Before the advent of Bitcoin, micropayments on the internet were a non-starter as companies and users were forced to grapple with high transaction fees and limited functionality. However, as blockchain technology continues to see adoption, more businesses are offering the ability to pay for products and services for just a fraction of a cent.
In this episode of Blockchain Hustlers, Alex Agut, Chief Executive Officer of HandCash, explains how his company is making these micropayment features accessible through its wallet, and how it makes this technology accessible to everyday users.
A broken digital payment system
Agut began his presentation by highlighting that he and his business partners had planned to introduce a micropayment system on the Internet as far back as 2014, but that this was essentially impossible at the time due to the high processing fees of companies such as PayPal, Mastercard and Visa.
He added that Bitcoin was still in its relative infancy and that much of the discussion around the technology at this time was from speculators and traders. However, as Bitcoin adoption has grown, Agut began to realise the true capabilities of the technology and saw the opportunity to create a wallet that everyday people can use – and HandCash was born.
HandCash is a revolutionary mobile wallet you can connect to apps, games and websites to stream money directly to them. Users can plug their wallets and pay-as-you-go instead of depositing cash inside every service they use.
Creating new micro-economies
Key to HandCash’s value is the ability to connect the wallet to multiple apps and games. ‘And the coolest part about this is that they can share the same balance and their KYC information and everything across apps and games,’ said Agut.
‘That’s pretty cool because when you tie that with digital items and micro-transactions, you can create new kinds of micro-economies that are unique to (these) digital ecosystems. So for example, imagine that you are very good at playing one particular game and you just made $8 playing that game.
‘Then you can go to a sports betting app or a social media app and spend that same money there. Or you can just buy a gift card that’s worth $8 for Starbucks and just pay for your coffee.’
Incredibly easy to use for micropayment integration
Agut added that users do not need to be overly familiar with Bitcoin or blockchain to make use of the app and that he and his team are working to streamline the user experience.
‘To use HandCash you only need to know a little bit more about blockchain than the average person already knows – which is basically nothing. So it’s just knowing that the main token you have is BSV.’
He added that HandCash was developed on BSV because of its low transaction fees and because there is a clear vision of how the technology will scale to millions of users. Another significant benefit is that BSV is aimed at being both business and regulatory-friendly.
Demonstration of Handcash
This episode of Blockchain Hustlers also includes a demonstration by Agut on HandCash, including:
- The web version of the wallet, including balances and account settings;
- Usernames and how HandCash gets around Bitcoin addresses;
- The ability to send and receive money, as well as connect the wallet to games and apps;
- An overview of the app and wallet integration;
- How users can earn funds by playing a game and how this account balance is shared across apps.
