Abra The Possible Long Awaited Bitcoin Killer App ?
Okay since long time there are speaks of the final app that pushes BTC into mainstream and make use of it for everyday person.
Of course from time to time such apps/services come out one of those was ie Purse that lets you buy stuff cheaper of Amazon by using BTC.
Anyways now there is a word about new app called Abra.
I heard of it some time ago but it took me a little bit of research and reading to more or less understand it since its not available in my country yet.
Abra is a mix of Mycelium Trader, Local Bitcoins and a Banking App.
Its a wallet by which you can send money without fees between users in any currency they desire.
You can ie load your wallet with USD then have friend in China get CNY from you.
Something like you can do on Paypal right now. But there is a difference - for starters theres no fees.
For the second..
All those sends happen in BTC on background !
In normal use of app people will be holding on screen just their national currency and will be able to exchange it or send to somebody in their preffered currency. Yet everything will be happening with Bitcoin being used.
In advanced mode you will be able to use BTC itself but to make ease of use for the app BTC knowledge will not be needed at all.
Okay so if you have bank account you can get money out of the app - but what if you dont?
And here is the Teller option. You can become Teller and exchange the digital money into real fiat and get a fee cut on this.
Only the withdrawals have fees - and users can make money on that too.
Usage Case
You travel to some country, then you change your balance to current currency used there, you find the teller in the app who is near you - and you have cash without using ATM machines nor having a bank account.
How good it will be?
Time will tell. It needs big userbase to be of any use and im not sure how the system will act if BTC drops alot for longer period of time. Its worth watching for sure as it has BTC in background not on forntface which may help people use it without them even knowing they do.
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In following Abra for some time already and they are very strong in the Philippines. They partnered with local remittance stores enabling them a narrow "teller" network. I love the idea of turning regular people into "human atm" but see the limitations with national law. Abra will be a great tool for developing countries, but struggle in Europe and America due to KYC / AML laws.
We are planning similar feature for our social messenger Echo, who will allow you to chat and transfer money over the Blockchain within seconds. A local teller system will fuel global growth.
Sounds great, heard of Echo already :)
Now that's some full HQ! Upvoted 100%
Thanks man. I do full HQ or nothing!
Man oh man does hearing news like this excite me. The lack of liquidity has hindered Bitcoin's use as a traditional currency from the very beginning. Great post!
Lets see how it goes, not the first killer app.. we will see if the last ;)
This is generating some buzz. Is app open-source? What are KYC-AML ramifications of using? I.e., will Abra rat you out if pressured?
for now - seems none.. but you never know what happens later.
Very interesting. Thanks for the info! I have it loaded, but can't figure out the BTC option on it.
I dont hav app (as i said) but BTC is in the background, maybe advanced option to see it is not there yet to not confuse people
Exciting post. ..resteemed
Thanks for help and the love :)
Beginning the web search for Abra now. Very interesting and gracias for the post.
I can't help but remember reading about some other Dashing crypto that "Will Make PayPal Look Outdated"
Game On Abra !
I hate paypal.. Maybe this guys will change the game.
Why so much Hip about it? This already exists, and I use it for a long time now, its called uphold.com
I have my Bankaccount attached to it, and can change my money in any currency in realtime I like to, even to BTC LTC or ETH with no fees until 10.000 U$ per year, after that it's 0,25%.
I have Uphold too :)
I looked a bit into it, it doesn't seem much different than Circle or Paypal - cryptocurrency is not mentioned at all, and to upload funds there it's just through bank or "teller", not through bitcoins.
I guess this is the best we'll get, with a constant capacity ceiling on the bitcoin traffic volume and ever-growing fees bitcoins just won't be available for ordinary folks, but it may be a perfect settlement mechanism working in the background for such a fiat-moving service.
https://www.goabra.com/technology/ here is says clearly about BItcoin unless you mean cryptocurrency as other currencies.
The Abra smartphone app is a non-custodial Bitcoin wallet that allows you to see the value of your funds in any world currency you choose. Sending money from one consumer to another is accomplished peer to peer via the Bitcoin blockchain. Abra has no access (ever) to the private keys that reference your funds. The Abra model is 100% peer to peer, with no middle man ever holding, managing or touching your funds at any point in any transaction.
Oh, wow.
But I installed the app, and couldn't see any references to bitcoins there, only fiat.