What is the significance of Bitcoin Cash?

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Bitcoin cash is a form of sound money that can be used to make payments on a daily basis without the involvement of a third party.

Let me describe the many varieties of sound money that existed at the time, as well as what is required to protect sound money from becoming corrupted.

Gold.

This is a valuable medal with special qualities that is employed in industry, but it is limited in quantity; mankind have used gold for thousands of years but haven't fully benefited from it.

Why is the globe experiencing hyperinflation and depreciation of purchasing power if gold has been there for a long time?

Let us look at what happened. Initially, gold coins were used to make payments for purchases, but this changed over time as intermediaries became involved. The first step was the introduction of gold receipts, also known as (IOUs). Because gold was inconvenient to carry around and difficult to use for payment, intermediaries such as banks were introduced to solve the problem.

People began putting their gold in banks, and it became usual for gold owners not to touch their gold at all because they could always use gold receipts (IOUs) for payment. Because people primarily use IOUs for payment, infinite fiat currencies arose.

Over time, gold receipts became completely unlinked from gold, resulting in modern fiat currency. Because the supply of fiat currency is unlimited, inflation erodes people's purchasing power and savings, leading to growing inequality. We spend our time and resources to earn fiat money, while banks also create it. People use fiat currency on a daily basis to make payments.

Note:Humans do not gain from sound money if it is not used for daily payments because IOUs are introduced and their supply is raised to infinity.

Bitcoin.

Let's take a look at "Bitcoin," a modern sound money decentralized proof of work cryptocurrency. Satoshi nakamoto created Bitcoin as a peer-to-peer electronic cash system that allowed gold to be used as payment without the involvement of any third parties. However, since Satoshi nakamoto mysteriously vanished and is no longer involved in Bitcoin, newcomers have joined the project and shifted Bitcoin's direction.

Contrary to the initial roadmap, BTC did not increase the block size, resulting in a $50 average transaction in 2017 and 2021. Furthermore, gold BTC was transformed from peer-to-peer electronic cash to store value, which we were supposed to own rather than utilize for making payments.

Unfortunately, BTC failed and made the same error as gold did.

Bitcoin cash.

Let's compare the two to Bitcoin cash "BCH," which is also a proof-of-work decentralized cryptocurrency with the same origin, genesis block, and sound money properties as BTC. Bitcoin cash split from BTC in 2017 due to a disagreement over the roadmap's scale. BTC kept the block limit at 1MB, while BCH increased the block size to keep the gold useful and usable as peer-to-peer electronic cash.

Bitcoin cash network is suited for payment because transactions with BCH are more dependable and fees are minimal. People can send 1 cent or hundreds of millions for a fraction of a penny fee, and there is no need for registration, custodians, or intermediaries.

In conclusion.

You have direct access to worldwide sound money and operate your own bank. Bitcoin cash (abbreviated as "BCH"roadmap )'s ensures that it will continue to be sound money in the future, allowing those with average incomes to participate in the Bitcoin cash network.

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