Privacy on Bitcoin Cash (BCH) now even better with Reusable Payment Addresses (RPA)
https://youtu.be/jg-IgiuVxGg
Developers of the flagship Bitcoin Cash wallet, Electron Cash, have released a working prototype of their software with Reusable Payment Addresses (RPA). This highly anticipated innovation stands to enable Monero-like transaction privacy on Bitcoin Cash (BCH).
As it currently exists, sending a payment on the Bitcoin Cash network, like most cryptocurrencies, requires the recipient’s public key. Commonly referred to as a wallet address, if you are required to publish your public key to receive payments in your business or donations online, you are exposing all its associated activity to prying eyes. This is a privacy nightmare and that’s where Reusable Payment Addresses come in; a new receiving address format called Paycode that generates a fresh public key for senders. Transactions sent to a Reusable Payment Address are indistinguishable from normal transactions and cannot be linked back to the Paycode, creating further obfuscation and anonymity.
The key use cases for RPA’s, as mentioned earlier, is any time that you need to publicly expose your wallet address. If you’re a business, you don’t want customers or competitors to see how much money you are bringing in. The same goes for anyone who receives donations as a form of income, such as streamers or YouTubers. This innovation makes Bitcoin Cash a desirable option for those kinds of people and it’s likely we’ll see more adoption as a result. The RPA paycode can even be linked to Cash Accounts, making the addresses easily readable and shared. Those who use RPA’s will enjoy enhanced privacy and when used in combination with Cash Fusion, another great privacy tool in Electron Cash, it would be near impossible for any outside entity to track the movement of your coins.
If you want to understand how RPA’s works at a highly technical level, the RPA specification document is available on Github. From a practical user standpoint, the use of RPA’s will be no different than that of public keys. When you create an RPA wallet it will generate a Paycode, the new receiving address format, which you can post publicly without fear of exposing your wallet transaction history. The sender simply copies the Paycode and pastes it into their wallet. After entering an amount and hitting send, the wallet will begin to “grind”. This is the processes through which a fresh public key is generated and in the software’s current state it may take a few minutes. Once complete, you broadcast the transaction and the payment is sent. https://github.com/imaginaryusername/Reusable_specs/blob/master/reusable_addresses.md
In my testing of this alpha software, I sent multiple transactions to the same Paycode and each time the payment was sent to a different public key with no prior transaction history. This means it’s working as intended. All the transactions I sent showed up in the receiving wallet, however sometimes they would not appear initially. I would have to go into the ‘tools’ menu and click ‘Refresh RPA Transactions’ to get them to show up. This is to be expected with alpha software, but the good news is that I never experienced any loss of funds. If you want to give Reusable Payment Addresses a go for yourself, the alpha software can be downloaded from the Electron Cash Github repository. Keep in mind that it is in alpha, so it’s only recommended that you use it with small test amounts of Bitcoin Cash. Upon creating an RPA wallet you’ll have to go into the wallet server settings and change to the fulcrum.fountainhead.cash server with port 50102. This is the only server that currently supports RPA. https://github.com/Electron-Cash/Electron-Cash/releases/tag/4.2.4.2-RPA
I am told by Electron Cash developers that they will be conducting a code review soon and after that they’ll look to release an improved version of this software. I’m hopeful that once it has left the alpha and beta stages, other Bitcoin Cash wallets *cough* Bitcoin.com *cough* implement this functionality so that it becomes the standard. Reusable Private Addresses are a real game changer. It makes Bitcoin Cash incredibly private and fungible while remaining easy to use and keeping fees low. This is peer-to-peer electronic cash. https://wallet.bitcoin.com
How to Trade Cryptocurrency Options on Bit.com - Bitcoin Cash, Bitcoin, Ethereum
As cryptocurrency goes mainstream, there has been an apparent increase in the number of market participants who come from a traditional finance background. This has seen growing demand for financial products which were not previously available to cryptocurrency traders, including Options trading. Earlier this year the Singapore-based derivatives exchange, Bit.com, went live with the industry’s first Bitcoin Cash Options trading. Since this is now available to us, I think it is wise to become educated on what Options are and how they could benefit you. This will decide whether it is something you can employ in your crypto investment strategy or avoid altogether. https://www.bit.com/inviteFriends/sign?code=GC4KYE
This video is not financial advice and is purely for educational purposes.
https://youtu.be/laICmqPLicU
So what are Options? The simple explanation is that Options are insurance for investors; they allow you to buy or sell an asset at a pre-determined price at a future date. This is done by entering a digital contract for either a Call Option or a Put Option, where each Option has an agreed upon price (known as the Strike Price) and an Expiration Date. The Call Option gives you the right to buy and the Put Option gives you the right to sell, any time until the expiry date. However, a holder of an Option contract has no obligation to actually buy or sell upon expiry. But how does that work? Well, when purchasing an Option contract you pay a fee which is given to another trader who has agreed to take up the risk of buying or selling your asset if and when you choose to do so. They get to keep this fee regardless of your decision.
This can be a lot of information to take in and process. So, lets take a look at what the Option trading interface actually looks like. Head over to Bit.com and create and account, the link is in the description. After that, you’ll want to head to the ‘Options’ section through the navigation bar. On the far left side of the page, you’ll want to start by selecting the asset you want to trade and an expiry date. In this example I’ll select Bitcoin Cash contracts expiring on the 17th of June. Looking to the main interface, you will now see that it has been populated with Call Options on the left side and Put Options on the right. Straight down the middle will be the Strike price, which is the price you want to buy or sell at on the expiry date. Call and Put contracts are bought or sold, similarly to how you would buy or sell the underlying asset in spot trading. This is illustrated by the Bids and Asks. What’s important to note is that if you want to own the Option, to hedge your risk, you must buy the contract and when doing so you pay a fee. Conversely if you want to take up another person’s risk and get paid for doing so, you must sell the Option. Buying & Selling can be done through either limit orders or market orders, just like normal spot trading. https://www.bit.com/inviteFriends/sign?code=GC4KYE
With all that out of the way, you might want to know a bit about practical use cases for Options. The most obvious use is for speculative purposes; if you want to bet on the price of the asset going up or down you can do so by purchasing Options without even owning the underlying asset. A more sensible way to utilize Options is for crypto businesses who receive the underlying asset as income, particularly miners. Buying Options would allow you to hedge against volatility of the market, for a small fee, without disposing of the underlying asset. That way you can be sure your business has enough money to pay for future bills that you are expecting, for example wages or electricity costs. If you are a person that is more inclined to take on risk, you could be Selling options and collecting the fees from the person who bought the Option. In some cases, Options can be used to acquire an asset below the current market rate. This would be done by selling a Put Option at a strike price below the current market rate, if by the expiry the price of the asset has gone below the strike price then you get to buy those coins at the agreed price. If the price went up, you don’t get the coins but you still keep the fee. Some might consider that a win-win.
All-in-all this has been brief overview of Options Trading on Bit.com, which now supports Bitcoin Cash Options. If you want to take Options trading seriously, there is much more depth to it than what was covered in this video, so I would suggest you conduct more research before engaging in this type of activity. However, for those who knew nothing about Options previously, I hope I was able to provide you with some valuable knowledge. As always if you enjoyed this video, please like comment and subscribe. I’ll catch you next time. https://www.bit.com/inviteFriends/sign?code=GC4KYE
CashTube - Progress Report #1
A project to reclaim the #1 YouTube ranking for 'Bitcoin Cash'
Our recent Flipstarter shall now be known by the working title: 'CashTube'. Having been successfully funded on the 16th of May, CashTube is a go with work underway toward the goal of dethroning the #1 result for ‘Bitcoin Cash’ on YouTube. As part of our progress reporting and transparency commitments, we will be providing these timeline, budget, tactical and effectiveness reports at regular intervals. https://flipstarter.bitcoinbch.com
**Support**
The success of this project depends on engaging the Bitcoin Cash and wider community. We thank the community and particularly the financial supporters that have made this effort possible: Marc De Mesel, molecular, majamalu, Elon Musk, Bomtom1, Shadow Of Harbringer, read.cash, Sergiu Gojan, ujka, Anonymous birdie, jonathan#100, emergent_reasons, imaginary_username, Anonymous apache, btcfork, MobTwo, Huck Finne, stubits, Ottomania, Mathieu G., chainxor, psiconautasmart, Steve2048, lugaxker, David, dagurval, 50 perCent, Kettu, exa, Anonymous, Omar, spice_trader, hero462, Bonyoufractal, Sydwell. https://flipstarter.bitcoinbch.com
We welcome donations so as to entertain additional refinements and improve project margins: bitcoincash:qzmxlfmu07c4nus74l0uctmajxfmsadnyvnww4acuq
Suggestions and feedback can be sent by emailing **admin@bitcoinbch.com**.
Tactical
We do not expect BTC maximalists to sit idle while their #1 fake Bitcoin Cash video is made irrelevant, so some elements of CashTube’s tactical plan are being withheld from our progress reporting and transparency commitments.
Budget
On the date of the Flipstarters successful completion, the 30.195 BCH received was equal to approximately $48,000 AUD. Since then the value of this BCH has halved to about $25,000 but this should not impact our ability to deliver on the project. Our budget is being published as part of our progress reporting and transparency commitments. While this budget should be considered a guide, we will publish ongoing project reports to reflect actual spending.
Timeline
Due to scheduling conflicts and state government lockdowns, the earliest we are able to commence filming is from the 17th of June. While this is later than what we would have liked, it has given us an opportunity to perfect the video plan and script. In total, there will be an estimated 4 days of filming which should be wrapped up during week 4, after which post-production will begin. We hope to release the videos shortly after that. Once the videos are published we begin CashTube’s SEO/promotion campaign and performance reporting in relation to the existing #1 Bitcoin Cash video on YouTube.
Conclusion
This is an important Bitcoin Cash community project that simply must succeed. We hope CashTube’s success will inspire others to launch new community projects in defence of Bitcoin Cash - the electronic cash system for the world.
YouTube’s #1 Bitcoin Cash Video - Flipstarter Promo
With the collapse of fiat currency on the horizon and a world in desperate need of sound money, 2021 has seen renewed interest in peer-to-peer electronic cash. Despite this, our movement still faces challenges which must be overcome.
https://youtu.be/a67AYcHRwrI
The #1 result for “Bitcoin Cash” on YouTube is BTC small-block propaganda. Newcomers are being misled en-masse about Bitcoin Cash because our technology threatens the banking system and has the power to change the world.
This video demonizes Bitcoin Cash by labelling it an attack on “the original Bitcoin”, while promoting BTC narratives about block size and Lightning Network for payments. It has amassed over 200,000 views since publication, and nearly 30,000 in the last month. We must put a stop to it now.
We have a plan to set the record straight and take back what is rightfully ours, by creating YouTube’s #1 Bitcoin Cash Video.
Our goal is to produce the best Bitcoin Cash explainer ever created. It will be supported by a second video giving a factual account of the origins of Bitcoin Cash. We will leverage BitcoinCash.org to direct high volumes of traffic to the videos and in combination with advanced SEO techniques, we stand a good chance at knocking down the existing #1 video.
This project is no light undertaking, but we firmly believe action must be taken now to stop the spread of disinformation and to attract more people to our cause. In doing so we can cement Bitcoin Cash in position to become electronic cash for the world. The goal of sound money for the world has never been more important than it is right now, and it’s worth fighting for.
With the view count of the propaganda rapidly increasing, our window of opportunity is limited. Whether something is done about it or not, is now in the hands of the community.
Want to support this initiative? Head to **Flipstarter.BitcoinBCH.com** https://flipstarter.bitcoinbch.com
Bitcoin Cash May 2021 Upgrade - What You Need to Know
The Bitcoin Cash network will undergo a scheduled upgrade on May 15th 2021. Bitcoin Cash Node team members, John Nieri and Imaginary_Username, join Hayden Otto to discuss new features and changes to the upgrade process.
Support our work: https://bitcoinbch.com/donate
https://youtu.be/NO4PH0FipYM
John Nieri: https://twitter.com/EmergentReasons
imaginary_username: https://twitter.com/im_uname
Upgrade your Bitcoin Cash Node software: https://bitcoincashnode.org/en/download.html
0:00 Introduction
1:36 What’s different about this upgrade?
5:58 Removal of the Unconfirmed Chained Transaction Limit
12:58 Why we’re now upgrading every 12 months rather than every 6 months
16:47 Enabling multiple OP_RETURNs on the network
22:14 Double Spend Proofs
29:56 Filtering Out Useless Node Connections
31:45 Default Mining Soft Limit Increased
36:35 What’s going on with Hathor, a miner who is known to mine empty blocks 40:19 Preparing for the next protocol upgrade
43:05 Cash Improvement Proposals (CHIPS)
47:15 Who has the final say on what is included in node software upgrades
55:48 Closing comments
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Bitcoin BCH News: https://t.me/BitcoinBCH
Bitcoin BCH Discussion: https://t.me/BitcoinBCHcom
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Follow Bitcoin BCH: https://twitter.com/BitcoinBCHcom
#Bitcoin #BitcoinCash #Cryptocurrency
Bitcoin Cash ‘Ideal Money’
Authored by Tony Raggatt of the Townsville Bulletin https://www.townsvillebulletin.com.au/news/townsville/cryptocurrency-leader-distances-bitcoin-cash-from-sloggett/news-story/fecf8d2982fb5725e6ecda743e437739
A LEADER of Townsville’s cryptocurrency community has spoken out to distance the city’s significant uptake of the digital money system from high-profile investor Michael Sloggett.
Noel Lovisa, CEO of Townsville software development company Code Valley, said Mr Sloggett, who has been charged with money laundering offences, was associated with Bitcoin rather than its more accepted offshoot Bitcoin Cash, which had a lower cost per transaction. https://codevalley.com
The tow digital payment systems emerged in 2017 after developers split between those who favoured Bitcoin’s use as a digital investment vehicle and those who liked Bitcoin Cash’s advantage as a low-cost transactional currency.
Bitcoin fees range between $5 and $50 USD per transaction compared with a fraction of a cent for Bitcoin Cash.
Mr Lovisa said the high charges meant Bitcoin was impractical for the casual spending and smaller transactions most consumers and businesses needed to cut the fees being charged byt the big banks and financiers.
“My concern is that news of Sloggett being charged will hurt the good work we are doing here and that people are associating Sloggett with Bitcoin Cash,” Mr Lovisa said.
“This could not be further from the truth. We are punching above our weight in Townsville. We have very high merchant adoption (of Bitcoin Cash) and probably the highest merchant adoption per capita in the world.”
About 100,000 merchants globally use Bitcoin Cash while in the Townsville region about 100 businesses accept the currency – the highest uptake of any community in Australia.
People like Mr Lovisa and Hayden Otto, CEO of Townsville-based Internet of Things start-up BitcoinBCH.com, have been dedicated to the adoption of the electronic cash system, encouraging businesses with its uptake.
Mr Lovisa said Bitcoin Cash outcompeted Visa and MasterCard, giving merchant an extra 3 per cent on all payments.
Businesses often added a surcharge of 50c or more to an online tap-and-go payment for small items to cover bank fees.
Mr Lovisa said he wanted everybody to use Bitcoin Cash because it was cheaper, reliable and resulted in “no fees to merchants”.
“It’s the closest thing to the ideal money we have ever created. Nobody owns Bitcoin Cash – the people own Bitcoin Cash,” Mr Lovisa said.
Code Valley is developing a software supply chain that will work with the Bitcoin Cash system and is planning a Bitcoin Cash technology park in Townsville based on its Emergent Coding technology.The company will be a tenant at Townsville City Council’s technology park.
Bitcoin Cash Price EXPLODES Past $1000 USD! - Here’s Why
https://www.youtube.com/watch?v=J0fxaP8SFm8
It’s hard for me to ignore the fact that Bitcoin Cash has been absolutely crushing resistance on the price charts. In the last three weeks, it has risen by 175% to $1,200 dollars at the time of filming. This is the highest Bitcoin Cash has been since June 2018. The unprecedented price growth has been a long time coming, and if you were lucky enough to be subscribed to this channel, getting forbidden industry information over the last few years, you could have snagged BCH at prices as low as $100. The cleaning lady at our work office did just this – in addition to accepting Bitcoin Cash as a payment method, she went further, buying $10,000 dollars’ worth at around the $100 dollar mark. Which means that by this point, it has grown to at least $100,000 dollars in just two short years. You don’t hear about too many investments performing that well, and this is just one of many great success stories here in the Bitcoin Cash City.
In the last week I’ve been inundated with messages from friends and family, asking why the price is rising so rapidly. Well, here are a few noteworthy things that have been going on recently. Most importantly, the economic activity on Bitcoin Cash surpassed that of Bitcoin. It has maintained this lead consistently since February 7th, indicating that this was totally organic growth. By comparing the BCH price chart against the daily transaction count chart, we can see that the price has been trending upwards ever since the daily transactions began exploding on December 25th 2020. This transaction growth has been mostly attributed to services utilizing Bitcoin Cash like Noise.Cash, a social media platform that encourages micro-tipping for content creators. It has proven extremely popular in some 3rd world countries, allowing users to earn significant sums of money for simply putting out the equivalent of a Tweet. This is a far better alternative to platforms like Twitter and Facebook, who sell your data and make money off you, rather than paying you. Bitcoin Cash has also seen an influx of new users, who have fled competing cryptocurrencies like Bitcoin and Ethereum due to their high fees and network congestion.
The event which seems to have the greatest correlation with the bull run of the last few weeks, is the Clubhouse chat between a group of BTC Maximalists and Internet Entrepreneur Kim Dotcom, which took place on the 31st of March. Before he even entered the chat room, the BTC Maximalists scoffed at the thought of him joining their discussion because they knew he had been very vocal about favouring Bitcoin Cash over BTC in recent times. The moderator asked Kim to introduce himself and while he was mid-sentence the maximalists began to cut him off by muting him. A few minutes was then spent by the moderator, removing everyone from the discussion so that he could speak one-on-one with Kim. Calmly, confidently, and decisively, Kim then dismantled the entire BTC narrative for digital gold and that against Bitcoin as a P2P electronic cash system. Throughout the duration of the discussion, the main argument the pro-BTC moderator kept reverting to was that Bitcoin Cash will become centralized due to its large block size. He did not believe that computing power and electronic storage capacity becomes exponentially greater and more affordable over time, despite this being true since the inception of the first computer.
I invite anyone to check out the Raspberry Pi Terabyte Block project on my website, where we outlined a scaling plan for Bitcoin Nodes on affordable Raspberry Pi computer hardware. While slightly outdated, I can tell you now that the raspberry Pi hardware has already exceeded the expectations set out in this timeline. In 2020, they released a raspberry Pi 4 with 8 gigabytes of RAM. https://bitcoinbch.com/projects/raspberry-pi-terabyte-bitcoin-block.html
The moderator claimed that because of the large block size, low-net worth individuals would not be able to use Bitcoin Cash because they couldn’t afford the hardware to run a full node, but they could use BTC because it has small blocks. This is a psychological warfare tactic known as gaslighting, because in fact the opposite is true. People have been priced out of using BTC because of its high fees which they cannot afford, high fees which have been inflicted by the small block size. With Bitcoin Cash the fees are a fraction of a penny and that opens up Bitcoin Cash to everyone globally, even in 3rd world countries. BTC on the other hand is an elitist coin, that is only for those who can afford $20 dollar transaction fees.
At this stage in the conversation the BTC maximalists who had been listening were allowed to join in and they were fuming that the moderator had allowed Kim to destroy the entire BTC narrative. The immediate reaction of one prominent BTC Maximalist, Jimmy Song, was to aggressively yell at Kim, calling him a lair and a scammer, before rage quitting altogether. Have a listen:
https://youtu.be/sazdLVyH6Fs?t=1869
The discussion moderator, while wrong, was at least polite and trying to have a proper debate. The same cannot be said for BTC maximalists like Jimmy Song, who tries to appear manly by wearing a cowboy hat when he’s really just a nerd. BTC Maximalists claim they are experts, but clearly, they have no understanding of the technology. They never have. Really, they are nothing but propagandists trying to keep the wool over people's eyes. Kim exposed that, and that’s why the BTC maximalists became so hostile towards him. We have seen this same behaviour numerous times over the last decade of Bitcoin.
Angered and fearful after being exposed by Kim in the Clubhouse discussion, the maximalists decided to cut out and censor parts of that discussion where Kim spoke before it was published to YouTube. Unfortunately for them this backfired when a listener published the censored Kim part and then the Streisand effect took over. BTC maximalist attempts to suppress Kim only drew greater attention to what he had to say, and his video received more than double the views of the censored video. Bitcoin Cash started to surge on this day as more people wake up to the fact that Bitcoin Cash is actually Bitcoin as described in the whitepaper, and for the BTC maximalists this can’t be allowed to happen. Therefore, BTC leadership went further to try and discredit Kim and Bitcoin Cash, by generating fake news that Roger Ver’s Bitcoin.com domain was for sale. This was clearly done to generate FUD and stop the price rising, potentially even crashing it. Roger quickly came out and reaffirmed that the domain was not for sale and that this was just fake news. The maximalists did not retract their false claims, which had even garnered great attention on crypto news sites, and despite that it had zero effect on the price which just continued to surge higher.
Now their latest attempts to stop BCH involve deceptively editing the Bitcoin Cash Wikipedia page, which Greg Maxwell has been directly involved in for years. He’s responsible for the Wikipedia page wrongly stating that “Bitcoin Cash is a spin-off or altcoin created in 2017” in an attempt to delegitimize it. He has also tried to erase important Bitcoin history by removing the page about the Bitcoin XT node software. But clearly even that was not enough when yesterday they were able to delete the Bitcoin Cash category on Wikipedia, claiming that “it is being used to promote a barely notable cryptocurrency” even though Bitcoin Cash has higher transactional volume than Bitcoin itself. So far none of these attempts to stop the price rising have had any effect and after breaching several major resistance levels, it looks like there is plenty of room for continued price growth. https://en.wikipedia.org/wiki/Bitcoin_Cash https://en.wikipedia.org/wiki/Wikipedia:Categories_for_discussion/Log/2021_April_2#Category:Bitcoin_Cash
While these events can be attributed to Bitcoin Cash’s price increase, fundamentals play the greatest role in determining the true value of an asset. The reality for many years has been that Bitcoin Cash is far superior to Bitcoin in every way, despite its price being much lower. This does not make any logical sense, but what it shows is that Bitcoin Cash is severely undervalued, and Bitcoin is severely overvalued. Eventually, as the masses become aware of this fact, the equilibrium will balance. And after that, nothing will stop Bitcoin Cash from rising to its rightful position as the top dog.
Why Bitcoin Cash?
Why we choose Bitcoin Cash (BCH). Join the digital money revolution today! https://whybitcoincash.com
Support our work: https://bitcoinbch.com/donate
https://youtu.be/5xlbzhDTfYM
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IMMINENT - Bitcoin Cash (BCH) transactions to surpass that of Bitcoin (BTC)
Bullish news for Bitcoin Cash! In the last few weeks there has been a continuous uptick in the number of transactions occurring on the BCH network. Throughout most of 2020, transactions had remained firmly below 25,000 per day. But since the last week of December, that number has grown more than 10-fold to a peak of 293,000 transactions on February 4th.
This has put Bitcoin Cash in range of BTC’s daily transaction count, which oscillates mostly between 250,000 to 350,000 transactions per day. Now we await the inevitable crossover that completes the flippening of economic activity, which according to the current trajectory is set to take place within a week. Amazingly, despite having similar network usage to BTC on February 4th, the Bitcoin Cash average transaction fee was 6,500 times lower than that of BTC. Bitcoin Cash had an average transaction fee of $0.0025, while BTC was $16.74. This truly underscores the implications of imposing a 1mb block size on BTC and vindicates all those who advocated for big blocks in the past.
In 2017 when BTC reached its limit, we saw a mass exodus of businesses and users who went into competing cryptocurrencies - primarily Ethereum.
Unlike the BTC community, who demonized people using the network and claimed them to be spamming transactions, the Ethereum community was welcoming and did not discriminate against anybody. This ultimately led to an explosion in both the Ethereum price and network usage, where on an average day ETH now processes well over 1 million transactions. Unfortunately in 2021, Ethereum too has reached its design limitations and is now faced with the same high fees that BTC is plagued by. In recent days its average transaction fee skyrocketed past BTC and currently sits at $25.79 USD, making the network completely unusable for all those who rely upon it. The shortcomings of BTC and ETH have only created an opportunity for Bitcoin Cash, which now very much resembles Ethereum back in 2017.
The Bitcoin Cash community is one that is heavily focused on both adoption and usage. Low fees and fast transactions are at the core of the Bitcoin Cash philosophy, which dictates that the user experience comes first. Our protocol developers have spent years optimizing scaling bottlenecks. There is 0 chance of the network buckling under heavy usage like we have seen on other leading cryptos. With current technology, Bitcoin Cash can handle all the transactions of the entire cryptocurrency ecosystem today and the transaction fees would remain below 1 cent. I am predicting that Bitcoin Cash transactions will continue to rise and that it will overtake usage on the Ethereum network by the end of 2021. That’s right, we will overtake ETH and become the dominant economic powerhouse in the cryptocurrency space.
Recent Bitcoin Cash transaction growth can be attributed to continued adoption as an electronic cash system around the globe, as well as innovations like AnyHedge, Noise.Cash and Cash Fusion. Bitcoin Cash has tokens, it has smart contracts, it has DeFi and at its core it is electronic cash. There is nothing unique about these coins and their capabilities. At this early stage in the crypto game what’s important is the user experience and the ability to scale to meet demand. Bitcoin Cash checks all those boxes. It’s inevitable that we’ll see projects from BTC and ETH move over to Bitcoin Cash as they realize it’s unsustainable for them to continue building on a platform plagued by high fees and congestion. We have seen this all before and for those who don’t know; economic activity is a factor which drives the price of an asset.
Many of us have known Bitcoin Cash to be extremely undervalued for quite a long time and it looks like our patience is about to pay off. Unlike BTC whose price can only be sustained by fraudulent Tether printing, the Bitcoin Cash price will soon reflect increased economic activity on its network and things will only snowball from there. Kim DotCom recently made a prediction that price will reach $3,000 this year and I tend to agree with him. Bitcoin Cash is primed and ready to return to its all-time high.
Thanks for watching this video, if you haven’t already please hit the like button and make sure you’re subscribed. I’d also like to express my thanks and gratitude to those who support our channel, without your help it wouldn’t be possible to continue bringing you all great Bitcoin Cash content. We launched a donation page on our website at the start of the year and so far over 100 BCH has been donated. If you’d like to support us, go to BitcoinBCH.com/donate, you can even leave your name and a message. Thanks guys!
The Dawn of Bitcoin Cash DeFi: AnyHedge and DeToken
BitcoinBCH.com met with General Protocols and DeToken to discuss the dawn of Bitcoin Cash DeFi. Participants include: John Nieri, President of General Protocols. Johnathan Silverblood, Lead Developer at General Protocols. Marcel Chuo, Business Development manager at General Protocols. Semyon Germanovich, CEO of Detoken. Hayden Otto, CEO of BitcoinBCH.com
https://youtu.be/GD4vZsoo8jA
0:00 Introduction
1:29 General Protocols
3:04 DeToken
5:10 DeToken Features
7:45 The Purpose of AnyHedge
10:00 DeFi is a stepping stone
11:50 What is DeFi?
13:00 DeFi exchange benefits over traditional exchanges
16:48 A Universal Bitcoin Wallet
19:58 The Future of DeToken
23:03 DeToken User Experience
25:19 What is the difference between Ethereum DeFi and Bitcoin Cash DeFi?
29:36 Attacks on Ethereum DeFi contracts and how Bitcoin Cash averts this
32:57 Bitcoin Cash best suited for simple use cases
33:53 AnyHedge use cases
36:17 Pricing Bitcoin Cash in precious metals
38:38 Integrating AnyHedge into Bitcoin Cash wallets
39:47 Making finance tools accessible for everyone
43:06 The AnyHedge business model
45:50 Future protocols
48:32 Bitcoin Cash NFT’s
51:16 Bitcoin Cash infrastructure for app development
54:53 Bitcoin Cash smart contracts
58:22 The coming app development explosion
59:30 Price oracles
1:05:26 Conclusion
Sign up to DeToken: https://detoken.net?r=9oeaspttNc8
Check out AnyHedge: https://anyhedge.com/
Creating Bitcoin Cash Christmas Gifts with the Bitcoin.com Wallet!
Christmas is fast approaching and it’s the perfect opportunity to shill Bitcoin Cash (BCH). Thankfully Bitcoin.com has built tools which make that process easy for everyone involved. Now, I’ll show you all the ways that you can WOW your family and friends with the power of peer-to-peer electronic cash.
https://youtu.be/YKaiuAm0M7I
Traditionally, when onboarding someone to Bitcoin Cash, you might strike up a conversation with your target about how the Federal Reserve has printed over 25% of all U.S. dollars this year and that their wealth is being silently stolen from them. After that you’d instruct them to go to the app store and download the Bitcoin.com wallet so that you can tip them some Bitcoin Cash and they can experience a taste of financial freedom. This is done by scanning QR codes. Nowadays there are a multitude of new ways through which you can send people Bitcoin Cash and get them set up with a wallet faster than ever, even without being face to face! https://youtu.be/zRJp5-pyreY
A feature recently added to the Bitcoin.com wallet allows you to send Bitcoin Cash simply by sharing a link. To do this, go to wallet and hit the send button. Select Bitcoin Cash and select the option for ‘Shareable Link’. Enter and confirm the transaction value and then choose where to share the link! This can be done through SMS, email, instant messengers, anywhere that you can paste a string of text. When a recipient receives this link and they click on it, the Bitcoin Cash will instantly appear in their Bitcoin.com wallet. If a recipient doesn’t have the software installed, the link takes them to download it for their respective operating system so that they can receive the payment. This method is ideally suited for sending payments to contacts without knowing their Bitcoin Cash address, or onboarding people that are already in your contacts. If nobody claims the Bitcoin Cash from your link or you want to cancel it, you can go into your wallet transaction history and tap on the transaction to check its status or redeem the payment to yourself.
The next great way to give Bitcoin Cash is through gifts.bitcoin.com. This tool essentially allows you to create, manage and send Bitcoin Cash paper wallets in bulk, all from a single webpage. After filling out a form with details of how many gifts you want to create, the value of each gift, which currency you want them to be valued in, the tool will display a QR code for you to make a payment to. Upon completion of payment, all your gifts will be generated and loaded with the correct amount of Bitcoin Cash. From this interface you can now choose to print, download, or email the gifts, and if gifts remain unclaimed after a certain period they will automatically return to your wallet. If you download gifts as an image, you can message or SMS that to someone and they’ll be able to import the image in their Bitcoin.com wallet to redeem it. Sending via email will include the gift as an image attachment, alongside your custom message, which can easily be scanned by the recipient and redeemed on their phone. Printing the gifts allows you to get more creative and one idea for Christmas is to include the gifts in Christmas cards or presents. It can be sent in the mail or given physically; the choice is yours. https://gifts.bitcoin.com/
A few years ago, I remember giving out hundreds of paper wallets to Bitcoin meetup attendees to demonstrate what was possible with Bitcoin when using it rather than speculating on price. If this tool existed back then, I would’ve been able to create the paper wallets more efficiently and track how many people bothered to redeem their gift. If they didn’t, I would have gotten my Bitcoin back! A guy named Bitcoin Man of Bakersfield used Gifts.Bitcoin.com to conduct a viral treasure hunt around his city which drew national media attention. He printed gifts of $5 as stickers and scattered them around the city on poles, walls, monuments, each with clues attached about how to find a bigger $500 prize. So far this seems to have been the most effective method of using gifts to spread awareness about Bitcoin Cash and you may yet see myself or others replicate this in other regions around to globe.
Whatever your preference, I hope this video has given you ideas about what you can do to promote Bitcoin Cash. As I’ve said before: no government, company or individual owns Bitcoin Cash and therefore it is our responsibility to spread awareness of its benefits over fiat systems. Please subscribe to the channel in addition to liking and sharing this video I’d like to wish you all a Merry Christmas and good luck with your shilling.
Kim Dotcom Bullish on Bitcoin Cash (BCH) - Expects $3000+ in 2021
https://youtu.be/O9RYF3hyjxw
With the BTC version of Bitcoin reaching new all time highs beyond $20,000, Kim Dotcom took to Twitter to announce his opinions on both BTC and BCH. While he believes BTC is a great asset for wealth storage, Kim stated that Bitcoin Cash (BCH) dominates when it comes to payments and that he expects it to surpass $3000 USD in 2021. If this Bitcoin Cash price prediction comes to fruition, from the current price of $310 it would nearly be a 1,000% increase that takes BCH back to its previous all time high.
https://twitter.com/KimDotcom/status/1339447140582531072
The Internet Entrepreneur and Political Activist said as "more and more vendors accept crypto, vendors want low fees and fast transactions" and this is his reasoning for being bullish on Bitcoin Cash (BCH). In saying so it's clear Kim understands the importance of Bitcoin's original electronic cash use case that can no longer be facilitated by the BTC version. At BitcoinBCH.com we share Kim's sentiments regarding Bitcoin Cash and have devoted ourselves to supporting its adoption and raising awareness about its benefits over fiat currencies. It's always great to hear high profile people announce they are bullish on BCH and I suspect there are plenty more who remain silent because they fear reprisal from BTC maximalists. The BTC Maximalists know their days of "number go up" are limited and that's why they will attack all those who are in support of competitors which threaten their scheme. Let me explain.
Despite the BTC price continuing to rise, the reality is that its true value is falling due to its 1mb block size limit. BTC is riding on the coattails of its previous self and those who so passionately promoted it back when it functioned as electronic cash - a fast, cheap and reliable money for the world. In stark contrast to BTC, the BCH price remains low despite it having superior capabilities such as: sub-cent fees, instant transactions, tokens, smart contracts and Monero-like privacy. This indicates high value that is not yet reflected in price. Eventually for both coins, their true value will be reflected by price which means massive future upside for BCH and the collapse of BTC. Kim Dotcom seems to be aware of this and that's why he is reaffirming his support for BCH with this new price prediction.
Earlier in 2020 Kim appeared with Tone Vays on the BTC Maximalist's podcast and left Vays perplexed when he said new adopters of crypto "are going to go with the currency that gives them the cheapest fees, the fastest transactions, the most reliability [...] unfortunately, that is not [BTC]." Dotcom said he had sat down with Roger Ver of Bitcoin.com and looked at what he was doing with Bitcoin Cash. Roger was many steps ahead of everyone else just as he was with BTC in the early days, which earned him the nickname Bitcoin Jesus after his tireless promotion. "[Roger] is working on some really cool stuff, in terms of security and privacy. And I also agree with his argument: In order to be a very successful cryptocurrency you need to provide fast and cheap transactions, there's no way around that. It's nice to be a store of value, but if you really want to succeed in this game, you need to be THE electronic cash." https://www.youtube.com/watch?v=mvcZNSwQlRU
Kim Dotcom also let on that he's been busy building a new product called K.im which will utilize Bitcoin Cash (BCH) and he claims it'll bring billions of users to the cryptocurrency. He's done this before with past successful projects like Megaupload, the world's most popular file sharing service, so it's not unrealistic. Kim told people to buy Bitcoin (BTC) when it was as low as $100 and now he says "it's BCH time". https://twitter.com/KimDotcom/status/1339451823111880706 https://k.im
Bitcoin Cash - Beyond the November 2020 Hard Fork
On November 15th 2020, a year's worth of heated debate came to an end when Bitcoin Cash experienced a chain split during its scheduled hard fork upgrade. The split occurred between those supporting the Bitcoin Cash Node (BCHN) and Bitcoin ABC protocol implementations, who had contradicting positions on how Bitcoin Cash infrastructure should be funded.
https://youtu.be/_ueA-DMt6i0
Through Nakamoto Consensus it was overwhelmingly decided by miners that Bitcoin Cash Node (BCHN) would retain the BCH ticker and become the new reference client for Bitcoin Cash, where infrastructure will continue to be funded on a purely voluntary basis. Bitcoin ABC, the previous reference implementation, now has their own blockchain where they will fund infrastructure development with a percentage of the block reward. A positive outcome of this split was that there was no hash war as we saw with BSV. Each side has gone their own way amicably, due to the ABC team embracing being the minority chain and therefore having to establish a new brand for their coin. Holders of BCH prior to November 15 now have the benefit of holding both coins and seeing which ultimately has what it takes to succeed in the long run. Personally, I see no reason to sell either coin and will be holding on to both.
I would like to congratulate the Bitcoin Cash Node team members and their supporters for running a successful campaign. You were effective in your messaging from the beginning right through to the end. The passion exhibited by the Bitcoin Cash Node side was admirable and it really showed just how much some supporters care for Bitcoin Cash itself. Now, the future of Bitcoin Cash is in your hands. You have been entrusted as stewards of the project and must now lead the community in our shared mission to become peer-to-peer electronic cash for the world. I would also like to wish the ABC team good luck with their new coin; I’m sure they’ll be able to make something out of it, just as they did with Bitcoin Cash in 2017. And for that, we owe them our eternal gratitude.
As for myself, I stated many months ago that I would follow and support whoever retains the Bitcoin Cash (BCH) branding in the event of a split. The reason being that I have heavily invested myself in the Bitcoin Cash (BCH) brand and from a technical perspective both blockchains are practically the same - they both function as electronic cash. Despite me believing that ABC had a better plan for Bitcoin Cash, I have accepted the outcome of the hard fork and will support the Bitcoin Cash Node team and their leadership. I can still see a path to massively ramping up development and adoption, to become electronic cash for the world, without the IFP and without relying on donations. You can be sure that I remain committed to achieving those goals.
Now it’s time to get back to work and refocus our efforts on what matters. While we were looking inwards, we have paid little attention to the rapid debasement of fiat currencies. The supply of U.S. dollars increased by over 24% this year and businesses are looking for alternatives. Unfortunately BTC is better positioned than BCH to take in new users from the collapse of fiat, despite it being totally unsuitable for a payments role. Bitcoin Cash has the best value proposition for the world as an alternative to fiat and our greatest adoption opportunity to date has presented itself. I am now calling on all Bitcoin Cash supporters to massively ramp up efforts in supporting continued expansion of merchant and user adoption. To those that fought so valiantly for BCHN, you must transfer your energy and momentum toward a new global adoption campaign. If supporters of BCHN demonstrate the same level of commitment with spreading Bitcoin Cash adoption as they did fighting back against ABC, we can make some significant strides toward our shared goal of becoming P2P electronic cash for the world. https://youtu.be/zRJp5-pyreY https://youtu.be/EfBCH2dKrTU
How to Split Bitcoin Cash (BCH) & Bitcoin ABC (BCHA)
The Bitcoin Cash network upgrade (hard fork), on November 15th 2020, resulted in a chain split between Bitcoin Cash (BCH) and Bitcoin ABC (BCHA). Hayden demonstrates the quickest method of separating and gaining access to your coins.
Sign up to CoinEx: https://www.coinex.com/account/signup?refer_code=st98h
https://youtu.be/RBxfAG1Tm3c
Bitcoin Cash Merchant Interview - Otto's Market
https://youtu.be/y9F3ymWG-Fs
Luke Guazzo is the CFO at Otto's Market, a food hub specializing in fresh local produce that has over 8 different locations in North Queensland. Luke shares his insights with accepting Bitcoin Cash payments in their business and the benefits over the legacy financial system.
New Bitcoin Cash (BCH) Coinbase Rule - Only 0.122% for Bullish Gains and Security
https://youtu.be/4tEkB0kDj-4
November 15 will mark the beginning of a new golden age for Bitcoin Cash. Businesses, users and holders in the ecosystem all stand to benefit from the new coinbase rule which provides critical infrastructure funding. While fiat currencies like the US dollar are printed into oblivion, we can now respond by rapidly speeding up BCH development to position it to become Peer-To-Peer Electronic Cash for the world.
The coinbase is a transaction included in every Bitcoin block which has been used to incentivize miners to secure the Bitcoin network until it grows to a point where it is sustained by transaction fees. It is also the method through which new coins are minted. Currently the coinbase transaction is 6.25 units of BCH and the new coinbase rule will direct 8% of that toward Bitcoin Cash infrastructure development.
Specifically 4% is going to Bitcoin ABC, the developer team responsible for the creation of Bitcoin Cash and its reference implementation. ABC will use these funds to hire in-demand software engineers to speed up the completion of the Bitcoin Cash roadmap and make us competitive against tech giants like Google, Facebook and Microsoft. The remaining 4% will be managed by the Global Network Council, the new system for Bitcoin Cash governance that will invite key stakeholders to decide on infrastructure projects that should receive funding. Members of the Global Network Council include major miners, holders, and developers, who will gather in person once a year to vote. Ultimately this whole 8% is reinvested back into the Bitcoin Cash Network, funding efforts which stand to greatly increase the value of BCH and secure our competitive advantage over other coins.
But listen to this, because it gets even better. The burden on Bitcoin Cash miners won’t be an 8% reduction in profits, as some people with ulterior motives would have you believe. Initially when the new coinbase rule is activated, for some miners it will become unprofitable to continue mining BCH and so they will switch to other SHA-256 coins. Shortly after leaving, the BCH mining difficulty will adjust - making it more profitable to mine. The coin that these miners switch to will experience the opposite - a difficulty adjustment which makes it less profitable to mine.
Payback’s a bitch, BTC and BSV miners will be footing 98.6% of the bill for Bitcoin Cash infrastructure development, leaving only 1.4% for the BCH miners. Yes, that’s right, our competitors are funding this entire effort and they’re pissed because it’s beyond their control. If you’ve noticed the pushback and smear campaigns relating to the new coinbase rule, now you know why. Let me break down the maths that prove it: BTC, BCH and BSV account for pretty much all of the SHA-256 hashrate. At the time of filming BTC has 98% of the hashrate, BCH has 1.4% and BSV has 0.6%. Combining BTC and BSV hashrates result in 98.6% and if we multiply that by 8% for the coinbase rule it gives 7.888%. This is how much of the 8% coinbase rule BTC and BSV will pay, 98.6%. For BCH on the other hand, if we multiply the 1.4% hashrate by 8%, it gives 0.122%.
Who pays for the 8%?
BTC Hashrate 98%. BCH Hashrate 1.4%. BSV Hashrate 0.6%.
BTC + BSV
(98 + 0.6) = 98.6%
(98.6/100) * 0.08 = 0.7888
BCH
(1.4/100) * 0.08 = 0.00122
This means that with the implementation of the new coinbase rule, Bitcoin Cash miner’s profits will only be reduced by 0.122%.
In addition to coming at pretty much 0-cost for BCH miners, the new coinbase rule solves a number of problems that were previously experienced with donation-based funding mechanisms. Unlike donations, which are unreliable and always come with strings attached, the new coinbase rule ensures sustainable developer funding from an independent source - the coinbase. No longer will Bitcoin be subjected to the will of outside influences as we’ve repeatedly seen in the past. Instead, incentives of protocol developers will become aligned with the interests of the network itself.
Given that the developers will now be paid by a percentage of the coinbase, their level of compensation will be tied directly to the results of their work. If they produce valuable work and the price of BCH goes up, then they will be paid more. If they don’t produce valuable work and the price of BCH goes down, then they will be paid less. This is the equivalent of issuing equity in a company via shares or options, and through this developer accountability will be enforced. No more grifters making big promises to get paid but then failing to deliver. No more hobby developers who pay little attention to their BCH side project while their primary work is elsewhere.
Another major issue solved by the new coinbase rule is the free-rider problem. This is a market failure which occurs when those who benefit from public goods or services do not pay for them or under-pay. In this case we have Bitcoin Cash common infrastructure like the protocol software, which all the miners benefit from, but some do not contribute and thereby gain a competitive advantage over those who do. There are other areas where common infrastructure has been generously funded by entities like Bitcoin.com, even though it was not their responsibility. With the new coinbase rule this burden will be lifted from the shoulders of these donors and by freeing up more resources to improve their own businesses they will no longer suffer a competitive disadvantage. Protocol development will be supported by 4% of the coinbase and funding of other common infrastructure will be subjected to voting of the Global Network Council who manage the remaining 4%.
While Bitcoin Cash will soon enjoy governance via this council there is a drawback - it is not decentralized governance. This is a problem that is currently unsolved and should be implemented at a later date if a proper solution has been devised. The good news is that the current system requires proof of work in order to participate; proof of significant BCH holdings and proof that a mining entity has mined a significant amount of BCH blocks. I am of the opinion that the benefits greatly diminish any arguments against it. Bitcoin Cash is about to professionalize and with the reliable support of the independent coinbase funding, we will attract big businesses and top talent into our ecosystem.
Bitcoin Cash has to be serious about becoming money for the world, now. This year the anti-coinbase rule movement has cost BCH billions in market cap and wasted many years in combined developer time. There are people out there who want to hold Bitcoin Cash back, they do not want us to be successful in our mission and some of them certainly don’t want to pay for their competitors infrastructure costs. Fiat currencies are being rapidly debased and businesses are looking for alternatives. It is unfortunate that right now BTC is better positioned than BCH to take in new users from the collapse of fiat, despite it being totally unsuitable for a payments role. Bitcoin Cash has the best value proposition for the world after fiat, on November 15 the new coinbase rule will activate. Funding independence for Bitcoin Cash is coming. BCH will soon be considered a serious alternative to fiat and all it costs is 0.122%.
Bitcoin Cash Merchant Interview - Voltec Services
https://youtu.be/ossRt2aceLY
Ryan Toohey is the Owner & Director of Voltec Services, an electrical contracting company in North Queensland, Australia. In addition to accepting Bitcoin Cash in his own business, Ryan has onboarded countless other businesses in the local area. Interviewed by Hayden Otto, Ryan shares his industry experience with Bitcoin Cash.
Bitcoin Cash as the World Currency: What It Takes
https://youtu.be/xsv0Im7p2Es
Bitcoin Cash is designed to become P2P Electronic Cash for the world. The time we thought we had to complete the Bitcoin Cash roadmap has been greatly reduced, due to the exponential increase in money creation by the Federal Reserve. Before us is the single best Bitcoin Cash adoption opportunity ever and at the same time the ramifications for missing this opportunity are dire, for both the global economy and Bitcoin Cash. We must urgently increase funding of infrastructure to establish Bitcoin Cash as a viable alternative to fiat while seeding our communities with some minimum level of adoption to provide Bitcoin Cash visibility as the obvious alternative to fiat.
While Bitcoin Cash is undoubtedly the most ideal form of money today, BTC is no longer the sole Cryptocurrency and there are many new players all competing for the same user base. These competitors are well funded and if we remain complacent it's only a matter of time before we fade into irrelevance.
As the fiat system collapses, all those who relied upon it to participate in commerce will be looking for alternatives. Sadly, if the entire global economy wanted to onboard itself to Bitcoin Cash today, it would not be possible. Bitcoin Cash has technical limitations, like the 32 megabyte block size, that can be overcome relatively quickly by investing big money into our infrastructure development. We must focus on getting Bitcoin Cash in a position where it survives the fiat endgame and where it can be presented as the obvious solution for the world. Technical independence from Bitcoin Core must be established now; by increasing funding to the Bitcoin Cash reference client, we can attract more top talent to efficiently complete the roadmap without having to rely on backporting. While noble, we no longer have the time to expend resources on code duplication by multiple node teams, many which are nothing more than hobby projects. There needs to be a concerted effort under 1 banner, where full-time developers are serious about keeping Bitcoin Cash competitive and completing the mission. With new scaling features added, bottlenecks ironed out and the roadmap complete, Bitcoin Cash can facilitate transactions for the entire global economy.
While infrastructure is not as sexy as SLP Tokens, Smart Contracts, or DeFi, investing in it is vital to everyone’s success and the billions of unbanked relying on us. Without electronic cash, these other use-cases are worthless. Peer-to-peer electronic cash IS our killer app. Leveraging our greatest strength is also key to positioning Bitcoin Cash to become money for the world. That’s why non-developers have a vital role in expanding merchant adoption, which has the benefit of both raising the visibility of Bitcoin Cash as the alternative and seeding each community with the needed know-how for the operation of a Bitcoin Cash based economy. The Bitcoin Cash City is the standard for merchant adoption that should be strived toward by the rest of the world, where an economy built on Bitcoin Cash exists separate from the legacy system.
Creating adoption hotspots like this must become a priority for Bitcoin Cash supporters, where the only costs involved is your time spent spreading awareness and educating people about Bitcoin Cash. While adoption has traditionally been pushed by Bitcoin Cash enthusiasts, like you and I, we have entered a new phase where businesses will soon seek alternatives to the dollar due to fiat debasement. If they already accept Bitcoin Cash as a payment method, their complete transition away from fiat will be smoother and they will even go on to recommend Bitcoin Cash to their customers and other companies they do business with. Tools that enable anyone to participate in the Bitcoin Cash economy, the Bitcoin.com wallet and Cash Register, are free to download and there are no sign-ups required. If a person has a phone or tablet and an internet connection, they can start using Bitcoin Cash today. In the Bitcoin Cash City we have repeatedly shown how easy it can be to get people onboard; all you need to do is ask, and the best place to start is at businesses which you frequently visit. The efficiency of Bitcoin Cash over fiat systems enables a merchant to make greater margins, and if they value your return business then they are likely to oblige.
I am urging the Bitcoin Cash community to refocus their energy on being successful in our mission to become peer-to-peer electronic cash for the world. Petty squabbles over trivial issues and personal vendettas have distracted many from the mission. The stakes are high and mission failure is not an option, we must realize the urgent need to ramp up infrastructure funding and Bitcoin Cash adoption to bring clarity in these uncertain times.
The Fiat Endgame
https://youtu.be/zRJp5-pyreY
When the Federal Reserve prints, in a single year, a quarter of all U.S. dollars ever circulated, you can be sure we are firmly in the fiat end-game. In the next 12 months, the FED will likely print more U.S. dollars than ever existed before this year. Those among us like Mike Maloney, The Dollar Vigilante, and Ron Paul, have been raising the alarm for some time and unfortunately for holders of dollars, they are proven right.
Almost all hyperinflation events have been caused by government budget deficits financed by currency creation. In 2020 the U.S. Budget deficit reached $3655 billion a 3.7 fold increase over the previous year.
Like all fiat currencies, it was always inevitable that the greatest scam in the history of humanity would end like this, but the forced closure of the global economy, blamed on coronavirus, has triggered hyperinflation to commence. It is now a race to the bottom, where the central banks of countries around the globe print their currency into oblivion. Except in this day and age the printing part is no longer necessary, they simply change a number on a centralized banking database which makes it easier than ever to debase a currency.
By looking at the M2 Money Stock chart, it is evident we have begun the hyperinflation phase; where the government tries to outprint systemic problems. The line on the graph started going parabolic in early 2020, where the total supply of U.S. dollars increased by over 20% in a 6 month period. This means that 20% of everyone’s savings have been silently stolen, as the purchasing power of their dollars becomes less. This will only continue exponentially in the following months and years.
If you want to know how this ends, there are recent examples of currency debasement that took place in Venezuela and Zimbabwe. At the end of 2019 for example, inflation in Venezuela was estimated by the IMF (**https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela**) to be 10,000,000%. If it took you 15 minutes to drink a cup of coffee, a second coffee would be 285% more expensive. In Zimbabwe, the cost of goods and services doubled every day. The currency becomes worthless to the point where people are discarding it on the street like trash, people start turning the paper currency into bags or other items which they can trade for something of value.
This doesn’t just destroy businesses and economies who rely upon this currency, but it leads to mass starvation among the population. People cannot afford to eat and their desperation will lead to increased violence and crime. For survival, Venezuelans got to the point of stealing animals from the zoo to eat. While Venezuela and Zimbabwe are isolated cases, debasing the U.S. dollar has global ramifications. Without exception, all fiat systems end this way.
While fiat is at its end, we have the solution: Bitcoin Cash. What is needed is a better form of money and the collapsing U.S. dollar is the best adoption opportunity ever to become P2P electronic cash for the world. No other currency, crypto or otherwise can do this.
But the time we thought we had to achieve global adoption has been slashed to at least 25% and will likely be slashed further in the coming months. We must act quickly, else our fellow humans will suffer more than necessary. Or even worse, the same people who orchestrated this scam will herd the global population into their “solution”, where unaccountable governments are certain to repeat the same mistakes all over again. We need to return power to the people and Bitcoin Cash is the hope that will enable us to do so.
Bitcoin Cash was created by Satoshi Nakamoto for a specific purpose. On the 3rd of January, 2009, a message was included in the Genesis Block which read “Chancellor on brink of second bailout for banks”. This was the news headline from that day's edition of “The Times” Newspaper, in reference to the financial crisis of 2008 where the big banks were bailed out by government money printing. The message made clear our mission statement, it is to replace the corrupt legacy financial system and provide the world with the most ideal form of money ever known. Bitcoin Cash.
Bitcoin Cash: Peer-to-Peer Electronic Cash for the World
https://www.youtube.com/watch?v=EfBCH2dKrTU
Bitcoin Cash is designed to become electronic cash for the world. Importantly, no one owns Bitcoin Cash, no government, no company, no individual. It is you and I, the people, that own Bitcoin Cash. It also means it’s our responsibility to promote Bitcoin Cash. Without our help, the good that can be unlocked by this civilization changing payments technology can never occur.
Sadly, while the world desperately needs sound money, there are hostile forces who aim to prevent us from realizing our important goal. They seek to undermine our efforts because they are threatened by our mission. For us to be successful, we must remember what we’re all here for, what drives us to build, what we are fighting to achieve. Only then will we rise above the attempts to suppress Bitcoin Cash and the prosperity that comes with it.
The world economy currently relies upon fiat currencies that are susceptible to inflation. While it’s easy to kick this can down the road in an attempt to fix problems here and now, debasing a currency has far reaching implications. We’re now at the end of the road. More U.S. dollars were created in the last 6 months than in the last 4 years. People’s savings are being silently raided as money creation accelerates at unprecedented levels.
This world is in need of a better form of money; a fast, cheap and secure way to transfer value, peer-to-peer and free from inflation. Beyond the control of governments or banks; where you become your own bank. An uncensorable electronic cash system that allows you to send and receive any amount of money, with anyone, anywhere in the world, instantly, basically for free, and where there’s nothing anybody can do to stop you.
Bitcoin Cash IS the future of money. Modern technology and clever innovation has delivered perhaps the closest thing to ideal money ever experienced by mankind. And just like a gold backed currency, Bitcoin Cash can not be debased through money creation. Bitcoin Cash solves the problems created by fiat currencies and much more. Now it has a very real opportunity to assume the role of electronic cash for the world, with our help.
When the mission is complete, we can expect Bitcoin Cash to have profound implications on the global economy. We will have unlocked the most effective way to increase economic freedom around the world. Bitcoin Cash is so efficient, that it will enable those who are unbanked to participate in the global economy. Lifting millions out of poverty, creating huge new markets, and improving the living-standards of billions. Not to mention it will reduce corruption and help prevent violent conflicts, making the people of the world happier too.
Bitcoin Cash is already here and has proven itself to be very effective. Some locations have been quicker than others to harness the huge benefits of the technology. The Bitcoin Cash City in Australia is a great example. Locations like this have given us a glimpse into a world where Bitcoin Cash is universally adopted. Where people use Bitcoin Cash in their daily lives as a medium of exchange, a store of value, a unit of account, and they are more prosperous as a result.
However, a handful of hotspots fall far short of unlocking the global potential of Bitcoin Cash. We must redouble our efforts to bring the power and simplicity of Bitcoin Cash to every corner of the globe. The Bitcoin Cash mission of sound electronic cash for the world has never been more important than it is right now.
And it is we the people, that are tasked to make it so.
Please help us make more videos by donating to our Bitcoin Cash marketing campaign: bitcoincash:qq0rxhss39wav7txgn7rmvd70vegpjjjzq5ym2zh2e
Bitcoin Cash: The Conflict Within
**EDIT:** Since writing the article the ABC node has announced they will ditch Grasberg to implement the same DAA as BCHN and the other node software, however they will also implement the IFP via soft-fork. My points throughout the article remain.
The Dispute
If you don't browse Bitcoin Cash social media, you might be oblivious to the ongoing disputes regarding changes to the Bitcoin Cash protocol which began in January 2020. It all started with the Infrastructure Funding Plan proposed by a group of miners and would be implemented by Bitcoin ABC. This resulted in the creation of a new full node implementation called BCHN for those who opposed the IFP to rally behind. The IFP was eventually abandoned by the miners who were to activate it, due to opposition against it. However it soon became clear the BCHN full node served another purpose as a protest movement against ABC, due to a growing resentment and dislike for its leader Amaury Séchet.
Fast forward a few months and it should come as no surprise that the same two parties, ABC and BCHN, are at war over their preferred upgrade of the Difficulty Adjustment Algorithm (DAA). 4 weeks ago it was proposed by Jonathan Toomim, and supported by BCHN, that Bitcoin Cash should upgrade the DAA with his version of the ASERT algorithm called ASERTi3-2d. 2 weeks ago Bitcoin ABC announced they would be proceeding with their own version of ASERT, which they call Grasberg, that includes a drift correction mechanism. No other Nodes have put forward a proposal on the matter but they have now indicated they will follow BCHN. The drift correction is the only difference between the two proposals, they are otherwise practically identical, but neither party has shown willingness to make a compromise in order to remain in consensus when the scheduled network upgrade occurs on November 15. https://read.cash/@jtoomim/bch-upgrade-proposal-use-asert-as-the-new-daa-1d875696 http://toom.im/files/da-asert.pdf https://read.cash/@deadalnix/announcing-the-grasberg-daa-ff52e96d#design-choices https://read.cash/@deadalnix/announcing-the-grasberg-daa-ff52e96d#drift-correction https://read.cash/@sha256_88ebd526/bitcoin-cash-bch-november-2020-upgrade-statement-f7c03159
The Bitcoin Whitepaper states that 1 CPU = 1 vote, therefore if consensus is not reached among node implementations the Bitcoin Cash miners will vote with their hash rate to determine which node implementation retains the Bitcoin Cash (BCH) branding and ticker symbol. If the losing party decides to continue extending their blockchain, then the chain split will be confirmed and a new cryptocurrency birthed that is practically identical to the other. It is unclear what percentage of the total hash rate now mines with BCHN, but previously it was accepted that the vast majority of miners use Bitcoin ABC.
My Problem
It's quite frankly insane that both these groups appear willing to split the Bitcoin Cash blockchain over an issue so trivial as this, putting all the value people have built and invested in at risk, in an attempt to massage their own egos. It would be pale in comparison to the split between BTC and BCH, where the Bitcoin Core small blocker group was intentionally preventing Bitcoin from scaling for global adoption and big blockers wanted to remove their artificial restrictions. This is not something worth splitting over and a better outcome would be to leave the DAA as is to avoid a split, but that's assuming the dispute is over the technical issues and not a power struggle between the nodes themselves.
Everyone has lived with the current DAA for 3 years now and while it has enabled oscillations in difficulty and hash rate on BCH this is not something which has had a significant affect on the end-user experience. It has affected the profit margin of constant miners by ~6% (according to Jtoomim) and caused periods of longer than usual confirmation times which impacts those depositing BCH to cryptocurrency exchanges who require excessive confirmations. The vast majority of BCH users in the real world, who aren't price speculators but actual users and believers in the tech, generally rely on 0-confirmations for their transactions. I do in both a personal and businesses capacity. That doesn't mean these issues shouldn't be addressed and they can be through other means. For example through the implementation of Avalanche on Bitcoin Cash which has been discussed by protocol devs as on the roadmap. Avalanche will make 0-confirmation transactions 100% secure for both businesses and exchanges to accept in addition to numerous other benefits; a far more lucrative feature than "fixing the DAA". As we appear to be on the cusp of the next bull market, the rising BCH price in relation to BTC will make the switch mining less feasible than it has been during the bear market lows. https://read.cash/@jtoomim/bch-upgrade-proposal-use-asert-as-the-new-daa-1d875696#abstract
My biggest gripe with this continuous infighting is that by engaging in such behaviour participants are actively undermining everything myself and other productive people do to add value to Bitcoin Cash. People have spent years of their lives investing their time, money and energy into making BCH better and spreading awareness about the technology. They have built businesses on top of BCH, they have onboarded countless users, companies and investors to it. All that work could be wiped away in an instant and will be for nothing because a bunch of Reddit nerds have no regard for the world outside of their bubble and how their actions affect end-users of the technology. When you see that possibility on the horizon, it can make you feel less motivated to work on BCH or promote it to more people. I have felt this way and I know many others who have. Some people decided to leave the project entirely.
The other thing is that Bitcoin Cash has plenty of enemies, both inside and outside of crypto, and they all want to suppress our technology which has the best shot of being P2P electronic cash for the world. It is no secret that forums like r/btc are full of enemy operatives who LARP as BCH supporters, some play both sides of a debate and there are others who are more open about their intentions like Greg Maxwell. The main goal for these operatives is to to divide and conquer us, by pitting different factions against each other it leaves us more vulnerable to outside attacks and distracts us from the big picture goals like global adoption. If all the people writing countless articles against the IFP and the Grasberg DAA spent that energy on onboarding new people to BCH, it is my belief that BCH would have a much higher value and be more widely adopted than it is today. This is where our priorities should lie, building useful tools or services that we can share with people outside Reddit to expose them to Bitcoin Cash.
Dislikes
Some of you may believe I'm an "ABC shill" just because I have no interest in encouraging or promoting counterproductive or self-destructive behaviour exhibited primarily by BCHN in recent times. So here is a bunch of things I dislike about both ABC and BCHN, there is plenty of room for improvement on both sides.
ABC
Poor communication, where they do not publish documentation to support or explain their intent. Rarely refutes arguments made by their opposition
Has not handled themselves in a professional manner when dealing with other parties in the ecosystem
Seemingly incapable of admitting wrongdoing
BCHN
Enforces collectivism rather than individualism, whereby they presume to speak for the majority.
Ignores proof of work where 1 CPU = 1 vote, instead engages in social engineering and smear campaigns against their opposition online
Seems to serve no other purpose than to oppose ABC
These are issues I have with the two nodes, but does not mean I hold a grudge against any of the members or supporters of these full node teams. I like people on both sides and believe the best thing for Bitcoin Cash is to put these disputes behind us and refocus efforts on working toward our shared primary goals.
Potential Solutions
As I see it, these disputes can be easily resolved in a number of ways. The easiest thing to do right now would be to do absolutely nothing, do not implement anything at this planned hard fork. However we can't be certain a new dispute wont arise again at a future hard fork. Perhaps the benefits of a 6 month hard fork schedule are outweighed by all the drama and disputes it causes, maybe we should reserve these upgrades for major things like Avalanche or things which the node teams agree upon in advance. I personally think the best option here would be for ABC to remove the Grasberg Drift Mechanism from their DAA, that way they would be in consensus with BCHN and it's happy days - split averted!
Ultimately for anything to work it relies upon either ABC or BCHN making a compromise. This can be hard for certain people, particularly when there is hostility between the two parties, but it must be done in order to move forward. When I think of compromise, I recall a situation of my own from 2017. I gave some university "friends" 5 BTC investment, worth $35,000 Australian dollars at the time, for their startup in exchange for 5 BTC at a later date plus a whole bunch of their ETH token. Long story short but they did not follow through on their end of the deal and wanted to give me back $35,000 instead of 5 BTC, because they sold the BTC for fiat after I gave it to them. The problem was that 5 BTC was now worth over $100,000, so I lawyered up and was ready to destroy them in court. In the end I settled with them outside of court for 3.5 BTC because I decided I did not want to waste any more money on lawyers. It turned out for the best, because I deposited those BTC straight into Bitmex and turned it into nearly 10 BTC total after a few days. It is a similar situation on BCH here today, we can find common ground through compromise and then move forward to reap the rewards.
My Intentions
In the event of a split I plan to remain on Bitcoin Cash (BCH). That doesn't mean I will have the same respect for you because you contributed toward a split, potentially causing major setbacks for everybody, but I am choosing Bitcoin Cash (BCH) because it is in my personal best interest to do so. I have heavily invested myself in the Bitcoin Cash (BCH) brand and I have no interest in starting all over again from scratch. From a technical perspective both blockchains will be practically the same, but the one with an established brand will have far better odds at success.
Bitcoin: Debate Over Scaling (Documentary)
https://youtu.be/glGgtnOsb4M
The Bitcoin Scaling Debate was a dispute within the Bitcoin community which lasted for more than 4 years, ultimately coming to an end on August 1st 2017 when the blockchain diverged into Bitcoin (BTC) and Bitcoin Cash (BCH). The Bitcoin: Debate Over Scaling documentary chronicles the attempts made by industry leaders to scale Bitcoin and accommodate increased transaction demand. Featuring interviews with Jihan Wu of Bitmain, Roger Ver of Bitcoin.com, Samson Mow of Blockstream and more.
Produced by Hongli Wang.
Australian Cryptocurrency Expenditure at Retail Businesses - May 2020
The Bitcoin Cash mission
Bitcoin Cash is designed to be the first electronic cash system for the world and this mission requires every business, every company and every individual adopt Bitcoin Cash for their medium of exchange.
Bitcoin Cash is a unique modern take on money, applying modern technologies such as the Internet, cryptographic techniques and phone apps to create perhaps the closest approach to sound money with the ideal characteristics of durability, portability, divisibility, uniformity, limited supply, and acceptability.
Bitcoin Cash is an extraordinary achievement and a worthy basis for the future global economy.
North Queensland adoption of Bitcoin Cash
Today North Queensland is home to the Bitcoin Cash City, named after the high level of adoption achieved with this extraordinary technology. In the Bitcoin Cash City, it is possible to live entirely using Bitcoin Cash and a growing number do. This level of adoption affords the trial and acceptance of advanced techniques such as community underwriting, circulation development, and pioneering methods to retain coins in the economy. In the immediate future are advanced apps, technology, and development that will flow into the global Bitcoin Cash community.
The Bitcoin Cash City is providing a working example of the Bitcoin mission.
The importance of physical merchant expenditure
This series of reports examine physical merchant adoption performance of Bitcoin BCH relative to fiat as Bitcoin Cash has already successfully out-competed all other cryptocurrencies in this Australia. Merchant adoption of Bitcoin Cash is driven by a business case which relies on ease of use, its cost structure, and particularly the user payment experience. When a customer enters a store, the features of its payment system become critically important. Customers will not tolerate fees, delays, congestion, convoluted technologies, or involved procedures. If Bitcoin Cash is to become the money of the future, it must out-compete even the best fiat systems. Today, Bitcoin Cash’s performance in gaining merchants in Australia is being measured. Its adoption success provides the first tangible evidence that Bitcoin Cash has the technical merit to become a global electronic cash system.
Sourcing Data, Data Policy
The main source of data detailed in these reports is gathered by polling individual Bitcoin Cash merchants (being peer-to-peer, Bitcoin Cash has no easy source of physical store data). For altcoin data, such as ETH, LTC, BTC etc., we monitor data from the last payment processor left with any operating merchants in Australia[1].
Examining cryptocurrency usage
This series of reports have been documenting the rise of Bitcoin Cash alongside the decline of Bitcoin BTC with merchants in Australia. Understandably, with the decline of BTC has been the decline of payment processors that preferred to support Bitcoin over Bitcoin Cash. In particular, TravelByBit whose outdated website still boasts “over 400 stores”[2] using their platform, months after these merchants were shown to be nonexistent[3].
Now comes the news that TravelByBit is no more[4]. Billed as a “strategic decision between Travala and TravelByBit”, the loss making, Binance backed, TravelByBit is to be merged with Travala. The fate of the failed TravelByBit point-of-sale system is yet to be determined. This report records the last transactions on the TravelByBit system. BNB two transactions, ETH one transaction and, BTC one transaction.
Bitcoin Cash, despite the lockdown, has added several merchants[5][6] and expanded its economy during May, recording 182 physical store transactions for a total of $23,162.30 or 97.85% of all cryptocurrency retail expenditure across the nation.
Conclusion - Bitcoin Cash is the king of cryptocurrency in Australia
Last month we reported the death of the BTC economy in Australia[7] after following the decline of BTC retail for several months and culminating in April with BTC recorded just 3 transactions across the nation. As you would expect, this month BTC recorded one only transaction across the former fleet of more than 400 stores.
In May, despite a national lockdown, Bitcoin Cash added several new merchants[5][6] and expanded its economy recording 182 physical store transactions for a total of $23,162.30 or 97.85% of all cryptocurrency retail expenditure across the nation.
Bitcoin Cash (BCH) is the king of cryptocurrency of Australia, accounting for almost every cryptocurrency transaction across the nation in May. And like the month before and the month before that, the Bitcoin Cash economy has grown with the addition of several new stores, many new members, and new innovations in applying the clever Bitcoin Cash payment technology.
Designed from the get-go to be the first global electronic cash system, Bitcoin Cash is an extraordinary achievement and a worthy basis for the future global economy.
[1] **https://travelbybit.com/stats**
[2] **https://travelbybit.com/shops-that-accept-bitcoin**
[3] **https://bitcoinbch.com/blog/Fake-Bitcoin-BTC-Lightning-Stores-Exposed.html**
[4] **https://www.binance.com/en/blog/421499824684900596/Travalacom-Merges-with-Binancebacked-TravelByBit-**
[5] **https://www.reddit.com/r/btc/comments/gq3nr7/coffee_dominion_a_huge_name_in_north_queensland/**
[6][ **https://www.reddit.com/r/btc/comments/gty4sk/north_queenslands_bch_economy_expanding_as/**
[7] **https://bitcoinbch.com/blog/Australian-Cryptocurrency-Usage-April-2020.html**
Bitcoin Cash May 2020 Upgrade
On the 15th of May 2020, the Bitcoin Cash network will undergo its latest scheduled protocol upgrade - something that occurs every 6 months. These upgrades introduce optimizations and new features that enable Bitcoin Cash to remain competitive in its mission to become peer-to-peer electronic cash for the world. In this quick video update, I’ll be detailing everything you need to know about the upgrade process and what new features to expect on Bitcoin Cash.
https://youtu.be/vnvL8Q-6zgo
Protocol upgrades are executed by way of a hard fork, which is essentially a mandatory software upgrade for miners running a Bitcoin Cash full node. Hard Forks are a change in protocol rules which cause nodes running old software to refuse blocks mined by nodes running the new software. Miners will produce blocks on top of the last block which followed their rule set, so this is why all nodes must upgrade their software to achieve consensus on protocol rules.
Many uneducated persons wrongly confuse hard forking with the process of splitting the blockchain, but this cannot be further from the truth. A chain-split is a situation where miners intentionally extend the blockchain with rules that are not in consensus with the rest of the network. This is done when there is contention about the current Bitcoin roadmap and allows the freedom for parts of the community to go their own way. An example of this is Bitcoin Cash itself which split the BTC blockchain in order to free itself from a hostile takeover and return to Bitcoin’s original function as electronic cash.
The Bitcoin Cash reference client, Bitcoin ABC, has released a specification for the May 15 network upgrade that introduces 3 consensus rule changes, the first being SigChecks. This is a replacement to Bitcoin’s original SigOps counting and limiting system, which had some well known issues. SigChecks solves these issues while also making signature verification faster to compute than it was previously.
Then we have the introduction of a new operation code to the Bitcoin script system, known as OP_REVERSEBYTES. In the Bitcoin protocol bytes of data are encoded with little-endian encoding and Bitcoin script has a range of useful tools that allows this data to be used. There are however other protocols which use big-endian encoding instead, namely the Simple Ledger Protocol for tokens on Bitcoin Cash. OP_REVERSEBYTES basically allows Bitcoin script to interact with bytes encoded with big-endian, the end result being that Bitcoin script can use SLP more efficiently than it could before.
Lastly Bitcoin ABC had included code to activate an Infrastructure Funding Plan, subject to miner voting, which would direct 5% of the block reward toward funding common Bitcoin Cash infrastructure. However months prior, due to the contentious nature of this plan it was abandoned in its current form and will not activate.
In addition to all this, the protocol upgrade will introduce some recommended policy changes that do not affect the consensus rules. The main one being the limit for unconfirmed chained transactions which has been increased from 25 to 50. This limit will ultimately be removed, but more work needs to be done to find a solution which does not introduce new risks. Users of websites like Satoshi Dice have complained of errors when attempting to chain together more than 25 unconfirmed transactions, so the doubling of the limit will allow them greater freedom until a long term solution is implemented. The limit in itself is not exactly a major issue given that unconfirmed transactions on BCH are mined in the next block, every 10 minutes, and do not sit in the mempool for extended periods like they do on BTC.
Which brings us to another major difference between BTC and BCH; Bitcoin Cash is not centralized to a single full node implementation, but enjoys multiple full node implementations written by different developers in different software languages. This philosophy of having node diversity to increase robustness of the network, ultimately rose in response to BTC’s protocol being ossified by Bitcoin Core developers and their no hard forks policy. One benefit of having multiple full node implementations is that it guards against Bitcoin Core style takeovers that attempt to establish a monopoly on Bitcoin development - there is no single point of failure. If one node implementation starts doing things you don’t agree with; miners, businesses and users can simply swap over to another implementation.
In preparation for the hard fork upgrade, Bitcoin Cash’s various implementations have released updates to ensure their nodes follow the new consensus rules. Some of them have done things differently while still adhering to the rules in the specification, like the new BCH Node which will introduce the same changes as Bitcoin ABC minus the Infrastructure Funding Plan code. Bitcoin Unlimited on the other hand has included their own version of the unconfirmed chained transaction limit upgrade, where they claim to be able to safely facilitate up to 500 unconfirmed chained transactions with their node software.
This upgrade will mark the 6th Bitcoin Cash hard fork and it is expected to be a success, once again proving that hard forks and their benefits can be safely enjoyed. Bitcoin Cash has chosen a path of innovation and in doing so we have come to enjoy features like Schnorr Signatures well before BTC with less resources. But we must not allow ourselves to become complacent, we need to remain focused on building in order to be the best money the world has ever seen.
Australian Cryptocurrency Expenditure at Retail Businesses - April 2020
The Bitcoin Cash mission
From the genesis block, Bitcoin Cash was designed to be the first global electronic cash system. Throughout history, there have been many types of money systems created but none can approach Bitcoin Cash which is perhaps the closest mankind has come to ideal money.
The Bitcoin Cash mission is receiving attention the world over with some regions further along than others. Australia is blessed with one of these regions. It appears that once a region gets above a certain Bitcoin Cash adoption density, adoption proceeds more smoothly and new ways appear to apply the payment technology to the local economy.
North Queensland is the home to the Bitcoin Cash City and is noteworthy in that merchant adoption is exclusively Bitcoin Cash. No other coin can perform the role of electronic cash better than Bitcoin Cash. In the Bitcoin Cash City it is possible to live entirely using Bitcoin Cash for all your needs.
The Bitcoin Cash City provides a glimpse of what a successful Bitcoin BCH mission may look like.
The importance of physical merchant expenditure
This series of reports examine exclusively physical merchant adoption performance of Bitcoin BCH relative to other coins in order to illuminate progress in achieving the Bitcoin BCH mission of becoming the first electronic cash system for the world. If your coin is not gaining merchants, it is not even a contender for a global electronic cash system.
Sourcing Data, Data Policy and Lockdown
The effects of a nationwide lockdown have been quite severe on all merchants. One surprise is the resilience displayed by the Bitcoin Cash merchants which in particular swiftly adapted to the changing conditions. One can speculate that these businesses are progressive and forward thinking to begin with by adopting the Bitcoin Cash payment option, and this management style simply carries over to the challenges presented by the lockdown. A great example is the major Bitcoin Cash merchant; The Watermark, which pivoted their food and hospitality business to a takeout business, even arranging a deal with another major Bitcoin Cash business, Checker Cabs for deliveries! Another example is the Otto’s drive-throughs which popped up as if overnight using shipping containers and industrial tents that turned shopping centre car parks into a thriving Bitcoin Cash business.
Most Australian merchants accept only the Bitcoin Cash cryptocurrency and the preferred wallet/PoS being the bitcoin.com wallet and the bitcoin.com CashRegister app[1]. A small number of Australian stores still accept some altcoins such as BSV, LTC, BTC/LN etc., typically via the TravelByBit App but as we shall see, the trade in these altcoins is today, virtually non-existent.
Examining cryptocurrency usage
With the national lockdown combined with Bitcoin Cash being the prefered payment option in Australia, it has become difficult to discern any credible BTC physical store activity. The principal source of altcoin physical merchant data, TraveByBit[1], has become unreliable with the declining popularity of their platform. For example, the TravelByBit website still claims over 400 stores using their platform[2] when the majority of these stores never existed and less than 15% recorded a transaction in the last 6 months or more [3].
Bitcoin BCH remained the preferred cryptocurrency in April accounting for 97% of physical store sales during the month. The number of Bitcoin BCH transactions also rose to a record 98.22% with several new merchants joining the Bitcoin Cash economy [4][5][6][7].
BTC adoption completely collapsed in April recording just 3 transactions across the entire nation for the month. These 3 trades were recorded by the TravelByBit PoS app and displayed on their website [8].
Conclusion
Well, it had to happen. Using the Bitcoin (BTC) settlement system in a role that really requires electronic cash was never destined to succeed. The big news coming out of Australia for April is the death of the BTC economy. We’re calling it - Bitcoin BTC finally died in Australia. The combination of a national lockdown combined with an amazing ascendancy of Bitcoin Cash in the retail space has finally caused BTC to succumb. BTC recorded just three-physical-store-trades across the nation in April. Three. If Australia can be viewed as a representative sample for BTC world-wide, it is a brave speculator that buys into the notion that BTC is going to $20,000, $100,000 or $1,000,000 when there is no longer any demonstrable substance.
Bitcoin Cash (BCH) is the cryptocurrency of Australia. Bitcoin Cash stores accounted for almost every cryptocurrency transaction across the nation in April. And like the month before, new BCH stores are being added, new BCH members are being onboarded, and new ways are being found to apply the clever Bitcoin Cash payment tech. In a word, Bitcoin Cash has substance.
Designed from the get-go to be the first global electronic cash system, Bitcoin Cash is proving it has the metal to be up to the mission. The markets would do well to heed this growing Bitcoin Cash substance.
[1] **https://bitcoin.com**
[2] **https://travelbybit.com/shops-that-accept-bitcoin/**
[3] **https://bitcoinbch.com/blog/Fake-Bitcoin-BTC-Lightning-Stores-Exposed.html**
[4] **https://www.reddit.com/r/btc/comments/frgmh4/drivethrough_gathering_as_much_bitcoin_bch_as/**
[5] **https://www.reddit.com/r/btc/comments/g1sapw/ottos_new_north_queensland_drivethru_opened_today/**
[6] **https://www.reddit.com/r/btc/comments/g7p5jw/north_queenslands_fish_market_begin_accepting_any/**
[7] **https://www.reddit.com/r/btc/comments/gaqnwi/new_pecking_order_hen_haus_joins_the_bitcoin_bch/**
[8] **https://travelbybit.com/stats**
Bitcoin Halving 2020: Impending Doom - WHAT YOU NEED TO KNOW
Around the 12th of May the BTC version of Bitcoin will execute its 3rd halving where its block reward reduces from 12.5 to 6.25 BTC. The halving event occurs every 210,000 blocks and is designed to eventually shift the reward burden to the network’s transaction fees, which should be increasing due to increased Bitcoin adoption and economic activity. This time round the halving is expected to trigger a series of interlinked events that will affect both miners and the network as a whole, where crippling congestion and exorbitant individual transaction fees could spell doom for BTC and a resurgence in competing cryptocurrencies. Here at BitcoinBCH.com we’ve spoken to some of the largest miners on the planet, conducted extensive research into this subject and processed complex information into an easily understood format for our audience; so that you can best position yourselves to avoid the pending BTC disaster. Please subscribe to our channel, hit the like button and share this video; your support goes a long way.
BTC’s one megabyte block policy is the blunder that will ultimately lead to its demise, however there are a number of other factors that will contribute to this particular high fee and congestion event. The approaching BTC halving will mark the first time a halving has triggered a mass exodus of hashrate, in what could be the biggest hash rate crash in the history of Bitcoin.
It is suspected that over 50% of the total hashrate is being provided by outdated mining hardware, mostly the popular Antminer S9 from Bitmain. These miners are already operating with razor thin margins given that the mining difficulty has continued making new highs for an extended period.
The halving will finally make them unprofitable to the point of having to be permanently switched off. Right now at the current BTC price of $8,705, an S9 miner will be making $2.09 income per day. At an average electricity cost of 5 cents per kilowatt hour, you subtract $1.68 from your income which leaves you with $0.41 profit.
When the halving occurs the income will halve but the electricity cost will stay the same, which means the miner will cost you 64 cents a day to keep operating. None of these calculations take into account debts to purchase the units or any other overhead expenses in mining beyond the electricity costs, so the reality is it will cost more than 64 cents a day which is already unviable. Even newer generation hardware might be forced to temporarily switch off. From where it is now the BTC price would have to miraculously double after the halving for the outdated hardware to be profitable once more, which is unlikely. So when 50% of the total BTC hash rate suddenly switches off, it’s going to have an effect on the average time it takes to mine a block until the difficulty adjusts.
The Bitcoin mining difficulty is a value that ensures a Bitcoin block is mined every 10 minutes on average. Miners repeatedly compute hashes of variants of a data structure called a block header, until one is found whose value is lower than that of the difficulty.
When this happens it means the block has been successfully mined. Every 2016 blocks an algorithm looks at the time between the first and last block of the period to determine whether the difficulty should increase or decrease, based upon the estimated total hashrate of the Bitcoin network.
2016 blocks are equivalent to 2 weeks at 10 minutes per block, so if it takes longer than 2 weeks the difficulty value will decrease and if it takes less than 2 weeks the difficulty value will increase in order to maintain the target 10 minute block average.
The halving will occur at block 630,000, which happens to be right in the middle of a difficulty adjustment period. Should 50% of BTC’s hashrate drop off the network at the halving, there will still be roughly 1008 blocks that need to be mined at the current difficulty level before an adjustment lowers the difficulty to accomodate for the drop in hashrate. Even then, the difficulty change is limited in that it cannot go down more than 25% or go up more than 400% of what it was, so we might have to wait for two difficulty adjustments before the block time returns to the 10 minute target. With half the hashrate for the intended difficulty, blocks will be mined every 20 minutes on average, or put another way, BTC will be mining the equivalent of half sized blocks every 10 minutes - a disaster for fees and reliability.
The BTC network has been operating at capacity for the last 4 years and this was done by design. Bitcoin Core developers have imposed a 1 megabyte block policy to ensure BTC can process no more than 3.5 transactions per second, crippling its intended use as an electronic cash system for the world.
A byproduct of this congestion is what’s known as the fee market; where instead of including a transaction fee of a fraction of a cent, which used to be the norm, those who send transactions now compete in a fee bidding war. Transactions with higher fees attached to them will be prefrenced by miners for inclusion for the next block, while those sending lower amounts will be stuck in the mempool for days, weeks or months. It all depends on how bad the congestion is. The worst high fee and congestion event BTC has seen to date happened in 2017 during the last bull market, where at its peak BTC users were paying an average transaction fee of $55 USD and 270,000 transactions were stuck in the mempool.
From the peak it took over 2 and a half months before the congestion returned to a more manageable level, but that was still not ideal as multi dollar fees persisted.
Right now, as I shoot this video, there are over 80,000 unconfirmed transactions waiting to be mined in a block, the highest level in the last 12 months. If this continues leading into the halving we will very likely experience far worse congestion and fees than what was seen in 2017.
As history has shown, there is a direct correlation between periods of excessive congestion and a mass exodus from BTC into competing cryptocurrencies. BTC will be unusable, too expensive and too slow, thus most of its users will opt to convert their BTC into assets which do not suffer from such a poor user experience in order to move their wealth around or make payments. This results in BTC’s market dominance declining while that of competing cryptos explodes.
Given that most users of BTC today are price speculators trading on exchanges, it will be even easier for the vast majority of BTC users to exchange their BTC for other cryptocurrencies since their BTC is already on the exchange, thereby allowing them to withdraw their money without being charged hundreds or even thousands of dollars in fees. Those who store their BTC off exchanges won’t be so lucky, as they’ll either have to pay a hefty fee or strap in and wait an unknown number of months until hopefully they can transact with lower fees. It's highly likely a mass panic will ensue as BTC users scramble to deposit their coins to the exchange, adding their transactions to the rapidly growing mempool backlog.
One particular cryptocurrency stands to gain the most from the BTC fee explosion and that’s Bitcoin Cash; a version of Bitcoin which elected to increase the block size to facilitate growing economic activity on the Bitcoin network. Due to its desirable qualities as an electronic cash system, ability to create tokens, privacy features and more, Bitcoin Cash is the only cryptocurrency which has truly given BTC a run for its money.
During the last big congestion event, it reached a quarter of BTC’s value, something no other coin has managed to achieve. Its growing merchant adoption numbers have already surpassed that of the declining BTC adoption, due to its low fees and instant transactions which is in stark contrast to what BTC has become. With its advantage of on-chain scaling, Bitcoin Cash is capable of facilitating all the world’s transactions without buckling under load - it will absorb any users fleeing BTC without breaking a sweat. These are all factors which suggest Bitcoin Cash is the ideal replacement for the failing BTC version of Bitcoin and following the BTC halving event we may very well see another attempt flip BTC for the top spot.
Now that everything has been laid out, you have been warned. If you own BTC, now is the time to act and prepare yourself for the coming halving, ideally by offloading any BTC you may still have for the upgraded Bitcoin Cash. If you choose to continue holding BTC, it would be wise to complete any transactions you need to make over the next months now, else you will have to bear the risk of insanely high fees and congestion. But mark my words, if the BTC ship sinks after the halving you'll have missed the opportunity to take the Bitcoin Cash lifeboat.
https://www.youtube.com/watch?v=0M10B8MIxLI
Bitcoin Cash 51% Attack Claims are Blatant Fake News
Following the Bitcoin Cash halving which occured on April 8th, crypto fake news publishers went into overdrive; once again promoting the false claims of BTC maximalists that Bitcoin Cash is “so easy” to 51% attack, leading to chain reorgs and double spends. Despite this never happening on Bitcoin Cash, it’s enemies have spoken about it as if it has happened because they want it to happen. This cultish group think has been repeated on numerous occasions over the last 3 years, where followers are warned the Bcash 51% is “just around the corner”, but that has not stopped them from trying to spin the successful Bitcoin Cash halving with this blatant lie once more. I mean, when you’ve managed to make BTC followers believe that a technology described as an electronic cash system in its whitepaper is not meant to be used as electronic cash, you’d probably succeed in making them believe the sky is not blue.
A 51% attack on Bitcoin Cash is highly improbable for a number of reasons which are conveniently overlooked by those peddling the lies. The most obvious is that much of the total SHA-256 hashrate on BTC is actually pro Bitcoin Cash. Pools like BTC.com, AntPool, ViaBTC, BTC.TOP and Bitcoin.com are operated by people and companies who are supportive of Bitcoin Cash. Their hashrate cumulatively accounts for over 40% of BTC’s mined blocks in the last year.
These pool operators are able to immediately switch their BTC hash rate over to Bitcoin Cash, aiding any existing Bitcoin Cash hash rate they all have, if they detect an attack. This has already occured on 2 occasions where attacking forces were defeated by superior hash defending the blockchain. The first incident was in November 2018 when Calvin Ayre and Craig Wright attempted to ossify Bitcoin Cash and prevent us further upgrading and improving the protocol.
They had managed to amass nearly 70% of the total Bitcoin Cash hash rate prior to the upgrade block height, which they were not afraid to flex as they made threats. Come the actual upgrade however, 4 Exahash suddenly appeared on Bitcoin.com’s pool to defend the blockchain.
Wright and Ayre did not stand a chance and were subsequently defeated. The second time we saw miners defend Bitcoin Cash was on May 15 2019, during the hard fork upgrade which introduced the ability to retrieve Bitcoin Cash sent to BTC SegWit addresses. After the upgrade, an unknown miner attempted to claim over 3000 BCH which were previously stuck in the SegWit addresses. In response, honest miners BTC.Top and BTC.com were able to orphan the unknown miners blocks and returned the Bitcoin Cash to their intended recipients.
Miners have a natural incentive to protect what they’re invested in; as long as the value of Bitcoin Cash continues to grow, miners will continue to protect it.
On top of that, Bitcoin Cash has trick up its sleeve known as Deep Reorg Protection. This is a rule first introduced by the Bitcoin ABC implementation of Bitcoin Cash, the software miners run, that will cause blocks to be orphaned if built upon a chain whose fork origin lies back further than 10 blocks.
In Bitcoin if an attacker amasses a large amount of hashrate, they can secretly build a longer chain than the one that is publicly known and upon broadcasting their blocks the shorter chain will be orphaned. This can go back for however long the attacker secretly mined, whether that’s days, weeks, months or years, but the deep reorg protection makes any attempt at secretly mining a longer chain futile.
The final and most important point on why Bitcoin Cash won’t be 51% attacked comes down to incentives, something that many do not fully understand. Bitcoin is a system that relies heavily upon incentives and there is simply no incentive for profit seeking miners to 51% attack the Bitcoin Cash blockchain. Any attacker will be challenged by honest miners defending the chain, and the 10 block reorg protection neuters any attempt to secretly mine a longer chain. The risk of losing money far outweighs any potential reward, which ultimately makes any attempt to 51% attack Bitcoin Cash unviable for miners who are profit seeking
There are however people who are incentivized to attack Bitcoin Cash through other means, as it poses an existential threat to the BTC Maximalist agenda. They do this through generating fake news to mislead noobs and the 51% attack narrative is one of their favourite talking points, despite nothing ever eventuating.
Most authors in crypto media have no understanding of the technology and will knowingly parrot the talking points of BTC maximalist cult leaders without a second thought. This is what they are paid to do, and most crypto news publishers have been set up in order to help maintain narrative control; by promoting disinfo and suppressing real news that goes against their overarching agenda. Leading publishers of crypto fake news will never mention positive Bitcoin Cash news, else the wider crypto community would discover our advanced privacy enabling protocols like Cash Shuffle and Cash Fusion; or the fact that Bitcoin Cash is consistently accounting for over 97% of Australia’s cryptocurrency retail spending in an adoption boom that Lightning loyalists could only ever dream of.
https://youtu.be/okjA5J3Q5xI
Australian Cryptocurrency Expenditure at Retail Businesses - March 2020
The Bitcoin Cash mission
North Queensland is perhaps the closest any community has come to realising the Bitcoin BCH mission. Nowhere else is there such a concentration of Bitcoin BCH only merchants. The high levels of BCH adoption, circulation, development, and acceptance allows anyone to effortlessly live solely on Bitcoin BCH as if it were the native currency of Australia - and a growing number do.
Bitcoin BCH becoming the native currency of any country is a worthy goal as Bitcoin BCH is a very efficient electronic cash system that is difficult for governments and corporations to abuse. Any modern economy built on Bitcoin BCH will inherit many benefits as Bitcoin BCH is the closest we humans have come to creating an ideal money.
North Queensland provides a glimpse of what the Bitcoin BCH mission end goal may look like.
The importance of physical merchant expenditure
This series of reports examine physical merchant adoption performance of Bitcoin BCH relative to other coins in order to illuminate progress in achieving the Bitcoin BCH mission of becoming the first electronic cash system for the world. It is important to note that if a coin is not gaining merchants, it can hardly be a contender for a global electronic cash system.
Sourcing Data and Data Policy
While Bitcoin BCH physical merchant data is difficult to obtain due to its peer-to-peer nature, we have built up a list of merchants that are polled for each report. Also several merchants subscribe to the HULA system (which supplies a direct conversion facility to merchants similar to that of payment processors) providing an additional source of data to help assess the extent of the Bitcoin BCH economy in Australia.
For altcoins such as BTC etc., the centralised nature of their preferred payment providers, the dwindling number of merchants, along with the declining number of transactions, makes altcoin data collection significantly easier. Most of the altcoin data for this report comes from the TravelByBit website which tracks transactions from merchants using their system. However, this altcoin data should be treated with some skepticism as their numbers are often exaggerated [1].
Examining cryptocurrency usage
Bitcoin BCH dominance set a new record in March accounting for 97.6% of physical store sales during the month. The number of Bitcoin BCH transactions also rose 64% on the back of more than a dozen new Bitcoin BCH merchants joining the BCH economy during the month [2].
Altcoins continued their decline in March falling more than 24% as a proportion of total sales over their February figures.
Total crypto currency trade across Australia fell to a still respectable $49,366.32 during the month as the nation went into lockdown and development partners for the major Bitcoin BCH projects moved into caretaker mode ahead of the local Government Elections on the 28th March.
Macro trends
Below are graphs of the monthly spending and transaction data for physical stores in Australia over the last seven months. If the effects of the September Bitcoin Cash City Conference [3] and the recent national lockdown can be ignored, the aggressive adoption that Bitcoin BCH is achieving with physical stores is highlighted.
Bitcoin BCH allows merchants to field powerful user payment experiences that scoop customers up into the future of money.
At least one Shopping Center landlord has begun to encourage their tenants to adopt Bitcoin BCH so that tenants can switch rent and electricity payments to BCH. Other merchants have begun to apply Bitcoin BCH to the wholesale side of their businesses including import/export finding Bitcoin Cash is also ideal for such international settlements.
The months ahead will be interesting as these trends begin to develop retail sales and Bitcoin BCH expands into further areas of the economy.
Conclusion
Australia’s Bitcoin BCH physical store trade expanded its dominance still further in March, recording a record 97.6% proportion of all cryptocurrency trade across the nation. More than a dozen new Bitcoin BCH merchants were added to the Bitcoin BCH economy during the month, including exciting new types such as drug stores [4] and local markets [5].
Altcoins such as BTC, LN etc., continued their decline in March collectively falling more than 24% as a proportion of total sales from their previous month’s figures.
The Australian Bitcoin BCH economy has also begun expanding in new ways with an example of a shopping center landlord encouraging tenants to adopt Bitcoin BCH so that rents and electricity can be switched to Bitcoin BCH. In addition, other merchants have begun to apply Bitcoin BCH to the wholesale side of their businesses including import/export, tapping the awesome power of Bitcoin BCH for international settlements.
Bitcoin BCH is the only cryptocurrency able to pull market share from even the best fiat systems and Bitcoin BCH allows merchants to field powerful user payment experiences that scoop new customers up into the future of money.
It is clear Bitcoin BCH being money and a payment system, enjoys many advantages over the large and confusing array of fiat systems. Combined with its other advantages, Australia is proving Bitcoin BCH has what it takes to become the world’s first electronic cash system.
**https://bitcoinbch.com/blog/Fake-Bitcoin-BTC-Lightning-Stores-Exposed.html**
[2] **https://www.reddit.com/r/btc/comments/fjzeps/bitcoin_cash_adoption_taking_off_in_north/**
[3] **https://bitcoincashcity.com**
[4] **https://www.reddit.com/r/btc/comments/fg4txk/bitcoin_cash_city_adoption_gets_a_boost_cates/**
[5] **https://nm.reddit.com/r/btc/comments/fargxr/omg_a_second_store_in_ottos_market_chain_begin/**
Fake Bitcoin (BTC) & Lightning Stores Exposed
Australia is allegedly home to over 400 physical stores that accept Bitcoin (BTC) and Lightning Network as a payment option.
***“We have now over 400 stores taking payments in crypto across every major city in Australia.”*** Caleb Yeoh, TravelbyBit Founder & CEO 2018 - https://youtu.be/MSlghLlKTMM?t=514
***“Over 400 merchants across Australia accept Bitcoin and other major cryptocurrencies.”*** TravelByBit website 2020 - https://travelbybit.com/shops-that-accept-bitcoin
Unfortunately, the majority of these BTC stores are fake
TravelByBit lists only 206 stores, not the over 400 stores claimed to be using their platform, and 8 of these 206 are described as “online”. https://travelbybit.com/shops-that-accept-bitcoin
TravelByBit map indicates only 201 physical locations which is also inconsistent with the over 400 stores claimed. https://travelbybit.com/merchants
TravelByBit processed virtually no BTC transactions across their stores over the last six months, typically recording less than 5 transactions total per week. https://travelbybit.com/stats/
TravelByBit processed virtually no amount of BTC across their stores over the last six months, typically recording less than $144 in total BTC store sales per week. https://travelbybit.com/stats/
TravelByBit stats show only 63 stores or 15% even recorded any BTC trade (including LN payments) in the last six months and only 3% recorded more than 10 BTC/LN transaction in the last 6 months. https://travelbybit.com/stats/
Download the full Excel spreadsheet to see all merchant activity, or lack thereof. https://bitcoinbch.com/blog/bitcoinbch.com/filename.xlsx
Verifying the data
We collected the data from the TravelbyBit website stats page. By using inspect element in the network tab, we were able to find a link they use to pull data for display on the page. This link is: **wss://www.livingroomofsatoshi.com/merchanttxs1775**
Since the link is Web Socket, you can't just load it in your web browser. But you can go to https://www.websocket.org/echo.html/, paste the link into location input and hit connect. It will load all their transaction data.
Since we are purely focused on brick and mortar retail businesses, for better accuracy we removed non-retail merchants. Specifically those that are listed as "online" on TravelbyBit's merchant list, "TravelbyBit", "Kieran Mesquita", "Game Ranger". We added a number of retail merchants to the merchant list, who successfully executed transactions during the last 6 months but were mysteriously not listed on TravelbyBit's merchant list. The resulting list of retail merchants came to 205 and of those only 63 were active. That means more than 337 of their alleged merchants recorded no trade in the last 6 months.
TravelbyBit were contacted for comment back in December 2019 and queried about the discrepancies with their merchant count. I was told by an employee of the company on the phone that this 400 number is incorrect, and they would get their web developer to fix it when they next came into work. Nothing has been done to rectify this since then.
On the evidence presented, the following conclusions are drawn
Caleb Yeoh’s **“We have now over 400 stores...”** is a lie.
The majority of Australian BTC stores are fake.
More than 85% of “stores” are completely inactive (zero in last 6 months).
Only 3% of stores recorded 10 or more transactions over the last 6 months.
BTC/LN store trade in Australia is virtually nonexistent.
https://www.youtube.com/watch?v=TKEIULXfs5c
Australian Cryptocurrency Expenditure at Retail Businesses - February 2020
The Bitcoin Cash mission
Bitcoin Cash (BCH) seeks to become the first global electronic cash system. For a global BCH electronic cash system to become a reality, every merchant, every business, every company, and every individual must adopt Bitcoin Cash.
The importance of physical merchant expenditure
This series of reports examine physical merchant adoption performance of Bitcoin Cash relative to other coins in order to illuminate progress in achieving the goal of becoming the first electronic cash system for the world. It is important to note that if a coin is not gaining merchants, it can hardly be a contender for a global electronic cash system.
Sourcing Data and Data Policy
While Bitcoin Cash physical merchant data is difficult to obtain due to its peer-to-peer nature, we have built up a list of merchants that are polled for each report. In addition, we have access to a small payment processor (TraveByBit) that supports a dwindling number of transactions for principally other coins that still enjoy limited use. Finally, several merchants that subscribe to the HULA system (which supplies a direct conversion facility to merchants similar to that of payment processors) provide an additional source of data to help assess the extent of the Bitcoin Cash economy in Australia.
Examining cryptocurrency usage
Bitcoin Cash expanded on all fronts during February, setting a record high of more than 97% of all physical merchant trade during the month. Total crypto currency trade across the nation set another record topping $73,769.41 up from $44,087.57 in January with Bitcoin Cash accounting for a whopping $71,563.62 of this total trade.
All other coins continued their decline in February, collectively accounting for only $2,205 is physical merchant sales across the entire nation. Sadly, even the scaling hope of BTC, the so called Lightning network, experienced a total collapse in February processing just $210.40. It is clear Lightning, despite all its hype, is seriously uncompetitive with respect to the performance of Bitcoin Cash. We pronounce the Lightning network experiment dead-on-arrival (DoA).
Conclusion
Australia’s physical merchant Bitcoin Cash trade expanded its dominance still further in February, recording a record 97.01% proportion of all cryptocurrency trade across the nation. Total cryptocurrency trade also set a significant record of $73,769.41 despite the retarding effects of all other coins declining during the month.
The outlook for Bitcoin Cash in Australia is also rather bright. There are more Bitcoin Cash meetups than all other coins combined, there are more Bitcoin Cash technology startups than all other coins combined, there are more major Bitcoin Cash events than all other coins combined, and there are several multi-million dollar Bitcoin Cash projects in the pipeline while other coins are yet to field even one.
Bitcoin Cash is perhaps the closest thing humankind has to ideal money. If Bitcoin Cash can continue its pace of technical improvement, community engagement, and merchant adoption, this mighty coin could well be the world’s first electronic cash system.
@BitcoinBCH
