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Bitcoin Cash - Future of Digital Money and Alternative to Central Banks
The rise of crypto currencies (Bitcoin) sparked a new wave into the research of alternative currencies and digital payment systems. Several projects have been given birth to in the process with aims to solve the limitations of existing digital currencies.
One of such Innovations led to the creation of Bitcoin Cash, considerable in diversity, unstoppable and a coherent alternative to Bitcoin as a digital currency.
Just like the evolution of mankind, which is believed to have evolved from an ape, money has evolved too from barter to gold to metal coins to fiat to electronic money then to digital money (crypto currencies)
There are ongoing controversies on which digital currency is on the pathway to the future as the best alternative for digital currencies. The purpose of this article is to create an insight on why Bitcoin Cash is the future of Digital money and a better alternative to Central Banks.
Before The creation of Bitcoin Cash, An anonymous programer dubbed Satoshi Nakamoto paved way for the existence of crypto currencies then he published a Whitepaper. The Whitepaper portrayed a vision of a digital money that could replace the paper money and used as a digital currency for Peer to Peer transactions.
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution
The vision went on well but gradually got dimmed when transactions hiked and merchants, peers had to extreme fees to get their transactions mined to the blockchain. Proposals to curtail the development was denied leading to a hard fork which gave birth to Bitcoin Cash.
Bitcoin Cash stood out with a solution to becoming a better version of digital money, creating posiblities to eliminate jammed transactions by increasing it's block size and also having it's fees low despite an hike in transactions.
The future may be unforseen but certainly is becoming more digital and the potentials portrayed is enough for Bitcoin Cash to be the most transacted digital money. As Bitcoin portrays it's nowadays as Digital Gold deviating from it's initial cause, Bitcoin Cash portrays itself as Digital Money, which can be easily integrated into use cases in our day to day activities.
It is impossible to be called a peer-to-peer version of electronic cash without real life use cases that can promote and solve the financial limitations of the world. The expansion of economic activities requires more convenient forms of money to respond to increasing demand, be used efficiently in trade, and have a stable value.
The Future of Digital money relies on factors that are evenly present on Bitcoin Cash.
Fast for Peer-to-Peer transactions therefore enhancing trades to be performed digitally, Low cost transaction fees encouraging increased daily use cases, a decentralized team of developers making its core not decentralized, Open source code for anyone to build on it, Limited supply making a scarce asset.
The use of cash especially in the developing and underdeveloped world is sympathetic. Citizens find it difficult to access their own cash stored in the Banks, with lots of discouraging regulations.
Bitcoin Cash is way faster than the central banks, it's digital state of existence makes it impossible to be counterfeit.
It also offers it's users unlimited access to their cash with no enforcement of taxes and charges less for transactions.
With all these features Bitcoin Cash stands a better alternative for the Central Banks. An approach is being made to replace fiat transactions through financial institutions - The idea of Merchant Adoption.
In an attempt to secure the future of digital money, the Bitcoin Cash Community asides from building more solutions through DeFis, Payment Options, Securing cash and providing privacy, they also have a fore-aim - Merchant Adoption.
The ability to trade from different locations of the world using Bitcoin Cash will not only build the market capitalization of Bitcoin Cash but also gradually diminish the effectiveness of the Central banks as they are already prone to extinction.
A focused team for Merchant Adoption such as @SatoshisAngels@BitcoinCashSitehas been deployed to tackle the effectiveness of the Goals of Merchant Adoption. Special thanks to @MarcDeMesel for his immense support to developers and content creators.