2cash - Money for EveryoneLatest release: 2.0.2 ( 3rd March 2022 ) 🔍 Last analysed 4th March 2022 . Custodial: The provider holds the keys
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Please help us spread the word discussing the risks of centralized custodians with 2cash - Money for Everyone via their Twitter!
Do your own research!
Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.
The Analysis ¶
Update 2022-01-09: This app is back on Play Store but with very negative reviews. Be careful if you consider this app!
Update 2021-11-15: This app is not on Play Store anymore.
2cash describes itself as a crypto commerce company. These are the features:
- Deposit & Withdrawal - multiple options with your account
- Debit Card - order your own debit card from 2cash that links to your wallet account
- Funds transfer - instant transfer to other 2cash wallet accounts anywhere worldwide
- Exchange - trade Bitcoin and other cryptocurrency
- AC20 - subscribe and enjoy unlimited transactions with no fees plus earn rewards
- Activity - share your stories with the 2cash community
- Balances - monitor all your balance values in your account
- Transactions - monitor all your transactions
- Pay QR - easily make purchases anywhere 2cash is accepted
Google Play Critical Reviews
★☆☆☆☆ August 14, 2021
I can’t proceed, keep stopping to the 2cash agreement I already accept it but doesn’t really work at all.
Step number 8:
2cash will be notified of your transaction and credit your account when the crypto is received. Please be patient for your amount to be credited.
Withdrawals are also termed as ‘remittances’ in this tutorial
Step 3 details the withdrawal options:
Review the withdrawal options available and select what is best suited for your transaction. Currently you can process withdrawals through bank transfer, debit card (assuming you have previously ordered), or remittance if in the Philippines and withdrawing in PHP currency.
ID verification and KYC are both required.
2cash has a Termination clause:
2cash may terminate this Agreement at any time and without notice, and accordingly deny you access to this web site, in 2cash’s sole discretion for any reason, including your failure to comply with any term or provision of this Agreement. Upon any termination of this Agreement by either you or 2cash, you must promptly destroy all materials downloaded or otherwise obtained from this web site, as well as all copies of such materials, whether made under the terms of this Agreement or otherwise.
We downloaded the app and tried to register. It’s first requirement is a referral code. If you don’t have any, you will be directed to visit help.2cash.io to get one. We got one and proceeded to input our personal information.
We contacted 2cash via their twitter account where we posted the app’s screenshot.
The app can apparently send and receive bitcoins. Provisions on the app’s Terms also indicate a custodial service. There wasn’t any documentation pertaining to the seeds, private keys or mnemonics. This app cannot be verified.
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:Is the product self-custodial? If not, we tag it Custodial!
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
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