FAQ

Frequently Asked Questions (FAQ)

The U.CASH network is a group of peer-to-peer retail/online service providers (converters), combined with partner networks and access providers (Websites, Payment Providers, Merchants, Exchanges, portal clones, etc.) and blockchain enabled functions that enable end-users to access alternative financial services. It lets anyone in the world access unbanking and digital currency services while also giving them the ability to become a local converter themselves. This in turn, allows these converters to provide services to other users in their local areas, increasing the network size. The larger the converter locations number, the more solutions the ecosystem can provide to its users. This is why the U.CASH Network stands for the Universal Cash Network, as it allows global access from fiat cash to digital cash utiziling technology and actual service providers.

UCASH is the name of the network’s native digital cash token. UCASH is used to facilitate efficient peer-to-peer transactions as well as function on incentivized smart-contracts that enable advanced functionality in the ecosystem. It is also used as a network access token to enable financial services of many types. The token will be swappable across multiple blockchain implementations for access to robust functionality on the network, regardless of the specific underlying blockchain technology used. This will allow UCASH to exist and function on top of many of the more popular cryptocurrencies such as BTC, ETH and many others over time. The network will not care which layer it uses, only that it is the most capable and efficient available to the user at that time. By owning UCASH, you are holding pre-paid access credits for U.CASH network usage. Some capabilities must utilize 1 UCASH to be completed, while others are on a sliding scale. Most of this usage is delegated to the background of available user interfaces. The U.CASH network is available globally, in over 50 currencies, including Bitcoin and other cryptocurrencies. This is why UCASH stands for the Universal Cash Token, as it allows global incentivized distribution and usage to join together to empower a truly powerful network.

The U stands for Universal, but can also stand for You (U) when used for artistic articulation of ideas and statements throughout the ecosystem. The U.CASH Network is building globally to solve the issues of going from fiat cash to digital value, enabling unbanking services for those who need it most. As U are the ones who can provide conversion services to users in your local area or online, U are what makes this entire network of fiat/cash converters valuable for individiuals all over the world.

In the use of the network token, the U stands for Universal, so UCASH is short for Universal Cash. The network token is used for many purposes through the U.CASH network while also connecting fiat/cash with digital assets and cryptocurriences. UCASH acts as the universal connector and enabler of the U.CASH ecosystem. It continues to be distributed to users through bounties, and will theoretically do so forever. This inventivizes participation and usage of the token for its intended purposes. Algorithmic distribution of UCASH through smart-contracts for user behaviour that benefits the ecosystem has also been engineered for universal access. Incentivized Universal Cash, for the Universal Cash Network.

The U.CASH network is global. The network mission is to make peer to peer financial services available across the world. As of now, the U.CASH network supports over 50 national currencies, as well as Bitcoin and other cryptocurrencies. Bank account support is live for converters that accept bank deposits. And you may look for U.CASH converters in your city through our portal. We are constantly working on developing bank account integration in new countries, and in broadening the reach of our converter network. If you would like to request a converter in your region, or add your bank to our list, please do let us know at converters@u.cash

You can use the U.CASH network for transmitting value, requesting payments, withdrawing funds, managing bounties, accessing cryptocurrency, conversions and more, anywhere in the world with internet access. With the U.CASH network, you can load value into your account through a converter in-person or online, as well as 3rd-party cryptocurrency service.

There are a number of ways U.CASH and UCASH are used across the site and other locations. The following outlines our intended usages:

U.CASH, as in the U.CASH network, refers to the whole ecosystem of organizations, sites, converters, users, communities, service providers, smart-contracts and software enabling the capabilities of the network. The Universal Cash Network. UCASH is the name of digital network token which empowers its users and enables access to functionality on the network. UCASH is available to anyone globally to build out services and integrate with the ecosystem, as well as find their own unique solutions using what becomes available in the network. UCASH is used in various functions across the U.CASH network to promote incentivized actions that benefit the users of the ecosystem as a whole. The Universal Cash Token.

The value of UCASH comes from its ability to incentivize individuals as well as enabling advanced functionalities on the network. For base functionalities, users may pay a set UCASH fee to access services and claim UCASH for completion of objectives (bounties). Advanced functionality for converters, end-users and smart-contract participants use UCASH in multiple ways to provide technical, and financial structure for services that are available on the network. Many of these functions may not be even visible to the average user of the network, but are the foundations which enable unbanking through the U.CASH network. In some cases, 1 UCASH = 1 UCASH for use in the network and smart-contracts. In other cases 1 UCASH = XYZ (Fiat Currency or Cryptocurrency). In others even beyond that 1 UCASH = % paid out by a bounty pool, which is independent of any market or value, but only pays out in proportion to what remains in the pool to payout. A user signing up and verifying an account might get 0.0001% of the remaining amount of UCASH in the pool. The next user will get less than the one before, as they receive 0.0001% of the remaining after deducting the previous users bounty. In this method, a decreasing bounty of UCASH is provided for each instance of a completion of a set of bounties, but will never run out of the entire pool (trending towards 0, but never 0.). In other cases even beyond that, the algorithmically decreasing UCASH bounty pool, may also see an increase in UCASH by way of external UCASH being added. This could be from other incentivized cross service functions. All four conversion methods are important in the functioning of the entire network, as they all meet varying mathematical, functional and incentivizational functions.

The UCASH network token exists primarily as a multi-use incentivization unit, and secondarily as a settlement and fee payment system. Most uses of the UCASH token will eventually be delegated to the background, while every day users may not ever be exposed to its functions. This can already be seen in usage such as our uCollateral Smart-Contract where users can provide collateral for the function of a liquidity loan system for converters. This brings digital liquidity to approved master converters globally to start offering cash-in and cash-out services without the need for bank accounts or access to digital currency initially. Usage for advanced capabilities such as this, on-chain functionality, combined with its requirement for fees in the network are what give UCASH its value. For many foundational requirements 1 UCASH = 1 UCASH, no matter what any secondary market or information source says. This allows us to allocate limited network resources (on-chain and off-chain) to transactions according to the bandwidth, providers and technologies available.

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The U.CASH network combines the power of cash (both fiat and digital) with a global converter network and alternative financial services technology. The network lets you cheaply convert cash to digital currency in available areas, use that digital currency to access additional capabilities, then convert back to cash where available. You would use the U.CASH network in combination with your regular cash to access these cabilities. You could also directly use digital currencies to access some services as well.

The UCASH network token was not initially designed for usage such as regular cash, but it may become used in the network as such in the future if its path develops that way. UCASH primarily exists to support usage of fiat currencies and cryptocurrencies such as Bitcoin (BTC) by interfacing between an incentivized network of cash and digital converters with access to alternative financial services for users globally.

U.CASH is not a bank, it is more like an unbank. Most users initially will have bank accounts, but the target markets for U.CASH are the unbanked, overbanked AND the banking sector. Over time, a users reliance on bank accounts may totally disappear with a global distribution of U.CASH converters and users.

Bitcoin, and other cryptocurrencies seeing usage as Peer-to-Peer (P2P) Cash, Store of Value (SOV), Smart-Contract Layers (FUEL) and other transactions is what UCASH exists to support, not compete with. We believe Bitcoin stands the strongest chance to become a future global reserve currency of the world. Our love for Bitcoin is what motivates us to keep growing the U.CASH ecosystem and capabilities, and lead to the distribution of the UCASH network token: as an incentivizing and usage mechanism that will make Bitcoin more widely available and used globally. The UCASH network token is not designed to compete with Bitcoin or other cryptocurrencies, but exists instead only to enable access and usage of them more broadly. Using UCASH in the network and on smart-contracts for its developing purposes and for global incentivization is always promoted and encouraged. This is why the structure of the ecosystem was designed in a way to give out UCASH for completion of bounties indefinitely. This puts them in the hands of the users and develops a community which is incentivized to work together to build out the network and its capabilities. Although we promote Bitcoin and the greater ecosystem, there are still multiple reasons for earning and holding a small amount of UCASH as an individual user, and in larger amounts if you are a converter, 3rd party service provider, partner, high volume service user or an organization.

  1. Access fiat cash-in and cash-out services through the U.CASH network and receive discounted fee payments.
  2. Utilize UCASH on available smart-contracts and functions to earn more UCASH bounties.
  3. Pre-pay for services earlier gaining discounted fees in the future, and thereby more transactions.
  4. 1 UCASH is the minimum network fee to complete 1 blockchain transaction through the U.CASH network.
  5. 1 UCASH reserves the ability to have 1 chain verified user account through the U.CASH network.
  6. There are a limited amount to be distributed trending towards 21,000,000,000 UCASH in circulation.
  7. The limited total UCASH was designed to consider scarce periodic block chain and network resources.
  8. UCASH is partly an incentivizational token, use it to incentivize other bounties yourself.

Your money is held on your U.CASH account. Currently this a multi-signature wallet infrastructure, in the future your funds can also be held privately on your computing device or interact directly from other applications. Your U.CASH account should only be used for minimal funds you wish to use, and we encourage users to learn about holding cryptocurrency securely themselves through various means. The U.CASH network is building towards being 100% peer-to-peer, with noone but you and software, managing or touching your funds at any point in any transaction. Our goal is to educate users and empower them to be their own bank. We just help them unbank along the way.

Yes. You can currently store UCASH network tokens externally as on all Ethereum (ETH) wallets. UCASH will become 1:1 exchangeable once other blockchains (BTC, ETC, etc.) when integrated. This will allow for cross-chain compability and redundancies of the U.CASH network in the future.

The technology layers of the U.CASH network use modern encryption technology to secure your digital assets and information. The code is continuously updated and maintained to stay on top of security, technical and social issues that may come up over time internally and externally. When you transact using the U.CASH network, your counterparty only receives whatever basic information that is required to validate and complete the transaction. The usage of fiat options, including meeting a converter to complete a transaction may have some risks involved. The feedback system exists to reduce such risks, but does not entirely solve the issues inherent with dealing in a peer-to-network involving cash. We wim to educate users and promote safe and fair usage of the ecosystem, but individuals are informed to deal with others in the network with care and awareness.

U.CASH is powered using a combination of digital currencies, multi-signature escrow, and smart-contracts with distributed data storage, that all allow access to a globally compatible worldwide network.

The following information is stored on this site's initial U.CASH network portal servers:

  • Your profile information (name, email address, phone number), all of which can be edited from the 'Menu' on the U.CASH app.
  • A list of IP addresses and devices that have accessed and transacted on your account.
  • Transaction information, including amounts and recipients for usage of your account.
  • Your account information (balances, currencies, verification, etc.), that may be sensitive and kept secured.

The following information is publicly available on many different blockchains:

  • Your public key (though your profile information -- name, email address, phone number is not posted on the blockchain).
  • Your transaction history.

Please note you can edit your profile information at any time, some of your account information when required, but never any information on a blockchain.

Other service providers, businesses, groups and individuals which utilize the U.CASH network may require you to store other information with them. Please see their relevant privacy documents for more information.

The network itself operates globally, and is able to be built on using open-source technologies and development. Multiple organizations, businesses, individuals and groups worldwide are involved in growing the U.CASH network, but are still organized and managed by the launching team. The company that initially conceptualized the network, U.CASH Inc. operates from Canada, and is a corporation organized and existing under the laws of Ontario, Canada. It exists to promote and grow the U.CASH network through technical and business development currently, but as global organizations continute to build the ecosystem in many areas (as they already are doing), the function of the initial group of companies will reduce over time.

GETTING STARTED

Users and converters can access U.CASH via a web browser or our mobile apps (coming soon). Create an account with an email address and password. From there you will be prompted for additional information (such as phone verification and identification) should you decide to increase your account levels to unlock higher transaction limits and capabilities.

U.CASH requires the following to work:

  • A computing device (computer, tablet, smartphone)
  • Internet access through wifi or mobile data

In order to recover your account, you need your recovery/backup phrase for your wallet or your email address and password for your account. If you lose your phone, delete an app accidentally or can't access your wallet for any reason, you can restore the data of your lost/ wallet into your new wallet, if you have the recovery/backup phrase only. In the case you are storing funds in a U.CASH network site hot wallet, your email address and password may be able to retrieve those funds.

Buying digital currency with U.CASH is very simple, and after you have created an account, it involves two steps:

  1. Load your account. You can load your wallet via cash, bank deposit, Western Union, cryptocurrency, or any other payment option accepted via your local converter.
  2. Once loaded to your account, Top-Up your digital fiat balance to a supported provider and convert to a cryptocurrency of your choice.
This site requires your name, phone number, and email address for all users on the network. You may be required to provide government identification and proof of address, depending on your location and the types of services you wish to access. Multiple verification levels are available.

Other sites, organizations and individuals may require other sets of information if applicable. User oriented smart-contracts are always accessible to use by anyone, requiring no verification.
Transaction limits for users on this site of the U.CASH network vary based on identity verification level, locales, and other factors. More information is available under Account Overview.

To change the currency in your Uaccount to another, please follow these steps:

  • In your account, to the main screen
  • Click/tap: the icon on the upper left corner to go to the menu screen
  • Click/tap: 'Account Currency'
  • Click/tap: your current account currency option
  • Click/tap: the desired currency option
  • Check that your default currency is changed
  • Click/tap: Done

Note that you can change your account currency to any supported digital fiat or digital currency denomination.

As of now, we support over 50 currencies as shown below. We will be adding new fiat currencies and digital currencies over time.

Country

Currency Name

Currency Code

Argentina

Argentine Peso

ARS

Aruba (Kingdom of the Netherlands)

Aruban guilder

AWG

Australia

Australian dollar

AUD

Bahamas

Bahamian dollar

BSD

Barbados

Barbados dollar

BBD

Brazil

Brazilian real

BRL

Bulgaria

Bulgarian lev

BGN

Canada

Canadian dollar

CAD

Chile

Chilean peso

CLP

China

Chinese yuan renminbi

CNY

Colombia

Colombian peso

COP

Costa Rica

Costa Rican colon

CRC

Croatia

Croatian kuna

HRK

Curacao (Netherland Antilles)

Netherlands Antillean guilder

ANG

Czech Republic

Czech koruna

CZK

Denmark

Danish krone

DKK

Dominican Republic

Dominican peso

DOP

Eurozone (various countries)

Euro

EUR

Grenada/Saint Vincent and the Grenadines

East Caribbean dollar

XCD

Guatemala

Guatemala quetzal

GTQ

Haiti

Haitian gourde

HTG

Honduras

Honduran lempira

HNL

Hong Kong

Hong Kong dollar

HKD

Hungary

Hungarian forint

HUF

Iceland

Icelandic króna

ISK

India

Indian rupee

INR

Indonesia

Indonesian rupiah

IDR

Israel

Israeli new shekel

ILS

Jamaica

Jamaican dollar

JMD

Japan

Japanese yen

JPY

Malaysia

Malaysian ringgit

MYR

Mexico

Mexican peso

MXN

New Zealand

New Zeland dollar

NZD

Nicaragua

Nicarguan córdova

NIO

Norway

Norwegian krone

NOK

Paraguay

Paraguay guaraní

PYG

Peru

Peruvian nuevo sol

PEN

Philipppines

Philippine peso

PHP

Poland

Polish zloty

PLN

Romania

Romanian new Leu

RON

Saint Lucia

East Caribbean dollar

XCD

Singapore

Singapore dollar

SGD

South Africa

South African rand

ZAR

South Korea

South Korean won

KRW

Sweden

Swedish krona

SEK

Switzerland

Swiss franc

CHF

Taiwan

New Taiwan dollar

TWD

Thailand

Thai baht

THB

Trinidad and Tobago

Trinidad dollar

TTD

Turkey

Turkish lira

TRY

United Arab Emirates

UAE dirham

AED

United Kingdom

Pound sterling

GBP

United States

US dollar

USD

Vietnam

Vietnamese đồng

VND

To see a list of your past and current transactions, please follow these steps:

  • Open your account, to the main screen
  • Click/tap: 'Transaction History'
  • Click/tap: on any transaction to see details
Please contact Support by clicking on the three dots (in a golden oval button) at the bottom right on portal.u.cash

This site gets its fiat-currencies prices from live mid-market rates pulled from Google Finance as well as sources such as XE and others combined with actual market statistics. This data is then combined into a U.CASH network average price.

DEPOSITING AND WITHDRAWING

Your U.CASH wallet is global and flexible. You can deposit to and withdraw from your account via the U.CASH converters network or your own digital currency (such as Bitcoin).

Buying digital currency with U.CASH is very simple, and after you’ve created a U.CASH account, it involves two steps:

  1. Fund your U.CASH wallet. You can fund your wallet via the U.CASH converters network or your own digital currency (such as Bitcoin).
  2. Once the funds reach your U.CASH wallet, convert your digital fiat balance to any cryptocurrency available.

You can deposit and withdraw to and from your U.CASH account via the U.CASH converter network, specifically those converter who have enabled deposits/withdrawals to and from their bank.

To deposit into your U.CASH wallet using an U.CASH converter, please do the following:

  • Open your U.CASH account, to the main screen
  • Click/tap:‘Add Funds’ (fiat-denominated wallets) OR ‘Load Digital Assets’ (digital currency-denominated wallets)
  • Click/tap: 'Cash'
  • Fill screen info: Amount you want to transact, email, comments.
  • Set your desired location
  • Click/tap: 'Continue'
  • Verify your details/info
  • Click/tap:Submit

Please note the above process is our U.CASH converter concierge model and it may take 1-2 business days (most times it’s instant), depending on availability, to get back to you with a trusted converter near you.

Yes, any U.CASH user can deposit/withdraw cryptocurrency via third-party cryptocurrency wallets, regardless of the currency their U.CASH wallet is set to.

Deposits and transactions on the portal are nearly instantaneous. You may experience a delay in processing withdrawals due to fraud prevention measures on some transactions. Transactions outside of your account to external digital currency wallets or providers may also have a delay.

You set your account default currency when you create it (which you can change at any point). If your wallet currency is set to USD (or a currency different from the currency your bank account is in), a deposit will remain in the denomination you received it as. You will be able to view all digital fiat and digital currency balances in your account, in addition to seeing your default currency balance.

While most customers will not need to provide any documentation, in select cases we may be required to ask for additional documentation, which will vary from customer to customer. If additional documentation is required from you, the platform will let you know via account notification or email.

Value Locking is accomplished in various methods including smart-contract based locking, ecosystem powered locking, and user based locking to offer security, ease of use and additional options according to verification levels. Other value locking mechanisms are constantly being researched, developed and deployed to reduce dependency on any one system.

  1. Smart Contract Based Locking: Smart-contract based locking is a form of scripted automatic updates to multi-signature wallets that maintain a digital currency balance (such as Bitcoin) that is equal to the U.CASH fiat currency value (ie. USD, CAD, EUR, INR, etc.) the users of the platform are locked in at. Liquidity providers guarantee certain amount of funds in real-world financial contracts with U.CASH network master converters and its users, and allows for these providers to participate in the long-term value increase of digital currencies, without having the risk of holding the actual digital funds themselves, while also gaining fees on liquidity provided to master converters.
  2. Ecosystem Powered Locking: Ecosystem users including master converters will hold financial obligations with 3rd party liquidity providers for the amount of funds received. These will then go towards the purchase and acquiring of stablecoins for transaction settlement. In this way, the ecosystem brings in the liquidity, denominated in fiat values to power the locking mechanism.
  3. User Based Locking: Users will be able to instantly sell their incoming cryptocurrencies for stablecoin balances, and when outgoing, convert back to their preferred cryptocurrencies. This can be done seamlessly to ensure best user experience and efficiency for having a stable fiat balance on accounts.

SENDING AND RECEIVE DIGITALS FUNDS

  • Go to main menu
  • Click/tap: "Send Digital Assets"
  • Choose a contact or input a mobile number
  • Enter the desired amount
  • Review & confirm
  • Click/tap: Send Digital Assets

Note: The contact must have an U.CASH wallet in order to show up under contacts. If the user does not have an U.CASH account, the app will send a text message to their contact, prompting them to create an account.

Request payment from other users by following these steps:

  • Open your U.CASH account and on the main screen,
  • Click/tap: 'Request Digital Asset Payment'
  • Choose a contact and the desired request amount
  • Click/tap: 'Next'
  • Click/tap: 'Send Digital Asset'

Your recipient will be prompted to accept or reject the payment request the next time he or she opens their U.CASH account, while connected to the Internet.

Click/tap: Send and scroll down to see whom in your contact list has U.CASH.

Keep telling your friends and family about U.CASH, so you can easily transact with them.

U.CASH is free to use, and is available via any web browser, the App Store and Google Play (coming soon). Tell your friends and family about it, and transact with each other.

Before a user can transact with his or her recipient, the recipient will need to create a U.CASH account, and register his/her phone number. If the other person has a cryptocurrency wallet, you can alternatively just withdraw to their address as well.

Payment requests come from merchants and other U.CASH users, to enable you to easily transfer funds from your U.CASH wallet at the initiation of the requester. When you receive a payment request you have two options to choose from:

  • You can approve the payment request, and the specified funds will be transferred to the recipient with funds from your U.CASH wallet.
  • You can reject the payment request, no funds will be transferred, and your U.CASH balance will remain the same. If you do not have enough funds to approve the payment request, you will be prompted to reject the request.

Sending digital currency, such as Bitcoin, with U.CASH is the same as sending any other currency. If your recipient's wallet is in Bitcoin, he/she will receive the funds in Bitcoin, regardless of the currency your wallet is in.

Yes. U.CASH will automatically receive cryptocurrency and remain in that denomination.

You must be connected to the internet to receive a payment request prompt from the U.CASH app. Without Internet, the prompt will not be triggered. When you receive the payment request prompt, you will have the option to approve the payment request if you have sufficient funds in your U.CASH wallet. Simply press Approve to complete the payment. If you do not have enough funds to approve the payment request, but do not wish to reject the request, you can also exit the app and await incoming funds (either through depositing via a bank, or by receiving funds from another individual). After enough funds arrive and are made available to your U.CASH wallet, you can re-open the app to retrieve the original payment request prompt, and you will be able to approve the transaction.

Although there is no limit to the number of people one U.CASH user can send to, all transfers must be initiated one at a time, for now. U.CASH is building smart contract capabilities that will allow for multi-functional uses such as paying multiple people with one payment in the future.

For person-to-person sending, U.CASH notifies transfer recipients of their incoming amounts immediately. The funds will be accessible within an hour, and in most cases, within 10 minutes.

For deposit and withdrawal transactions the standard processing times are as follow:

  • For bank deposits and withdrawals via U.CASH converters, 1-3 business days.
  • For cash deposits and withdrawals via U.CASH converters, instant.
  • For digital currency deposits and withdrawals via 3rd-party apps, upto 20 minutes.

All U.CASH transactions are completed as fast as possible. There is no separate option to "rush" a transaction any faster.

  • Open your U.CASH account, to the main screen
  • Click/tap: the icon in the upper left to go to the menu screen
  • Click/tap: Wallet Currency
  • Select the currency you wish to convert to
  • Click/tap: Next
  • The next screen, "Convert Balance," will show a conversion rate at bottom (Your wallet must have a balance to see an exchange rate)

FEES

Users can find and compare any U.CASH converter's fees using the U.CASH app.

To find the fee amount at convenient converter locations, proceed with the following steps:

  • Open your U.CASH app, to the main screen
  • Click/tap: the icon in the upper left to go to the menu screen
  • Click/tap: the “Withdraw Funds” button.
  • Click/tap: the “Deposit Funds Offline” button
  • Find and select a nearby U.CASH converter to view their profile
  • For any U.CASH converter, the fee charged will be the larger of (1) the minimum fee, and (2) the listed percentage of the total transaction amount.

Fees are set by U.CASH converters. Below are example fees charged by converters and earned by U.CASH. They are not exact, as fees are sometimes set to change dynamically according to market conditions, as well as fluctuating otherwise on a regular basis.

FUNDS LOAD/UNLOAD (3% additional charged to customer):
Converters (Globally) - The higher of 21% of the fees charged by the teller or 0.3% of total transaction, paid to U.CASH. This fee can be algorithmic changing with local demand for loads/unloads, but the converter portion of the fee could stay the same (as set by converter)

RETAIL BITCOIN BUY/SELL (4% additional charged to customer):
Converters (Globally) - The higher of 21% of the fees charged by the teller or 0.3% of total transaction, paid to U.CASH.This fee can be algorithmic changing with local demand for loads/unloads, but the converter portion of the fee could stay the same (as set by converter)

ONLINE DIGITAL CURRENCY CONVERSION:
Users (Globally) - 0.8% fee for the value of the conversion between a U.CASH balance and digital currency.

U.CASH USER LOAN ORIGINATED (from 10% to maximum regulated interest for customer):
Converters (Canada) - 3.0% of the total amount loaned is payable to U.CASH at loan issuance.

CONVERTER CUSTOMER LOAN ORIGINATED:
Converters (Canada) - 0.3% of the total amount loaned is payable to U.CASH at loan issuance.

IN-PERSON BILL PAYMENTS ($3.00 additional charge for customer):
Converters (Canada) - 21% of the fee charged by the teller is paid automatically to U.CASH at transaction time

ONLINE BILL PAYMENTS:
Users (Canada) - $2.00 CAD fee charged to the U.CASH user. 21% of fee goes to registering teller.

1) U.CASH never charges a fee for bank withdrawals. Some banks may charge a small fee for incoming transfers.
2) Digital currency fees are required to ensure your transaction is confirmed by the cryptocurrency mining network, and fluctuates based on volume on the network. U.CASH does not profit from it.

Note that the above are example fees and that converter fees vary from geographical area to area and according to demand.

For digital currency withdrawals from your U.CASH wallet to an external digital currency wallet, we charge a network fee. This fee is required to ensure your transaction is confirmed by the network, and fluctuates based on volume on the network. The U.CASH network also charges a UCASH fee (minimum 1 UCASH) for usage of resources. In many cases, this fee is charged in the background without users even knowing how it was users. We currently select a high-priority fee, to ensure fast confirmation on the blockchain and through the network. To perform a digital currency withdrawal, you need to have enough funds to cover the network fee.

There are small fees for depositing cryptocurrency from a third-party wallet onto your U.CASH wallet. Withdrawing cryptocurrency from your U.CASH wallet onto a third-party wallet will also incur a network fee (This fee is required to ensure your transaction is confirmed by the network and fluctuates based off of volume on the network).

When you add funds using cash at a U.CASH converter, the converter charges a service fee. Converters set their own fees on top of fluctuating network usage fees, so you always know how much you are going to pay and for what. When you withdraw funds in cash at an U.CASH converter, the converter charges a service fee as well. In some cases, we can see converters incentivizing load/unloads as one side of the service becomes more predominantly used (everyone in an area just wants to load).

CONVERTERS

The U.CASH app allows qualified individuals to become a U.CASH converter. Converters perform ubiquitous mobile U.CASH transactions, help users fund their U.CASH accounts (cash, bank deposit, Western Union, and more) or withdraw from their U.CASH account (to cash, bank account, and more). Converters will conduct face-to-face transactions with users from an agreed meeting place, or at their store location based upon converter's own fees per transaction and operating hours. Multiple types of converters exist, including:

  1. Master Converters: Provide U.CASH liquidity to other converters in local areas or countries as well as offer financial services. Master converters will initially be large money service business partners and other highly capitalized entities, but we will expand to include other financial institutions over the coming months and years.
  2. MSB Converters (Money Service Businesses): Single store, or multi-store brands which offer traditional money service business activities as well as online companies whose user base could benefit from U.CASH.
  3. Retail Converters (Storefronts): Businesses who have store-front locations that want to offer U.CASH services. They can be any type of business including convenience stores, computer stores, cell phone shops and more.
  4. Individual Converters (Any Users): These are individual users that want to earn extra income by providing basic U.CASH services to people in their neighbourhoods or online.
  5. Mobile Converters: Will provide services by coming to your location. The mobile converter could also be an MSB, retail or even individual providing U.CASH access.

Open your converter map and see available converters in your area with their available services. After initiating a converter service request you will be asked for more details about the type of transaction you want to do, amount of money you want to transact, your preferred meeting location, your email, along with any notes. In the notes section, you may add any additional requests, from your own availability to changing your preferred meeting location. All this is done live.

If you need to change the location, just drag the marker to your preferred meeting location, and then press ‘Set preferred location’. (However, you and your converter can change the meeting location at a later point in the transaction process, if needed.) Once you’ve entered all the information, press ‘Continue’, and a confirmation screen will appear.

We are global and we are excited to partner with individual converters in select countries.

To become an individual U.CASH converter, please do the following:

  • Open your U.CASH app, to the main screen
  • Click/tap: 'Become a Converter' in the main menu
  • Click/tap: 'Allow' for the app to access your location while you use the app
  • Click/tap: 'Select Location' if map pin shows desired location, otherwise type the address you will use
  • Click/tap: 'Save' after verifying your meeting point
  • Click/tap: 'OK' after providing requested information on previous screens
  • Wait: 'Converter Application Under Review' option will remain greyed out until you application gets approved.
  • Once approved, a new section called “Converter Options” will be added to the top of the main menu

To sign up to become a converter, please follow these steps:

  • Open your U.CASH app, to the main screen
  • Click/tap: the icon on the upper left corner to go to the menu screen
  • Click/tap: 'Become a Converter' and enter in the subsequent information
  • Click/tap: Done

Your U.CASH app will show the 'Converter Application Under Review' message option greyed out under the Main menu. That will indicate that your information has been received on our end and we will contact you at a later time to proceed with signup.

After you sign up to become a converter, your U.CASH app will show the 'Converter Application Under Review' message option greyed out under the Main menu. That will indicate that your information has been received on our end.

We will be reviewing and approving applications selectively, depending on a number of factors. Once approved, a new section called “Converter Options” will be added to the top of the main menu.

In addition to users and tellers rating each other after every transaction, we love hearing about our users' experiences with U.CASH converters. Please share your stories with us at support@u.cash.

Converter transaction currency is the default currency you will use for your customer transactions as an U.CASH converter. You can view and update your default converter transaction currency at any time.

The converter Transaction Currency can be changed and viewed from the main screen menu as follows:

Wallet Currency:

  • Open your U.CASH app, to the main screen
  • Click/tap: “Account Options” and go to 'Wallet Currency'
  • You can view your current converter Transaction Currency
  • Click/tap: 'Change default currency' and follow below steps to update it

To be an U.CASH network converter, we suggest you to comply with your country regulations. In many countries, there are Country Wide, and Local (State/Provincial/City) regulations, which may include the need for an MSB (or equivalent) registration. Legal advice will never be given by network participants, and you should seek individual legal advice for your specific situation and jurisdiction.

Only your approved service ads will appear to users and other converters. If you want to remove yourself as a converter, it’s as simple as changing your ad status from “Active” to “Inactive”

MERCHANT

U.CASH network merchants are e-commerce merchants and sellers that accept U.CASH network funds as a payment method from their customers. The benefits of the platform are significant:

  1. Lower fees and no chargebacks
  2. Reduced returns, increased checkout retention and faster settlement
  3. Better access to unbanked and cross-border customer segments

To find out more about becoming a U.CASH network merchant, please contact a local representative or reach out to us at support@u.cash for us to connect you with one.

To become a U.CASH merchant, simply create an account and begin taking payments. In the future specific merchant applications may become available for even better user experiences.

CRYPTOCURRENCIES

There is a network fee for fiat or bitcoin transfers into external wallets. This fee is required to ensure your transaction is confirmed by the Bitcoin and/or Ethereum network. You will always be able to check the rate before completing your transaction. The network fee you will pay on transactions to outside wallets is calculated dynamically at the time the transaction is created. This means the fee could be higher during peak volumes.

The same way that email is a protocol for sending messages to any computer using the internet, Bitcoin and cryptocurrencies are protocols for sending money to any computer or mobile device using the Internet. The Bitcoin protocol has a built-in currency, also called Bitcoin, that is used to pay volunteers who use their computing power to help secure Bitcoin transactions. Bitcoin and other cryptocurrencies are an important innovation in the history of money that enables U.CASH customers to send money anywhere in the world where there’s access to the Internet.

All network transactions made to and from the Portal and between wallets are cryptocurrency transactions that are confirmed on the their respective blockchains. Individual transaction from your account to an external address, and from an external address to your account are recorded in a block and wait for a minimum amount of confirmations. Certain transactions made on this U.CASH network portal are not currently reflected on the blockchain individually. External smart-contract functions will be published on the respective blockchain used.

In addition to using digital currencies to pay other U.CASH customers, you can send digital currency to anyone else who has a digital currency wallet, or shop in person or online with any of the over 100,000 merchants that already accept digital currencies. If you’re unsure, ask your favorite merchant if they accept digital currencies, and if they don’t, let them know that U.CASH can help get them started.

Digital currency deposits from external digital currency wallets will not show up in your account until the transaction has at least one confirmation on the digital currency’s respective blockchain. All external transactions must be confirmed on the blockchain before they can be withdrawn to an external account. Transactions between different portal accounts will show up instantly as these are completed off-chain.

Many U.CASH network transactions are verified by blockchain -- that's how we ensure that the digital currency you're sending is yours to send. It's one of the ways we prevent fraud in the system. It can take up to 20 minutes (usually less) from the time digital currency gets transferred to the time this transaction is verified. Exceptionally, it may take up to an hour or more for your transaction to be confirmed, depending on amount and network conditions. Until the network gets the verification that the transaction is a valid and unique one, you won't be able to send or withdraw the funds in your account. If you experience difficulties, please let us know by clicking the three dots at the bottom left of the portal to access Support.

It can take up to 20 minutes (usually less) from the time digital money gets transferred to the time this transaction is verified. Exceptionally, it may take up to an hour for your transaction to be confirmed, depending on amount and network conditions. Until U.CASH gets verification that the transaction is a valid and unique one, you won't be able to send or withdraw the funds in your U.CASH account If you experience trouble, please let us know at support@u.cash.

Your digital currency address will change every time you do a digital currency deposit because your account uses hierarchically deterministic (HD) wallets. HD wallets are beneficial for privacy and security, but don't worry - all old deposit addresses will continue to work, and your backup phrase and access secures all your funds no matter which address they have been sent to.

IBO (INITIAL BOUNTY OFFERING)

Bounty Offerings, such as our IBO (Initial Bounty Offering) and OBO (Ongoing Bounty Offering) are a way to crowdsource human resources, technology development, marketing, business development and user acquisition by offering network tokens in exchange for completing objectives to grow an ecosystem that will be used by its participants. With the launch of the U.CASH network platform, the world’s first IBO was introduced by offering the majority of the network access tokens (UCASH) to users through a bounty program, so that people can acquire tokens by contributing their skills and time. This lead to many hundreds of thousands of individual users having small amounts of UCASH each for usage on the network.

Unfair distribution of ICO tokens to "quick on the trigger" buyers and "whales" with large holdings of digital currencies has lead to rampant speculations in value of cryptocurrencies and tokens instead of being used for their purposes. Regular users are left out as these ICOs sell millions of dollars in digital currencies within minutes between a handful of large buyers, setting those tokens and cryptocurrencies on a path towards speculation and centralization. Bounty Offerings instead put the tokens in the hands of the people that believe in the ecosystem and are willing to put in the work to complete objectives that make the network better. By giving tokens to users who have earned them on an active platform, this gets them using and holding it for its intended purposes, not engaging in speculative actions. The UCASH network token is given out indefinitely for bounties and building on the ecosystem thereby being usable as a network support token for many years to come.

Yes you can! You can complete bounties for your tokens instead! Take a look at all the available bounties.

The distribution of the UCASH tokens will be done over a 30 day Pre-IBO period for early contributors, followed by a 120 day IBO period for the general public. Some bounties will expire within this time frame, but some will be open indefinitely.

The Ongoing Bounty Offering Period was designed to last forever. The bounty system will give out an ever decreasing amount of UCASH for each bounty type completed (0.00001% of remaining UCASH in the bounty pool for example). This makes the system such that every person on the planet can theoretically earn UCASH for free just by completing simple objectives.

Three types of bounties exist:

  1. Limited Time: Bounties which will only be available during limited time periods to be claimed. They will include time-sensitive or temporary assignments which will benefit the ecosystem as a whole.
  2. Unlimited Wait: Bounties which will stay available until such a time they are claimed. As the value of the network increases, these bounties will likely be claimed if not done so already.
  3. Infinite Claim: Bounties which will reward successful bounty hunters forever. A small percentage of the remaining reward in the bounty will be distributed to each claimant.

What if I can't find suitable bounties for myself

If you don’t see any bounties you like, and you can think of new ways to help the U.CASH network you can propose new bounties. A small bounty is awarded if your proposal is adopted into the U.CASH network bounty system.

Yes you can post your bounties! Contact us with your suggestions.

Anyone can contribute to the growth of the U.CASH network, including:

  1. Bounty Hunters: Individuals who actively complete bounties and claim token rewards during the Bounty Offering perios.
  2. Builders: People who participate in the bounty offerings by building products and services the U.CASH platform requires to live long and prosper.
  3. Users: Users of the network who sign up during the IBO period and receive a nominal amount of tokens as reward to use towards payment for services.
  4. Promoters: Partners, organizations and individuals who claim promotion based bounties that advertise and market the U.CASH platform.
  5. Partners: External networks and platforms, are rewarded tokens for integrating into the network. Services such as exchanges, wallet providers, are incentivized to provide services on the platform.
  6. Administrators: Team members and external users create ideas for bounties and make them available to participants, as well as approve bounty claim submissions where required in the IBO period and beyond.
  7. Community: The community can participate in the IBO by providing ideas for potential bounties as well as promoting and claiming bounties themselves.
  8. Creators: Team members and external users who create ideas for bounties and make them available to participants in the IBO period and beyond.

500,000,000 UCASH was claimed during the Pre-IBO for completion of bounty objectives. These bounties were valued according to approximate real-world pricing for completing these directly ($3.75 to acquire a user, or $25 to acquire a converter for example), and a set amount of UCASH was given out for each bounty. During this period a conversion value of $0.0075 work for 1 UCASH was used to incentivize UCASH bounty objective completions before the end of the period.

7,994,678,440.937630 UCASH was claimed during the Pre-IBO for completion of bounty objectives. These bounties were initially valued according to approximate real-world pricing for completing these directly ($3.75 to acquire a user, or $25 to acquire a converter for example). An algorithmically decreasing amount of UCASH (500 UCASH for signing up a friend, then 499.56812354, then 499.14568798 as an example) was given out for each user bounty (referrals, verifications, link social media, etc.) claimed during the whole period. Set bounty amounts of UCASH were given for completion of other objectives such as signing up a converter and integrations. A sliding scale of conversion value between $0.0075 and $0.0175 work for 1 UCASH was used to incentivize UCASH bounty objective completions at a earlier time, as this period lasted for a number of months.

Benefactors were able to claim a small amount of tokens for providing cryptocurrency for others to complete the bounties for them. Benefactors choose a specific bounty they believe will make the ecosystem stronger, and bounty hunters earned that cryptocurrency for themselves when the objective was completed. The bounties chosen by benefactors also influenced the future path of the development on the U.CASH network, as the more highly requested a bounty was, the more effort was put in that specific activity for growth (converter acquisition, smart-contract development, etc.). All benefactions from the IBO period were immediately allocated for their intended bounty, and have already largely been completed.

Currently, multiple organizations, businesses, individuals and groups globally are building on the Universal Cash Network (U.CASH). Technology developed, including ecosystem smart-contracts, tokens (UCASH, uUSD, uCAD, uINR, etc.), and blockchain enabled infrastructure is available as open-source software for anyone globally to use.

Many entities are already involved in further seeing the ecosystem grow, and our vision to incentivize builders, developers and entrepreneurs has already set this ecosystem on a path towards global distribution. Several organizations, including U.CASH Inc and individuals globally helped initially kickstart the network, but their functions is now to help foster innovation and guidance for the future of the ecosystem, while also helping develop technical and business solutions. The UCASH network tokens are currently managed with a cold wallet system but with the release of version 2.0 of the bounty smart-contract system, undistributed UCASH tokens will become more algorithmically claimed, further increasing decentralization and global participation in the network.

U.CASH network Ambassadors are our supporters and believers all over the world who help bring alive the U.CASH network mission to their geographical area or industry. Ambassadors’ (individuals, groups, organizations, government, and more) level of involvement is up to them, but must be responsible for certain duties. High-performing, impactful or growing ambassadors can receive larger bounties administered by the UCASH Development Organization through the Global Ecosystem Builders (GEB) pool towards projects, events, marketing and more. Ambassador responsibilities may include converter marketing, partner sourcing, user marketing and many other roles.

TROUBLESHOOTING

Usually, the confirmation code arrives within 30 seconds. However in some cases, your local telco may "throttle" the rate of messages they allow through their systems. When this happens, it may take up to several hours for the code to arrive.

Unfortunately, when this happens, all we can advise you to do is wait for the code to arrive. Please enter the code as soon as you receive it, because for reasons of security, codes do expire.

If you'd like to help us report these issues to our SMS provider, please send an email to support@u.cash with the phone number you used to register for U.CASH, and the time you initiated the SMS verification request.

We recommend waiting ~ 10 minutes and checking again. All transactions have to be verified by the U.CASH system. If you continue to experience problems, please reach out to support@u.cash.

You can download the U.CASH app on your new phone and use your recovery phrase to restore the funds of your lost phone into your new phone's U.CASH app.

If you denied access to your phone's camera upon first use, you will need to manually grant access.

  • Go to your general mobile device configuration settings
  • Locate the U.CASH app
  • Allow U.CASH to get access to the camera.

You’ll need to make sure your phone time is synced in order for timing to work correctly. Do this by going into your phone Settings -> Date & Time -> check off ‘Automatic Date & Time’ and ‘Automatic Time Zone’

U.CASH GLOSSARY OF TERMS

Address

A Bitcoin address looks like a long string of random letters and numbers. Addresses are used when you want to send or receive Bitcoins. Each wallet has at least one receiving and one sending address. When you want to receive Bitcoins to your wallet you need to give the sender your receiving wallet address.

AML and KYC

Anti-Money Laundering and Know Your Customer is a group of laws that require financial trasaction providers to know who their customers are. Certain sellers will ask for your identification to comply with these laws. Countries around the world may have similar laws and requirements, and where possible, we direct users and converters to be aware of, and follow all rules and regulations.

Blockchain

The Blockchain is the technology behind Bitcoin. It’s what makes it work. Bitcoin transactions are sent to the blockchain so that miners can put them into the blocks that they mine. Once a block containing your transaction is mined it has been added to the blockchain and your transaction receives one confirmation.

Bitcoin Block

A Bitcoin block is one “link” in the blockchain. One block contains a group of Bitcoin transactions that have been confirmed. When Bitcoin miners ‘mine’ these blocks they calculate through computer algorithms which when put in the blockchain, confirms transctions. In turn miners receive transaction fees and newly created Bitcoins for confirming transactions.

XBT/BTC/Coin

BTC is the acronym for Bitcoin. Coin, coins et. al. are also slang terms for Bitcoin.

Cold storage/Cold wallet

This refers to a way of storing Bitcoins in a safe and secure way, offline. This is also how the vast majority of Bitcoins in existence are stored.

Confirmation

For a Bitcoin transaction to be completed it needs to be confirmed. Good habits are to wait for at least 3-6 confirmations before you can consider a transaction good. A confirmation happens when a transaction has been added to a block that Bitcoin miners successfully mine.

Exchange

An exchange is a platform/service where users can change one type of currency for another.

Fiat Currency

Fiat currency is legal tender whose value is backed by the government that issued it. The U.S. dollar is fiat money, as are the euro and many other major world currencies. This approach differs from money whose value is underpinned by some physical good such as gold or silver, called commodity money.

Hot Wallet

The opposite of a cold wallet / cold storage. A hot wallet is located on a computer connected to the internet. In your U.CASH account the hot wallet is where we store a small amount of Bitcoins at a time for users. It’s from here where your transactions are sent. We only keep a very small amount of Bitcoin here to protect ourselves form hackers.

Mining

This is what Bitcoin Miners do in order to confirm transactions and add them to the blockchain. When a Bitcoin miner mines, he uses computers to do difficult calculations which answers are easily proven to be correct. This way, when a miner completes a calculation anyone can easily see that the miner has actually done work. This work can then be used to create a Bitcoin block. What miners get in return from mining is new Bitcoins and transaction fees.

Multisig

Multisignature (Multisign), often heard in combination with wallet. A multisignature wallet is one that has several cryptographic keys associated with it. This way if you have two of three keys, say, you can move money out of it. But with only one you cannot do anything. In a 3 of 3 key setup, all 3 keys are required to move money out of the wallet.

P2P

Peer-to-Peer. It’s a form of network structure. Rather than having everything go via a centralized node, in a peer-to-peer structure everything goes from user to user. There’s no centralized part to rely on.

EFT

Electronic Funds Transfer.

ACH

Automated Clearing House.

SWIFT

Society for Worldwide Interbank Financial Telecommunications.

SEPA

Single Euro Payment Area, SEPA transfers are a special kind of bank transfers within the EU.

Transaction

A Bitcoin transaction, the actual act of moving Bitcoin from one wallet to another.

Transaction fee

Since the Bitcoin miners work to confirm your transactions, they won’t do this for free. Rather you pay a tiny amount of Bitcoin to them to help them continue to confirm. This is why each time you move Bitcoin, it costs a tiny bit.

txid

Transaction Id. This is a long string of numbers and letters that is the ID of a single transaction. It’s handy to know as you can paste this into a blockchain explorer and see what’s up with your transaction. It’s mainly used to see how many confirmations a transaction has.

Satoshi

A satoshi is the smallest amount of Bitcoin that can be sent, or 0.00000001 BTC.

Satoshi Nakamoto

The pseudonym of the person who invented Bitcoin. No one knows who he is, but he does own quite a nice amount of BTC.

Wallet

The place where you store your Bitcoins. This can be quite confusing to new users, but a wallet is essentially just a Bitcoin address. A Bitcoin wallet can exist on a service such as this, in an app on your phone or computer, or even on a piece of paper! As it’s just a series of numbers and letters it does not matter where it’s stored. It’s completely OK to use your U.CASH account as your wallet when you’re still new. But when you start to accumulate more and more Bitcoin you way want to think of different ways to store them.