BitCash

BitCash is a cryptocurrency that helps consumers and businesses trade. By combining the benefits of decentralization with those of internet banking, BitCash makes spending and accepting cryptocurrencies as easy as other currencies, like dollars or yen. BitCash aims to be the world’s most useable cryptocurrency, helping

everyone enjoy faster, cheaper, and secure trading.

To use most (if not all) cryptocurrencies today, you need a good amount of technical expertise. This complexity hinders mass adoption, as many people don’t have the time, energy, or desire to learn how to use them.

Exchanges like Robinhood and Coinbase made it easy to buy and sell cryptocurrencies, but despite their popularity in the cryptocurrency community, they’ve have had little impact on mainstream adoption.

BitCash, on the other hand, is designed for mainstream adoption. BitCash is as easy to use, manage, and access as fiat money. That makes BitCash the only cryptocurrency working to deliver the benefits of decentralization on a global scale.

The PeerQ platform is easy-to-use and requires no technical experience. In order to achieve mainstream adoption it is vital that simplicity is always at the forefront.

BitCash combines the convenience of the world’s internet banking systems with the security, speed, and efficiency of decentralization.

BitCash will be the world’s first decentralized internet bank, and includes the following features and usecases:

PeerQ is a social platform that rewards users for sharing knowledge. Users ask questions, offer bounties, provide answers, and complete tasks to earn BitCash.

With named accounts, there is no more fiddling with messy blockchain addresses designed for geeks and crypto enthusiasts.

BitCash Stable addresses the problem of price volatility when sending money to a third party, paying retailers, or storing value. BitCash Stable secures the value of BitCash for the short, medium, and long term, making it easier to integrate into the financial system.

Buyers using BitCash can enter in a private record which is only visible to the buyer and seller - this creates stored transaction records making it easy to see where your money went, manage your cashflow and plan for taxes.

Tip anyone on Twitter, Twitch or Instagram.

Paying employees with crypto just became easier. Set and forget, you can now pay your staff with cryptocurrency just like you can with traditional banking software. Consumers can also now pay for their favourite subscription products using crypto.

Multiple accounts within one wallet

Just like your normal online bank account, the BitCash wallet will allow users to create and label various accounts within the one wallet to help consumers and merchants organise their transactions.

Your internet banking allows for easy statements, why shouldn’t your Crypto? With statements, both consumers and merchants can keep healthy records of their transactions.

Just like PayPal - you can send BitCash to anyone in the world, even if they don't have a BitCash address, nickname or wallet.

The BitCash wallet verifies that a BitCash address or Nickname exists before you can send to that address.

Added security to ensure that your wallet is safe and secure.

Simply open your wallet and click "Start Mining" to earn BitCash. It doesn't get any easier than that.

BitCash introduces a new kind of stealth address. Every time you send coins to a BitCash address, the coins will end up on another random stealth address. Also, every time you use the same nickname, the coins will end up on a new random receiver address. BitCash uses the same stealth address concept as Monero. Monero computes the destination key from the sender as follows:

P=Hs(rA)G+B

The receiver can compute the one-time public key as follows:

P’=Hs(aR)G+bG

The receiver can compute the one-time private key as follows:

X=Hs(aR)+b

In BitCash we additionally had a Master Public Key M and a Master Private Key m. We removed the Master Private Key with the hard fork on 23 July 2019. Since that time BitCash uses the public key from the transaction of block 1 of the Bitcoin blockchain as Dummy public key to replace the Master Public key. The assumtion is that nobody knows the private key for this public key.Also we only use one Public and Private Key for the addresses. So only A and a is used. B and b is not used.

The Master Public Key is known to the public, but m is not known by the public.

The sender calculates a shared secret through a Diffie Hellman exchange with the receiver as follows:

S=rA

The receiver can calculate the same shared secret as follows:

S=aR

This shared secret is used by the sender to encrypt the random data r with AES encryption. This encrypted version of r can later be decrypted by the receiver with the shared secret as password.

The sender computes the destination key as follows:

P=Hs(rM)G+A

The receiver can compute the one-time public key as follows:

P’=Hs(rM)G+aG

The receiver can compute the one-time private key as follows:

X=Hs(rM)+a

The owner of the Master Private Key can compute the one-time public key as follows:

P’=Hs(mR)G+A

BitCash also stores 2 bytes of the real public key of the receiver in without any encryption. This enables BitCash to find potential matching transactions much faster. Before we introduced this, the stealth addresses were very slow. The sender of a transaction can reveal r to prove that he sent the transaction and to enable any person to check decrypt the stealth address and the description line.

BitCash uses addresses with a viewkey for the web wallet and the mobile wallets. The web server can store the view key to recognize incoming transaction. The web server is however not able to spend any coins with only the view key.

These addresses are longer and contain two full public keys, like the Monero addresses. V is the public viewkey and v is the private view key. If the addresses with viewkey are used the shared secret S is calculated with the viewkey as follows:

The sender calculates a shared secret through a Diffie Hellman exchange with the receiver as follows:

S=vA

The receiver can calculate the same shared secret as follows:

S=aV

This enables the receiver who knows the viewkey private key V to decrypt the encrypted random private key r.

Then the real address can be decrypted:

P=Hs(rM)G+A

BitCash also provides a special address format for non privacy transactions. These addresses are mainly intended for the exchanges.

These addresses are faster to compute than the stealth addresses. If a wallet contains thousands of addresses it is preferable to use non privacy addresses.

For the non privacy address the shared secret S is calculated as usual. But it is then only used to encrypt the description line, but not to encrypt the real address.

BitCash introduces an AES-encrypted description line field for all transaction outputs.

A shared secret T is calculated and is used to encrypt and decrypt the description line with AES encryption.

The sender and receiver can calculate the shared secret as follows:

T=rM

The owner of the private master key can calculate the shared secret as follows:

T=mR

This way the description line can be decrypted by the receiver and the owner of the Private Master Key.

The BitCash Stable feature, like other stable coins, was created to address the problem of price volatility when sending cryptocurrency to a third party, paying retailers, or storing value. BitCash Dollar secures the value of BitCash for the short, medium, and long term, making it easier to integrate into the financial system. With the new

BitCash stable feature, there are now two currencies stored on the blockchain, BitCash and the BitCash Dollar. One account is the BitCash account and the other is the BitCash Dollar account. The BitCash Dollar account has its own address with “dollar@” in front of the nickname or address. So for e.g. dollar@JohnDoe would send to the BitCash Dollar account and @JohnDoe to the BitCash account. Also, there will be two send functions, one function to send from your BitCash account and one to send from your BitCash Dollar account.

BitCash → BitCash

BitCash → BitCash Dollar

BitCash Dollar → BitCash

BitCash Dollar → BitCash Dollar

BitCash Dollar = $1 USD.

when you hold your money in a BitCash Dollar account, the value will always remain the same. Keep in mind, you can send the money from one BitCash Dollar account to another BitCash Dollar account. You can also make payments in BitCash Dollars directly and there will be no price risk for the merchant.

The benefits of BitCash Stable are groundbreaking. With this feature, you can send US$1,000 to someone across the globe and they would receive it in less than a minute with minimal fees, no conversion fees on each end, no middle man, no hefty transaction fees for both parties, and no having to wait days for funds to clear.

The BitCash Stable feature makes it feasible for an online merchant who may be interested in accepting cryptocurrency as a payment because they can now accept BitCash Dollar without having to sell instantly. Instead, hold the coins in their BitCash Dollar account until they’re ready to sell. This will help entice more online merchants to accept BitCash and/or BitCash Dollars.

BitCash stores 3 price pairs at the end of the block header. Each price pair needs to signed by one of 14 private keys. BitCash checks if all 3 price pairs are signed by a different of the private keys. Each of the 3 price pairs consists of one price which will be used to convert BitCash into BitCash Dollars and another price which will be used to convert BitCash Dollars into BitCash.

BitCash will then take the average of the two prices which are closed together to calculate the effective price for the block. It will calculate one effective price for the exchange from BitCash into BitCash Dollars and one for the exchange from BitCash Dollars into BitCash.

BitCash stores one additional byte with the target currency for every transaction output. At the moment two currencies are supported.

0 = BitCash and 1 = BitCash Dollar.

BitCash checks if the price is converted correctly (using the effective block price), if the transaction inputs are in another currency than the transaction output.

All transaction inputs need to have the same currency. The transaction outputs can have different currencies.

BitCash uses two fields to store the value of the transaction output. One stores the value in the currency of the transaction inputs (nValueBitCash). And one stores the value in the currency of the transaction output (nValue). nValue can change until the transaction has been mined into a block. Therefore nValue is not included into the transaction hash.

Mining BitCash is simple. It’s a CPU-mineable cryptocurrency, so anyone with a computer can start mining BitCash in as little as four steps:

1. Download the BitCash wallet for your operating system.

2. Install the BitCash wallet.

3. Open the BitCash wallet.

4. Click “Start Mining”

As the project develops, BitCash will release a GPU miner to allow miners to direct their GPUs to BitCash, which will strengthen and grow the BitCash network. We’ll embed the GPU miner into the BitCash wallet so that nontechnical users can mine with the click of a button, without needing any batch files or code.

Initially, BitCash utilized the Cuckoo Cycle algorithm. However, as the network grew, some individuals were able to manipulate this algorithm and gain an unfair advantage over others in the network.

As a result, on 23 February 2019 12:00 UTC, BitCash forked over to the well known and proven X16R algorithm.

X16R is a hashing algorithm, which is based on the classic X11. It uses sixteen chained hashing algorithms in an effort to thwart the move to ASIC mining.