BACKED BY MAJOR VC FIRMS THE BITCOIN REMITTANCE APP ABRA IS SET TO LAUNCH NEXT MONTH

Imagine a world where sending money across borders is as easy as sending a text message, and the fees are practically nonexistent. See full list on ccn.comThis isn't some futuristic fantasy; it's the promise of Abra, a Bitcoin-based remittance application poised to disrupt the global financial landscape. Backed by major VC firms, Abra is gearing up for its much-anticipated launch next month, promising to revolutionize how we send and receive money internationally. Backed by Major VC Firms the Bitcoin Remittance App Abra is set to Launch Next Month digital cash network next month. Upon the launch of Abra, users will be able to send and receive money inForget about exorbitant bank fees and slow transfer times.Abra aims to provide a seamless, affordable, and accessible way to move money across the globe using the power of Bitcoin and a network of human ATMs. Abra is planning to launch global support for its remittance and currency exchange app in February. 50 currencies will be supported including bitcoin.This innovative approach has garnered significant attention and investment, signaling a potential paradigm shift in the remittance industry. Read more about Abra's recent announcements from the Bitcoin-focused website Cointelegraph: Backed by Major VC Firms the Bitcoin Remittance App Abra is set to Launch Next MonthWith support for over 50 currencies, including Bitcoin itself, Abra is setting the stage to become a major player in the world of digital cash and international money transfers. Bitcoin-based remittance app Abra announced that, starting next month, it will begin its long-awaited global rollout. Upon the launch of Abra, users will be able to send and receive money in over 50 currencies. Abra also includes direct bitcoin support allowing users to send bitcoin payments to family members or friends abroad with low fees.The question is, can Abra truly deliver on its bold promises and transform the way we think about sending money abroad? Its app combines on-phone storage of digital cash with person-to- person cash transfers. It achieves this through a network of human ATMs, called Abra Tellers, who are essentially individuals or businesses that earn money by transacting in digital cash via the app. Abra uses Bitcoin as the reserve currency.Let's delve deeper into what makes Abra tick and what its launch could mean for you.

Abra: A Global Digital Cash Network is Born

The brainchild of Bill Barhydt, Abra is more than just another remittance app; it's a comprehensive digital cash network designed to provide a more efficient and accessible alternative to traditional money transfer services.Barhydt announced the impending launch at the North American Bitcoin Conference on January 17th, generating considerable buzz within the cryptocurrency community and beyond. Bill Barhydt, the founder and CEO of Abra, the highly anticipated Bitcoin-based remittance application, announced at the North American Bitcoin Conference on January 17 that the firm will launch its global digital cash network next month. Upon the launch of Abra, users will be able to send and receive money in over 50 currencies.The core concept revolves around leveraging Bitcoin's underlying technology to facilitate faster and cheaper international money transfers.

What Problems Does Abra Solve?

Traditional remittance services often come with a host of issues that Abra aims to address:

• High Fees: Traditional money transfer services can charge substantial fees, often eating into a significant portion of the money being sent.
• Slow Transfer Times: International money transfers can take days or even weeks to process, causing delays and inconveniences.
• Limited Accessibility: Many people, especially in developing countries, lack access to traditional banking services, making it difficult to send or receive money.
• Complex Regulations: Navigating the regulatory landscape for international money transfers can be complex and time-consuming.

Abra seeks to overcome these challenges by using Bitcoin as a reserve currency and a network of ""Abra Tellers"" to facilitate transactions.

How Does Abra Work?The Magic Behind the Digital Cash

Abra’s innovative approach combines on-phone storage of digital cash with person-to-person cash transfers.This unique system hinges on two key components: Bitcoin as a reserve currency and the Abra Teller network.

Bitcoin as a Reserve Currency

While Abra supports over 50 currencies, it uses Bitcoin as the underlying reserve currency.This means that when you send money in a specific currency, Abra converts it to Bitcoin, transfers the Bitcoin across borders, and then converts it back to the recipient's local currency.This process leverages Bitcoin's speed and global reach to facilitate faster and cheaper transfers compared to traditional banking systems.The use of Bitcoin as a reserve currency doesn't mean users need to understand or even interact with Bitcoin directly.The app handles the conversions seamlessly in the background.

The Abra Teller Network: Human ATMs

One of Abra's most distinctive features is its network of Abra Tellers, essentially human ATMs.These are individuals or businesses that earn money by facilitating cash deposits and withdrawals through the Abra app.Imagine needing to deposit cash into your Abra account.Instead of going to a bank, you can find a nearby Abra Teller and deposit the cash directly with them.The Teller then credits your Abra account with the equivalent digital currency.The same process works in reverse for withdrawals.This system makes Abra accessible even in areas with limited banking infrastructure.Abra Tellers can set their own fees, creating a competitive marketplace for cash deposit and withdrawal services.

Example: Let's say you want to send $100 to a family member in the Philippines.You would deposit $100 in cash with an Abra Teller in your area.Abra converts this $100 to Bitcoin and sends it to the recipient's Abra account in the Philippines.The recipient can then withdraw the equivalent amount in Philippine Pesos from another Abra Teller in their area.

Abra's Key Features and Benefits

Abra boasts several key features that set it apart from traditional remittance services:

• Support for over 50 currencies: This allows users to send and receive money in a wide range of local currencies, eliminating the need for costly currency conversions through traditional banks.A full list of supported currencies can be found on ccn.com.
• Low Fees: By leveraging Bitcoin and the Abra Teller network, Abra aims to offer significantly lower fees compared to traditional money transfer services.
• Fast Transfers: Bitcoin's relatively fast transaction times allow for quicker international money transfers.
• Accessibility: The Abra Teller network expands access to financial services, particularly in areas with limited banking infrastructure.
• Direct Bitcoin Support: Users can send Bitcoin payments directly to friends and family abroad, further reducing fees and transfer times.
• On-Phone Storage: Abra allows users to store digital cash directly on their smartphones, providing greater control and convenience.

The Investment Behind the Innovation

The fact that Abra is backed by major VC firms speaks volumes about its potential.Investors recognize the significant opportunity to disrupt the massive global remittance market with a more efficient and accessible solution.This backing provides Abra with the resources and expertise needed to scale its operations and expand its reach.

Why VC Firms are Investing in Bitcoin Remittance Apps

Venture capital firms are constantly seeking out disruptive technologies with the potential to generate significant returns.The remittance market, a multi-billion dollar industry, is ripe for disruption.Bitcoin-based remittance apps like Abra offer a compelling value proposition:

• Market Size: The global remittance market is enormous, representing a significant potential revenue stream.
• Efficiency: Bitcoin and blockchain technology offer the potential to significantly reduce transaction costs and increase transfer speeds.
• Financial Inclusion: These apps can provide access to financial services for the unbanked and underbanked populations around the world.
• Innovation: The use of cryptocurrency and decentralized technologies represents a novel approach to international money transfers.

Potential Challenges and Concerns

While Abra presents a compelling solution, it's important to acknowledge potential challenges and concerns:

• Bitcoin Volatility: Bitcoin's price volatility could impact the value of transfers, although Abra aims to mitigate this risk through its hedging mechanisms.
• Regulatory Uncertainty: The regulatory landscape for cryptocurrencies is still evolving, and changing regulations could impact Abra's operations.
• Teller Network Reliability: The reliability and availability of Abra Tellers could vary depending on the region.
• User Adoption: Convincing people to switch from traditional remittance services to a new, cryptocurrency-based app will require significant effort and education.
• Security Risks: Any system involving digital currency is susceptible to hacking and theft.Abra needs to ensure robust security measures to protect users' funds.

Abra vs.Traditional Remittance Services: A Comparison

To better understand Abra's potential impact, let's compare it to traditional remittance services like Western Union and MoneyGram:

Frequently Asked Questions About Abra

What is Bitcoin?

Bitcoin is a decentralized digital currency, meaning it's not controlled by any single entity like a bank or government.It uses blockchain technology to record transactions in a secure and transparent manner.

Do I need to understand Bitcoin to use Abra?

No, you don't need to be a Bitcoin expert to use Abra.The app handles the Bitcoin conversions in the background, making the process seamless for users.

How do I find an Abra Teller?

The Abra app will likely include a feature to locate nearby Abra Tellers.You can also expect Abra to provide resources and training for individuals and businesses interested in becoming Tellers.

Is Abra safe to use?

Abra employs various security measures to protect users' funds, but it's important to remember that any system involving digital currency carries some risk.It's crucial to use strong passwords and keep your app updated.

How does Abra make money?

Abra likely generates revenue through transaction fees, currency exchange spreads, and potentially by charging fees to Abra Tellers.

The Future of Remittances with Abra

The launch of Abra next month marks a significant step forward in the evolution of the remittance industry.By leveraging Bitcoin and a network of human ATMs, Abra has the potential to transform the way we send and receive money internationally, making it faster, cheaper, and more accessible for everyone.While challenges remain, the company's innovative approach and strong backing from major VC firms position it as a potential leader in the digital cash revolution.The impact of this Bitcoin remittance app could be substantial, particularly for those who rely on remittances to support their families and communities.

What Can You Do to Prepare for Abra's Launch?

1. Download the Abra App: Once it's available, download the app from your app store.
2. Familiarize Yourself with the Interface: Explore the app and understand how it works.
3. Research Abra Tellers in Your Area: Check if there are any Abra Tellers located near you.
4. Consider Becoming an Abra Teller: If you're looking for a way to earn extra income, becoming an Abra Teller could be a viable option.
5. Stay Informed: Follow Abra's announcements and updates to stay informed about new features and developments.

Conclusion: Abra's Potential and Impact

Backed by major VC firms, the Bitcoin remittance app Abra is set to launch next month, and its potential impact on the global remittance market is significant.Abra's innovative approach to international money transfers offers several key advantages over traditional services, including lower fees, faster transfer times, and increased accessibility.While challenges remain, Abra's strong backing and unique Teller network position it as a potential game-changer in the world of digital cash.The introduction of a seamless, affordable, and accessible way to move money across borders could have a profound impact on individuals, families, and communities around the world.As Abra prepares for its launch, it's clear that the future of remittances is rapidly evolving, and Abra is poised to be at the forefront of this transformation.Keep an eye on this space – the financial landscape is about to change.