FAQ
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.
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 XEC wallet release and import your old Bitcoin Cash (BCH) wallet: https://xecwallet.org.
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.
Email Phishing
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.
URL Phishing
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.
Fake wallets
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.
eCash price information is available at all leading crypto research
sources, like Coingecko, Coinmarketcap,
and
Crypto.com