is in the global promotion

Bitcoin application Abra is in the global promotion

This week America bitcoin Conference (NorthAmericanBitcoinConference), P2P digital cash startup Abra announced next month will begin to extend its network.

Abra last May to begin preparations for the plan at the time, CEOBillBarhydt said, in 2014 the establishment of the Abra expects to complete the transition as soon as possible. “.

But the latest news shows that long-term plan specific actions may be taken.

Abra published this week revealed Bowen, the global release of the network will include support for bitcoin trading, storage, and 50 kinds of traditional currency wallet service, and the traditional currency can also point to send through the service.

BillBarhydt

Barhydt said, the system has been well prepared.

We have completed a number of steps of the system last year, built infrastructure can be extended to millions of users”.

This is located in the Silicon Valley start-ups will be selected in the market gradually launched the service, users can use the mobile phone number to send digital cash.

As previously mentioned, users’ machines’ function, and the exchange partner of the start-ups together for the system to provide liquidity support. Abra users can find “ATM” in the vicinity, into bitcoin exchange or legal tender in the application software on cash.

“I put 500 dollars into the ‘machine’, he accepted the money after using a mobile phone will be free to send me money, the money will be automatically converted into bitcoins, not by their Abra wallet currency type limit. The Abra system can complete the double exchange in the most busy time”.

This feature is currently still the ultimate perfection, but if the loading success, the company will launch “in the world”.

Focus on usability

The key of this product is available. Barhydt always said, even if his 70 year old mother can easily use the Abraapp.

But although he makes no mention of such confidence, or the number of users and companies’ ATM ‘number. He said, at the end of spring will not be published data; but mentioned Philippines has thousands of “machine”, there are a lot of people to apply for the application.

CEO borrowed an old comparison, Abra system and excellent step together; mentioned position and expenses and ratings are “some factors of ATM.

Of course to become the “main motive machine” or make money. “ATM” can be independently set exchange rates (Abra will be extracted from about 20%), so the user cost differences.

“If you are in Mexico City,” teller machine “will be charged 1 – 2.5% of the transaction costs, but also compatible with ATM”.

He also said that, around the user less in rural areas, may need to pay 3 – 5% transaction fee.

However, Barhydt believes that the application of some “ATM” will be in charity and relief projects, to help people get money. This transaction is free of charge, Abra will not be pumped into.

“Their motivation is to let people learn to help themselves, such as they have generally cannot receive financial services. Think about think of African refugees fled Somalia, europe”.

To overcome the obstacles

Abra to promote this “ATM” system, hope that ordinary people can register as “ATM”, to help the platform to grow together. However, some observers believe that this network technology, there are still some problems.

University College of Dublin (UniversityCollegeDublin) Associate Professor PaulEnnis believes, is still not sure whether the platform can be applied on a large scale, of course not just because it uses the bitcoin network.

“Although the body” ATM “(humanATM) sounds novel, but most people are still concerned about the basic problems, that is to say whether cheaper than Western Union (WesternUnion)”.

Ennis stressed that each user will pay attention to the cost factor, even if only the bitcoin wallet users as well as open source. He said this is a challenge, but also particularly high return “”.

In the short term prediction of Barhydt most Abra users will use ‘machine’, but more people will choose to bind bank account.

“I predicted that 50% of users will use the exchange partner network, using Abra through bank accounts; the other 50% users will use the ATM network”.

The main obstacle is the lack of large market exchange partners, such as the current European partners have not. Barhydt said that the current focus of work in the area, to the bank account to bind more.

“We look forward to cooperation with global exchange, the area can also get more partners”.

Critical mass

Barhydt has a lot of bold ideas on the future trend of Abra, but these expectations also need to carefully distinguish finishing.

Has been selected so that some businesses also accept payment plan for the future sale of commercial API.

It sounds easy, it is time-consuming. The actual situation is Abra still need to build “ATM” network, improve the liquidity of the system, and continuously improve the system availability, for businesses of all ages.

Some observers have confidence in the company’s plans.

GarrickHileman

Cambridge offbeat Financial Center (CambridgeCentreforAlternativeFinance) senior assistant researcher GarrickHileman Abra said, “I believe that the model is feasible”.

“There are two key factors in its success, one is Abra ‘ATM networks’ scale must reach critical mass; another is the need for universal cross-border transfer of value alternative channels of mass”.

At present is to solve these problems, but the world will be released next month is an important step in the start-up enterprise, the company has raised $14 million in venture capital.

Barhydt concluded that the world has not seen things such as Abra.

“Banks and bitcoin field there are many domestic payment software, but there is no transfer between any two world mobile phone global P2P solutions”.

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