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2cash

latest release: 1.2.4 ( 1st December 2020 ) last analysed  8th November 2021 Custodial: The provider holds the keys 
5 ★★★★★
1
1st December 2020

Jump to verdict 

Help spread awareness for build reproducibility

Please help us spread the word discussing the risks of centralized custodians with 2cash  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.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

(Analysis from Android review)

Update 2021-11-15: This app is not on Play Store anymore.

App Description

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

Marl Corañez
★☆☆☆☆ August 14, 2021
I can’t proceed, keep stopping to the 2cash agreement I already accept it but doesn’t really work at all.

The Site

How to deposit cryptocurrencies

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.

Terms

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.

The App

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.

It then reached a point where we had to agree to 4 legal documents: the Terms, Privacy Policy, User Agreement and the Disclaimer. Each segment has its own Agree or Disagree button. At this point, clicking on the Agree button on all of the documents seems to not generate any user feedback. This app behavior is reflected on the review cited above.

Contact

We contacted 2cash via their twitter account where we posted the app’s screenshot.

Verdict

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.

(dg)

Verdict Explained

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.
The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.