Seeing the numbers of newbies on both platforms (read& noise) are rising, I am pretty sure some of them are not aware of what they should do with their Bitcoin Cash. Mostly newbies convert their Bitcoin Cash with fiat (local currency) immediately once it reached their wallets, that's normal because that's what I also did when I was a newbie too back then.
Without them knowing that having Bitcoin Cash especially if you have accumulated it from read and noise, there are some things to consider on what you should do with it. But if the person is in need like they needed to put something on the table then selling BCH into fiat directly, is okay.
What you should do with BCH then?
Do you know that mostly BCH enthusiast usually does this? Accumulate, hold, spend and replace. These four factors have a significant effect on Bitcoin Cash and I'll explain them one by one.
✓Accumulate
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This is where you get your BCH and put it in your wallet. You can accumulate BCH from read.cash and noise. cash if you don't have money to buy it or if you don't want to spend from your pocket in acquiring it.
If you don't want to invest your time to have BCH by writing articles and short posts, you can buy it to any exchanger using your own money.
Why you should accumulate BCH? Well, BCH is a good coin to invest in, it has solid fundamentals that guarantee its bright future in the long run.
If you are fortunate to live in countries that some merchants already adopted it as payment, you can buy goods and services with your Bitcoin Cash. It's a cashless and peer-to-peer transaction.
✓Hodl
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This term hodl is the phase where we called it “investment” if you think BCH is a good investment, you can hodl it for long-term or short-term purposes. You can buy it during the dip, and sell it when your price target was achieved.
If you accumulated it via noise and read then just hold it and wait for the price value increase, that's the term “hodl” applies.
Bitcoin Cash has also this characteristics “store of value” because of its utility case which is the peer-to-peer electronic cash with low cost of fees and fast transactions. The more people will utilize it, the more the demand is increasing then the price value per coin will increase.
Bitcoin Cash only has 21 million of supply just like Bitcoin, when the massive adoption worldwide will happen the law of supply and demand will be applied wherein when there is higher demand the price value increases as it has limited supply.
Many Bitcoin Cash enthusiast have great insights and faith with BCH and number one of it is the funder of this site Sir Marc Demesel as he invested on both platform as he saw great potential of BCH, so why don't you believe in it as well that it is a good investment?
✓Spend
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Bitcoin Cash aims to be the future digital cash, wherein it should be used like how we used “cash” and by that, it should be spent.
If you need money, never hesitate to spend your BCH. It's a coin that sounds like “money”, and it is meant to be spent if it is needed unlike Bitcoin, wherein people only hold it. Isn't it useless to hold a coin forever without using it right?
That is why it is called as “cryptocurrency”, it has “currency” because it should sound as money and money are meant to be spent.
Think it like your “savings in your own bank” that you can used for emergency purposes.
✓Replace
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After you spent your BCH make sure to replace it, that's how it should be. Replace in a sense you'll get back to the accumulation phase to replace what you've already spent, and the cycles repeat.
It is important to replace what you've spent because Bitcoin Cash will surely go to the moon or space sooner, would you like to miss the ride going to the moon and have the chance to be financially stable? If not then make sure to replace what you've spent.
Why there is the need to follow those factors?
It is needed if you believe in Bitcoin Cash because that's what makes the BCH network alive, without the people who are accumulating, holding, spending, and replacing it the network will no longer run as it did not serve its purpose.
Why not just sell it into fiat immediately?
If you are only accumulating via read and noise, or even those traders when the majority will sell their BCH right after they bought they can't have a good profit, not just that if massive selling of the coins happens the price will fall.
That is why if you receive tips from read. cash and noise. cash, do not sell it immediately, hold it for a while, and just set a day when are you going to sell it if you needed money.
What can you do to help BCH?
Onboard new users at read and noise
You can help BCH grow by onboarding new users at read and noise. When there are new users, a new BCH wallet address will be made and that can add to a new active wallet address.
Onboard New BCH Merchant adopters
If you have a business or someone you know had a business you can help BCH by onboarding them as merchants to accept BCH as payment.
Help add a transaction in the Bitcoin Cash blockchain
If you have read. cash or noise.cash you can also help BCH by adding transactions to the blockchain. You can do that by moving BCH from your wallet to other wallets, that's the “tipping”. You tip others and don't just hold everything in your wallet, at least contribute a little by making new transactions.
That's how BCH works, it can do micro transactions. Don't let it all sleep in your wallet. This is the reason why the “QR Tip Challenge” in noise.cash happened.
You can also lower your “minimum payout” at noise the lower the minimum you can create more transactions if your tips are good.
Related Article:
Is It Wrong To Think Bitcoin Cash As An Invest?
Closing Thoughts
That's it, that's what you should do with BCH. For newbies, I hope you learn something. Let's make Bitcoin Cash happens.
Accumulate, hold, spend and replace, and let the cycles repeat. That's the purpose of Bitcoin Cash!
Note: This is all my learnings, and I didn't have source in writing this. Just to clarify things.
Already checked by plagiarism checker: Duplichecker & 1 Text.com
Thank you for reading!
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Date Published: July 28, 2021
Good advice. I am a newbie in these dot-cash platforms. Nevertheless, I am a technology practitioner and understand the technologies of cryptocurrencies. I have a brief question: Do you think the price of cryptocurrencies will continue to rise?