BCH is ready to replace the fiat payment system how ready are we?

15 220
Avatar for Fexonice1
2 years ago

Those of us who have been in this space understand that the Blockchain is a people's invention. It's all about establishing a fair monetary system in which anybody may take part. When Bitcoin was first published, it took away the capacity of a tiny group of wealthy individuals to control money. Satoshi had a long-term vision. He designed the Blockchain to immediately solve the catastrophic worldwide monetary collapse/recession caused by stock market/banking and real estate market manipulation. Money printing and over-lending had gotten out of hand, resulting in a recession in which many people lost their houses.

The Blockchain experiment has had numerous setbacks, with greed possibly being its undoing and BCH becoming the only way to replicate what Satoshi was attempting to transcend, but it is up to the people to decide. BCH has been undervalued from inception and its price has been suppressed by the powers that be. High fees and long transaction times have made BTC useless; however, this is not the case with BCH. In fact, its utility is so high as to replace the fiat payment systems in their entirety, but this is entirely in the hand of the people.

When we've told people about BCH, we've always stressed the importance of scaling and low transaction fees. But what will persuade the masses to use it as a medium of exchange once the options for sending fiat money are no longer as slow and expensive as they are now?

The convenience, speed, and cheap costs that made bitcoin effective, in the beginning, were all part of the original formula, but banks have improved in this area as well, so this is no longer a differentiator; the only thing that separates their experience is the blockchain's actual utility.

Will people truly make the switch now that transferring fiat is nearly as fast and convenient as sending BCH? People can now easily purchase goods and services and send money to friends and relatives. Will the general public utilize BCH to pay for all of their purchases, or will they continue to use centralized methods to buy things and send money?

As long as BCH continues in the vision of Satoshi, BCH will survive. But the solution is just more than adoption, if things stay relatively the way it is now, why would the masses start using it? I think it will take something more severe, just organic adoption is not enough.

There is a large portion of the world that lacks access to excellent banks, adequate fiat, or stable governments; hopefully, we can make progress in this area. The adoption movement of BCH should concentrate on the markets where the technology is most needed: the developing world, places with poor financial systems, corrupt regimes abusing the monetary system, and so on.

A decentralized payment mechanism is what we're talking about. At the periphery, things change. We must gradually penetrate the most vulnerable areas of the corporate world, which are primarily in developing countries right now. The technology that comes with BCH isn't just for the world's wealthy nations. For the time being, ignore the Americans and Europeans. They are under the impression that they need something different, a digital investment tool, and they got that with BTC.

North Korea, like other African countries, is in need of censorship-resistant, anonymous, and easy-to-use network trace sound cash that isn't controlled by their corrupt government. People in these areas are now investing in the incorrect things due to a lack of understanding of how to leverage blockchain technology. They will eventually learn from their errors. The space would be taken over by the cryptos with the lowest friction. I'm hoping that BCH will get to the top of this list of cryptocurrencies and that its price will stabilize over time.

Of course, you can't just go into any of these countries and start a Bitcoin Cash City. Nonetheless, this is the area where the concentration should be. Consider the good that it could do for victims of brutal despotism.

BTC is no longer making headlines for its gains, and the crypto sector is about to enter a new phase. Now is the moment for the BCH community to get serious about adoption. Someone who can create a "killer app" for superior peer-to-peer electronic sound cash will undoubtedly win.

People require assurance that the cash they own will not depreciate and will be able to be utilized for day-to-day purchases of goods and services with minimal friction. In this regard, BCH is in a strong position to succeed.

28
$ 16.64
$ 16.16 from @TheRandomRewarder
$ 0.06 from @Oikawa
$ 0.05 from @Jnavedan
+ 13
Sponsors of Fexonice1
empty
empty
empty
Avatar for Fexonice1
2 years ago

Comments

I’m new to this platform, however, BCH has been on my crypto radar since the beginning of my crypto obsession. I feel like BCH is one of the strongest coins available and it really shows it’s strong support when the market turns bearish. Great article! BCH should be a staple in every investors portfolio!

$ 0.00
2 years ago

I have know about the satoshi but with the current way BCH is growing rapidly it will be the most crypto currency’s sector that no crypto currency’s can compete with and in the nearest future big and small business venture will accept it as exchanges.

$ 0.00
2 years ago

BCH has a huge part of our life 🤗

$ 0.00
2 years ago

Sooner or later BCH will be one of the most strongest coins.

$ 0.00
2 years ago

The world is not ready yet, not until the government and individual companies starts accepting it as mode of payment before it can go really main stream

$ 0.00
2 years ago

I guess very soon BCH will generally be accepted in all business firms and institutions with the way it is randly spreading across the world.

$ 0.00
2 years ago

Payment using money transfer is effective as well as BCH, just that in some countries where crime rate such as fake alert is possible BCH is more effective and advisable for business owners

$ 0.03
2 years ago

We aren't ready for it because most businesses and firm have not generally accepted it as a means of exchange. So we have to convert from Bch to fiat before we can use as an exchange rate. What I could just say as an individual is we should keep do our best for it to be accepted

$ 0.03
2 years ago

You said the truth, no one is actually ready to use BCH the way it should be because only a few businesses across the world accept it, and more so, most people think of it just the way they think of BTC.

$ 0.00
2 years ago

I think it's a welcomed development because compared to our banking systems, it is way faster

$ 0.00
2 years ago

The online banking system is also fast and reliable, which means there should something better than that for the world to accept to use BCH.

$ 0.00
2 years ago

That's true, BCH needs to enter the public in a way people will be sure about it. With a peer-to-peer app, as you have said.

$ 0.00
2 years ago

A super killer app is what BCH need to go mainstream.

$ 0.00
2 years ago

Few minutes ago i was reading about it and most of post about converting Fiat money I don't what's effect on it in future but BCH Bitcoin cash very great for us to listen and very nice feeling whenever we have it You really think it's good for us because you are best analyzer and great reader and noiser

$ 0.05
2 years ago

The gospel of bch is always nice to hear... Nice write up friend...

$ 0.02
2 years ago