What is the purpose of ReadCash?

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2 years ago

And how should BicoinCash be used?

I have been around here on read.cash for a while now. In the time I have spent here, I have noticed that some people have some misconceptions about the platform and other related things. Since I am not overly inspired today, I thought it was time to address these issues.

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The first of the misconceptions.

One misconception I often see in articles posted is about the purpose of read.cash.

There are people who seem to think readcash is there to provide them with an easy income. This is completely false. For some it was, is, and will be, but that was not and is not the purpose of readcash.

The purpose of readcash is to introduce people to the cryptocurrency BitcoinCash (BCH). It does this by providing a way to get rewarded (for content) and rewarding them with Bicoin Cash (BCH), which is deposited in the wallet created during registration.

Introduction of new people to the BitcoinCash (BCH) currency.

Someone who has no experience with cryptocurrencies or Bitcoin Cash and is in possession of a real value in Bitcoin Cash. This person will naturally want to know more about it and eventually convert it into something tangible, like fiat currency or something purchased for BitcoinCash (BCH).

This way, this newbie to BitcoinCash will experience the ease, speed, and low cost of transactions with BitcoinCash (BCH). Those who already have experience with BTC or Etherium will immediately notice how much cheaper and faster the transactions are with BitcoinCash. That is the reason for the existence of read.cash. That is its purpose. Today, this is done by having an algorithm (or AI) read all the published articles.

The AI is lovingly called Randy.

It then "judges" the originality and quality of the article against an unknown set of requirements. If it then finds the article to be "good," it is rewarded with a tip. This tip is paid from a fund donated (almost?) entirely by Marc DeMesel. From this fund, I believe once totaling $1.500.000,=, tips worth about $1000,= are awarded every day for articles that have been published.

Other ways to gain rewards.

Of course, there are many rewards in the community as well, and that's a good thing. Under each article you will find the possibility to give a tip to the author, to give a thumbs up or down, and to comment on the article. Users can also sponsor their favorite authors to reward them for writing more and/or better articles.

If you write and post often enough and get tipped a lot...

Together, these mechanisms offer some the opportunity to make writing and publishing articles on read.cash a second (or even first) source of income. The problem with some of those who do or aspire to do this lies in their attitude toward read.cash and the income to which they believe they are entitled. More specifically, from their reaction when that income does not materialize.

When it is assumed it is what they are entitled to because that's what readcash is for.

  • I have seen some post angry articles, or articles meant to elicit pity because Randy (the pet name for the Random Reward Algorithm AI) did not reward them with tips for a while.

  • I have seen some abandon their accounts and open new ones for the same reason.

  • Over time, many people also showed up here thinking they could easily make a few bucks by posting articles they copied (plagiarized) from somewhere else, and then got angry when they failed with that plan.

All these things because some have the misconception that the purpose of this site is to pay people to write and post articles.

This is not good for read.cash

But that's enough (ranting?) about that for today. There is another thing I have to get off my chest.

How to use the BitcoinCash (BCH) you acquire?

In this article, I want to talk about another misconception or at least a point of contention. It is not about this site itself, but about the currency. It is about BitcoinCash.

One of the things I keep seeing is the idea that the goal is to gain BCH and then keep it indefinitely. HODL for the sake of HODL, or to put it on DEX to make a percentage profit from it. You seem to think this is beneficial to the BitcoinCash currency, community, price, and growth. It is not.

BitcoinCash is a cryptocurrency that replaces or at least complements fiat currency. It is used in daily transactions, just like a dollar or a euro, for example. It is used to buy goods and/or services. It pays the rent or electricity bills. It may also be used one day to give a little change to the homeless violin player on the street.

BTC is for HODLing, BitcoinCash is for use as everyday currency.

For HODL purposes, there is another cryptocurrency that is much better for that. That's what BTC is good for. For people with 'portfolios' who want to use cryptocurrencies to earn more cryptocurrencies. For people who want to 'park' their assets in something other than stocks, gold, or real estate.

These people should turn to BTC, not BitcoinCash. For BitcoinCash to grow, become known, and be adopted, it must be spent. It needs to be used.

Merchants should be chided by their customers for not yet offering the ability to pay for their products with BitcoinCash. They should be asked every day by their customers, "Can I pay with BitcoinCash here?".

In supermarkets, grocery stores, movie theaters... anywhere, everywhere.

That will not happen if every BCH profit is parked on a custodial or non-custodial wallet and neither will it happen when it is staked in some farm or liquidity pool on some Decentralized Exchange.


Thanks for reading this.

Stay safe and stay happy!


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