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Why Bitcoin Cash?

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Avatar for Esteban
Written by   6
9 months ago

I remember back a few years when I first read about Bitcoin on a post thinking this could really be very useful. Living outside first-world countries means that access to payment rails is extremely difficult. I had been interested in IT since my childhood, remember playing ATARI with my dad and jumping of happiness with my first computer. At the university, I was interested in learning more than getting a piece of paper and finding a job. I wanted to create, to build. I took IT and economy classes and even for a while was teaching Linux to other students and even some of my teachers. I started a few businesses and a few turned moderately successful.

So after I learned what Bitcoin was and started to see how it worked things just click on my mind. I knew Open source, I knew basic economics, I knew what a hash was and like many of the early Bitcoiners, I started to mine! Bitcoin difficulty was already very high for CPUs, so I started mining Litecoin/Feathercoin/Primecoin and a few other early ALTS. Then I sold them for Bitcoin. At some point, I had around 20 Bitcoins and lost most when I decided to start trading on an early version of ICOs. Then the ICOs craze hit and I made some of it back.

The early days of Bitcoin were amazing! A single small and unified community trying to make the world fairer. Yes, there was an economic incentive! To the moon, but we knew that for Bitcoin to increase in price it needed adoption. IT NEEDED TO BE USEFUL. It needed more users, it needed businesses, we needed to create a strong network effect. We understood that as more users joined the network, the coins we held will become more valuable. We understood that it needed to be easy so that everyone could use it. It needed to be secure, fast, with tiny fees. We discussed what the price would be if we manage to take a percentage of the remittances market. We taught small businesses how it works so they will start accepting it and many did! We started to grow rapidly, the first big bubbles got the attention of the public and lots of criticism.

I told everyone I could about it. There were two sides to that, I knew it was going to work, I wanted my friends to benefit. And I knew more people on the network could only make things better, the Network effect... Most laughed at the idea, very few listened. It took a long while for them to finally realize it is going to work. But not because they understood how it work! instead just because they saw someone else support it. I don't blame them, everyone for their trade. I could never understand how the fashion industry works. I wear the same shoes every day and I couldn't care less about trends. If someone comes and tells me a new magic shoe will change the world I would laugh at the idea and dismiss it. Only after I see people floating on their magic shoes I will realize, it works and I should have bought a pair when they were so cheap. But then I´m happy with my 3-year-olds shoes, they have been to many places.

I created a game for Bitcoin early on, It was called satoshicode. Letters of a phrase will appear randomly, users will submit an answer with a small payment. Whoever submitted the right answer first got the money from everyone else. It was FUN!! I could pay back the winners with TINY FEES and took a small percentage of the winner. Bitcoin was fast and frictionless, it could be used by millions of other games and projects like this. It was useful and because it was useful it was becoming more valuable. The value increase attracted more people and the new people strengthen the network effect further increasing the value. A "positive feedback loop" in Satoshi's words. But still it was very early for my game! There weren't enough players for me to make the time spend on it worth it. So that was that. I focused back on trading between ALTS and made some Bitcoin back.

Then the scaling debate started, raise the blocksize do it soon said Andreas Antonopolous. We learned so much from Andreas and everyone listened carefully to what he had to say. The whole community was asking for the block size to be increased, that was the plan. The small 1MB block was temporary. We are creating Peer to Peer electronic cash for the world, we cant have small blocks. If we want VISA scale payments will need to grow the blocks. technology gets better, networks get faster. We can safely accommodate big blocks with no loss of security. Fees need to be tiny. But something started to change, the once united community was infiltrated by toxic people. I remember Samson Mow appearing out of nowhere and started attacking Coinbase Brian Armstrong. Crypto Twitter was now full of trolls and sockpuppets, The Bitcoin Core members, one of the multiple implementations started to laugh at the idea of raising the block size. The Bitcoin Core devs were now Blockstream employees. And now suddenly Bitcoin as Peer to Peer electronic Cash for the world was no more. Suddenly Bitcoin was not for everyone. Suddenly Bitcoin was not for payments or to send remittances, it was digital gold; it was now a settlement network. Propaganda, censorship, and personal attacks later Bitcoin Peer to Peer digital cash was dying. And then Bitcoin Cash happened.

Now put your tinfoil hats on. This is what I think happened, Big brother and three-letter agencies saw risk on Bitcoin growing too fast too soon. And I think I understand their view of this. Bitcoin and digital currencies are here to improve the quality of Billions of people in the world, but it needs to happen in an orderly way. Accelerated out-of-control growth of crypto could actually cause more damage than good. I feel like Blockstream was put in place to prevent this. I believe people like Andreas got letters from these agencies requesting their support in helping organize an orderly transition into cryptocurrencies. Andreas was a big proponent of Bitcoin as digital cash replacing banks. Andrea's first book describes the plan for Bitcoin replacing FIAT currencies and banks, If you read the book today it does not apply to Bitcoin $BTC, it applies only to Bitcoin Cash $BCH. Cryptocurrencies can't be stopped, but the transition needs to be orderly. I know is not a popular opinion around the libertarian group of the Bitcoin Cash community, but I feel like is something that may somehow be needed. I despise their methods of censorship, propaganda, and toxicity, but I want to see cryptocurrencies succeed in improving the world without people being hurt because of it. >The most important thing to understand is that there is no stopping cryptocurrencies<, adoption slowed down. If you kill Bitcoin as digital cash another 10,000 Bitcoin Cash currencies will appear. FIAT is dying, Bitcoin with small blocks are a way for FIAT to have a few more months. So they blocked the stream of transactions. Adoption by retail business was destroyed.

Yet the end result is inevitable, you may delay, attacking, censoring, taking over devs of a project... but a new network effect just starts to grow somewhere else. Each time more resilient, each time faster. When fees starting to increase and price out people, those people started to look for an alternative, people are never going back to a FIAT currency for their savings or spendings. I see the narrative of Bitcoin as digital gold is that you will deposit your digital gold with a bank or financial institution and then get access to their payment networks, but If one thing is well understood in crypto is that if you don't hold the keys to your coins, those are not your coins. I wouldn't be surprised that the crypto that is deposit into a bank is never to be seen again. And then you have Billions of people who don't have access to banking systems, what are they suppose to use, FIAT? Ask anyone in Venezuela what they think about paper money.

The network effect is the key, and the network effect is what will be attacked by those who want to give FIAT a few more years of life. Divide and conquer, is more like Divide and live a few more years. Cryptocurrencies for the world are inevitable and their adoption is accelerating and growing extremely fast from the hand of mobile phones! Mobile phones replaced so many things, the next thing they will replace is your bank. Mobile phones will hold the keys to your cryptocurrencies, your bank should not hold the keys to your crypto. Now Blockstream will want you to believe that Lightning Network will work on your phone, I could write pages and pages of how LN is broken but there are already lots written about it by other members of the community. Suffice it is to say that LN on your phone would not be holding your crypto keys. The keys would have to be somewhere else, a custodial wallet on an institution. See a pattern here with the institutions? The same institutions that depend on the FIAT system to survive for them to survive.

The adoption of crypto as a replacement for the FIAT system is inevitable, Bitcoin $BTC is not that replacement. So why Bitcoin Cash? Bitcoin Cash is useful as Cash, while Bitcoin $BTC is not. Bitcoin Cash empowers everyone in the world being able to transact with each other and make payments without depending on a third party or other institutions. Bitcoin Cash is fast, with tiny fees that work for everyone everywhere, ultimately creating the strongest network effect in crypto.

But Bitcoin "numbers go up", Understand that the Bitcoin $BTC incentive to hold or buy diminishes as its price increases. Bitcoin network effect is being destroyed, while its upside also is reduced. Buying Bitcoin at $50k and you could eventually double your money, buy Bitcoin Cash and you could certainly 100x your money.

Is all about the network effect, the strongest network effect wins. It won't be Bitcoin $BTC, It will be Bitcoin Cash. You will be able to send money from Venezuela to China, from Canada to Chile, it will fast, it will be cheap, it will be unstoppable. Bitcoin Cash is for everyone, and everyone will have a Bitcoin Cash wallet.

I remember reading a post like this back when I first got into Bitcoin, I really hope some people will find it and decide to buy into Bitcoin Cash.

To the moon! Bitcoin Cash is for everyone.

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Avatar for Esteban
Written by   6
9 months ago
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This is an interesting article about the history of bitcoin, especially about the potential that BCH has for the near future. That is, how it arose. Cryptocurrencies bearing the bitcoin name are generally thought by most to belong to the same blockchain, and it can lead to some confusion. But like everything in life, you have to stop being lazy and investigate to find a way to liberation. I am convinced that BCH is the fundamental medium for this. There are valuable parallel developments, which are sure to also benefit from the mass adoption of BCH.

$ 1.00
9 months ago

Wow, Slashdot is a name I haven't heard in a while! Great article, too, by the way. People here at LOVE reading about BCH :)

Could I offer some advice, though? I thought the article was difficult to read because it's so wall-of-texty. Putting time into formatting, breaking it into sections, and clarifying your message would go a long way! I recently wrote my own article on easy things like this people can do to make their articles better and more profitable, if you're interested:

See you on the moon!

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9 months ago