Join 98,938 users already on read.cash

BCH is ready to replace online fiat payment gateways, how ready are we?

3 38
Avatar for Fexonice1
Written by   994
2 months ago

The idea of Bitcoin Cash (BCH) replacing fiat payment gateways such as Paypal, Visa, and others has been a major subject in the Bitcoin Cash community for a long time. It can be argued that, although Bitcoin Cash is already being used as a currency in most places around the world, it has not yet reached the status of replacing fiat payment gateways. Factors such as adoption and usability have been held up as the catalyst for BCH to achieve that feat. However, I think there are other things we might be missing in this quest for BCH to topple fiat currency.

The Bitcoin Cash network has been evolving into more than just a peer-to-peer electronic cash system. A development that aimed to reverse the years of settlement problems and become the cryptocurrency that could be used by everyone in the crypto space.

For one, the increasing usage of Bitcoin Cash (BCH) in commercial ventures like trading and payments is a sign that BCH is on its way to becoming a viable global currency. But it seems the narrative in the Bitcoin cash community over the years has shifted to something else, more like the BTC maxis. The push for adoption is now not so much about BCH being used as money in real life but for the effects on its price and valuation.

Yes, you heard it right. There are many of us who care more about the price of BCH than the use case. It is not normal for a financial product to be used as an investment tool. It is even more abnormal for a product to be used as a betting tool. However, the reality is many people in the current Bitcoin cash community are doing exactly that.

It is common knowledge that human nature is largely emotional and social. This applies to money as well. Most people do not think or behave economically, they behave socially. They care a lot about what others will think about them. How will their peers look at them? What will their family say? I am sure you can relate to this. When people do something out of the ordinary, it is usually because they feel they have enough courage from their social support network. People tend to follow the crowd even if it is wrong or not in their interest to do so.

This is exactly what has been going on in the Bitcoin cash community in recent times, everyone has shifted focus from the real thing and started talking profit and loss just because the majority are doing it. They no longer see BCH as a currency but as an investment tool just the way BTC maxis are doing which has ruined BTC.

How many of us have a genuine interest in seeing BCH replace fiat payment gateways? How many of us are preparing for that time to come quickly? How many of us are holding BCH for the purpose of using it in the place of Fiat currency? The list of questions goes on, and the plain truth is that only a handful of people in the Bitcoin cash community have a genuine interest in seeing BCH replace the fiat payment system online. The majority of us are all here for the profit and losses game.

Bitcoin cash provides all the tools that any other technology would provide us with to establish our own way of living. We can opt to live without banks by sustaining the money we have. Bitcoin cash is all about people coming together, side by side. Bitcoin was never about changing the financial world by relying on third parties. Bitcoin cash came to change that. Bitcoin cash is about giving people freedom of choice, and freedom of money.

That has been the narrative on here in time past until recently when everything and everyone shifted position. The community is the most important factor in BCH becoming a mainstream currency. It's even more important than adoption, if the community loses focus of its vision and mission, adoption would only be for the wrong motive.

We need the community to stay focused on what they have been doing and how they have been doing it, while we grow the ecosystem and while we educate people that we need to follow Satoshi Nakamoto's principles. BCH has more than enough smart and intelligent people who know their best and they will rise above and beyond to make this happen.

We need to know how to market ourselves correctly. We need to put the BCH on the same platform as fiat. It sounds a little bit silly but if we want widespread adoption of users, we need to make them come to us on their own by offering them BCH.

What we need to avoid is becoming the bitcoin we never wanted, people who cry about merchants' adoption while they don't even use Bitcoin Cash to buy anything. We cannot be pushing for merchant adoption when we are not ready to spend BCH to buy anything. It's not enough to achieve a higher merchant adoption without a corresponding end-users base ready to buy something with BCH. Merchant adoption, without a corresponding userbase, is not real adoption.

Bottom line

We do not want Bitcoin Cash to be just enough technology. If we want people to switch from government-based fiat to Bitcoin Cash, we need to impress them with something much higher than what they are currently using.

That’s why it’s also important that we spread the adoption as soon as possible. We need to grow the local economy with BCH merchants who can be future professionals that can educate newcomers and answer their questions.

Zero width embed

9
$ 1.62
$ 1.46 from @TheRandomRewarder
$ 0.05 from @Lixten
$ 0.03 from @Amjad_Ali_Waince
+ 4
Sponsors of Fexonice1
empty
Avatar for Fexonice1
Written by   994
2 months ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

Each BCH user should play a role to demonstrate its value to others, let people know more about BCH and aware of its adoption, use value and characteristics.

$ 0.00
2 months ago

I do handshake with you for this as it's true BCH was never a store of value like BTC what they promote and so we shouldn't focus on it's price. If we forget the main focus of BCH, we are going in the same direction as BTC.

$ 0.00
2 months ago

I agree with you that the usecase should be more important than the value, but for it to be a widely used currency it would have to get less volatile

$ 0.00
2 months ago