Before we proceed with discussing or analyzing how we could turn bitcoin cash into something mainstream, let's firstly check what turned fiat currency into something mainstream. Because what better teacher than history its self?
Let's take a look at the definition of fiat currency firstly.
Fiat money is a currency that lacks intrinsic value and is established as a legal tender by government regulation. Traditionally, currencies were based on physical commodities such as silver and gold, but fiat money is based on the credit of the economy.
The value of fiat money depends on supply and demand and was introduced as an alternative to commodity money and representative money. Commodity money is created from precious metals such as gold and silver, while representative money represents a claim on a commodity that can be redeemed.
So let's assume that we desire to replace the "gold and silver" with bitcoin cash in this case.
Let's take a look at where the flat-currency originated from, and how did it spread to the rest of the world.
Fiat money originated from China in the 10th century, mainly in the Yuan, Tang, Song, and Ming dynasties. In the Tang Dynasty (618-907), there was a high demand for metallic currency that exceeded the supply of precious metals. The people were familiar with the use of credit notes, and they readily accepted pieces of paper or paper drafts.
A shortage of coins forced people to change from coins to notes. During the Song Dynasty (960-1276), there was a booming business in the Tchetchuan region that led to a shortage of copper money. Traders started issuing private notes covered by a monetary reserve, and it was considered to be the first legal tender. Paper money became the only legal tender in the Yuan Dynasty (1276-1367), and issuing of notes was conferred to the Ministry of Finance during the Ming Dynasty (1368-1644).
The West started using paper money in the 18th century. American colonies, France, and the Continental Congress started issuing bills of credit that were used to make payments. The provincial governments issued notes that the holders would use to pay taxes to the authorities. The issuing of too many bills of credit generated some controversy due to the dangers of inflation.
In some regions, such as New England and the Carolinas, the bills depreciated drastically and there was a hike in commodity prices as the bills lost value. During wars, countries turn to fiat currencies to preserve the value of precious metals such as gold and silver. For example, the Federal Government of the United States turned to a form of fiat currency referred to as “Greenbacks” during the American Civil War. The government halted the convertibility of its paper money to gold or silver during this war.
In the early 20th century, the government and banks had promised to allow the conversion of notes and coins into their nominal commodity on demand. However, the high cost of the American Civil War and the need to rebuild the economy forced the government to cancel the redemption.
The Bretton Woods Agreement fixed the value of one troy ounce of gold to 35 United States Dollars. However, in 1971, United States President, Richard Nixon, introduced a series of economic measures including canceling the direct convertibility of dollars into gold due to declining gold reserves. Since then, most countries have adopted fiat monies that are exchangeable between major currencies.
Yes as you already know, it was originated from china, the current superpower that's antagonizing united states, and it was spread firstly to united states and then the rest of the world. (As the majority of mainstream trends)
Fiat money operates in a totally different way than bitcoin cash. So why are we comparing them?
Advantages and Disadvantages of Fiat Currency
"The most important feature of fiat money is the stability of its value, unlike commodity-based money like gold, copper, and silver. The use of fiat money became popular in the 20th century as governments and banks moved in to protect their economies from the frequent busts of the business cycle.
Commodity-based currencies were volatile due to the regular business cycle and periodic recessions. The central banks can print or hold paper money as they may need, giving them greater control over the money supply, interest rates, and liquidity. For example, the Federal Reserve’s control over money supply and demand enabled it to manage the Global Financial Crisis of 2008 from causing greater harm to the U.S. financial system and global economy.
Although fiat money is viewed as a more stable currency that can cushion against recessions, the global financial crisis proved otherwise. Even though the Federal Reserve controls the money supply, it was not able to prevent the crisis from happening. Critics of fiat money argue that the limited supply of gold makes it a more stable currency than fiat money that has an unlimited supply."
In simpler terms, they created a currency that they named "flat" based on the fact that it's flat-paper, but then openly recognized its flaws, so they turned to gold.
You know how bitcoin-holders like to refer to Bitcoin like "digital gold" right? Well they attempt to mimic the mindset of the governments to antagonize them, or at least they believe so.
Truth on the other hand, is that bitcoin and gold will never have a stable price that the world can use or anything that can spread in the fashion fiat currency spread. Which is why we're focusing on bitcoin cash. So how bitcoin cash could antagonize both gold and flat currency?
Before we continue I would like to apologize, because we don't live in the 80s anymore, we have advanced to the point that everything is technical, so referring to gold/fiat currency is nothing but common sense, however that common sense makes a good reference.
Back to Bitcoin Cash. See the subject here doesn't become finances related, it becomes tech related.
Take a look at this chart:
When it comes to anything from instagram and above, we talk about billions of people all using one application.
Now here is something that will blow your mind.
It took 300 years for fiat to be used by billions.
It took 12 years for facebook.
Now of course that reference can't be invalidated with the arguments of "yes but the population was different" or "facebook was also constructed on top of fiat currency" which are undeniable facts however.
If you were to ask a person what he needs more to survive, would he say facebook or would he say fiat currency?
Which implies that there is a variable, a detail, that deemed facebook's global adoption faster than the global adoption of fiat-currency.
And the obvious answer is.
So all these facts are just common sense, why are we empathizing on them so much on this article? What's the point? Seems like a waste of time.
Well it's not.
In order for Bitcoin Cash to be globalized, it has to conquer internet, not the crypto market. It has to conquer the tool that the majority uses.
Perhaps it pains you to admit it, or perhaps you are devoted in bitcoin cash or cryptocurrencies as a loyal enthusiast, which is respectable but-
Is that the majority of internet users?
So we have to use two totally different perspectives here in order to truly pinpoint the way to globalize bitcoin cash, we have to use the perspective of an average ignorant about cryptocurrencies person, but also the perspective of someone who looks at statistics.
Let's take a look at both.
This all happens in just, one, minute.
If there's a way to globalize Bitcoin Cash, that's not through small stores, transaction speed, or fees, these are what will extend how long it will dominate the internent & the market. We have to make it something mainstream.
Something that people are using, constantly, daily.
Think about it, is amazon truly the best service for merchants/sellers/buyers?
No, it's just the most famous.
Is twitter the best sharing stories/ application?
No, it censors, it's corrupted, it has many people frustrated, but it's the most famous.
Same goes with facebook, youtube, everything, all these media are being tolerated because they bring numbers, clicks, users.
This is where quantity beats quality.
If you want a live example, just look at bitcoin vs bitcoin cash, bitcoin cash is undeniably a superior cryptocurrency, yet bitcoin still dominates the social media and it's the number one target of companies and governments.
Why? Because it carries the fame it developed when it was firstly created.
Meanwhile Bitcoin -Cash is something that can easily be propagandized against as a "sub version" of bitcoin.
I know that it hurts you to read that, yes it is wrong, yes it is false, yes it is unreasonable.
But they buy it.
Which implies that bitcoin cash has 5 main obstacles to beat in order to be globalized.
1) It must become the best cryptocurrency available, to the point that other cryptocurrencies aren't even worth considering.
We're doing extremely well when it comes to that so far, I would say it's just inevitable. The only major antagonist is most likely monero, but monero is mostly used by actual criminals, or people who buy things from actual criminals, which implies that it will face major antagonism, possibly more than bitcoin/ bitcoin cash did. Governments already try to fight it out obsessively, and it has suffered many node-attacks.
Disclaimer: Monero like ethereum are genius projects but each one of them have disadvantages that aren't the best for something mainstream.
2) It must become equally spread to major corporations/banks/ business/ by appealing to their interests, making it easier for them to make profit.
That's a hard one, in order to accomplish that we have to get high level entrepreneurs equally famous to craig wright or more, with the difference that they won't be clowns and they will be a credible guider for companies, people and social media.
3) Social media must constantly refer to it, the world must become aware of it.
Remember when social media from television to facebook were being blasted with bitcoin? Back when bitcoin was firstly created? Well that's what we need for bitcoin cash. We must make it as famous as corona. It doesn't matter what type of fame it will be because the curiosity of people will reveal the truth to them sooner or later, so it's a win-win situation. All it takes is to make it end up on a channel, or multiply channels.
4) We must make absolutely certain that bitcoin cash replaces bitcoin and bitcoin becomes publicly what it actually is, a stock for the crypto-wallstreet.
That will happen sooner or later too, I would say based on the desperation of r/bitcoin and bitcoin.core and their obsession with sending hordes of trolls and advertisers against me, they are feeling it too, won't take long.
5) An application that can gain immense popularity and it requires bitcoin cash in order to gain special features in it.
I will make another article to analyze that in detail, then edit this article with its link, for now you get the main idea of what must be done and the calculated steps towards bitcoin cash globalization.
Thank you for reading, and for the r/bitcoin - bitcoin.core paid trolls who are reading this.
i really like the message of this article, but i wanted to point out that the word is f-i-a-t. from Latin for "let it be done", meaning money with value by a central authority's decree. not f-l-a-t.