Changes on the Horizon
Starting August 29, 2019, California-based crypto wallet service Abra is shaking things up for its American users. Thanks to the regulatory rollercoaster that is the U.S. crypto landscape, Abra has decided to play it safe by restricting some services. This all comes down to a blog post released on July 25, which has left many users feeling like they just got hit with an unwelcome surprise party.
The Crypto Hall of Fame and Shame
So, what exactly does this mean for U.S. users? Well, for starters, certain altcoins are getting kicked out of the club. Specifically, AmericanAbra users will no longer be able to hold the following five cryptocurrencies after August 29:
- EOS (EOS)
- QTUM
- Bitcoin Gold (BTG)
- OmiseGO (OMG)
- Status (SNT)
Say goodbye to your altcoins, folks! But don’t worry! You can still hold the ever-reliable Bitcoin, Ether, Litecoin, and Bitcoin Cash, because who doesn’t love a good stablemate?
The Migration Process: Expect the Unexpected
A key part of these changes includes migrating smart contract-based synthetic assets to a native hosted wallet solution. The good news is that this migration is expected to be seamless for most U.S. users, and operations will generally remain uninterrupted. However, as with all good things, there’s a catch—some operations may be momentarily unavailable. So, if you’re about to make a major transaction, maybe grab a snack while you wait.
Bye Bye ACH Transfers
Oh, and if you’re living in New York? Well, you’re in for a double whammy! After the big day, New York residents will have to say goodbye to ACH transfers, as well as wire and American Express options for deposits and withdrawals. If you’re a New Yorker, you might want to blend in with the coffee-sipping crowd down at the nearest café, because navigating this new crypto landscape just got a bit more complicated.
Changing Tides in the Crypto Space
This shift doesn’t happen in isolation. Recently, we’ve seen major players like Circle announcing subsidiaries in Bermuda to cater to non-American customers. It’s almost like they’re throwing a global party, and guess what? Americans didn’t get invited.
Final Thoughts
While changes like these can feel distressing to some users, it’s just another day in the unpredictable world of cryptocurrency. Brace yourselves, manage those wallets wisely, and remember: every end has a new beginning. So don’t throw in the towel just yet; there’s still plenty of digital cash to be had!
