The year 2020 saw events that cannot be forgotten in the history of mankinds, with the Coronavirus pandemic as the epic of these events. The pandemic gave another blunter blow to the heart of centralized financial systems all over the world. Since the Coronavirus pandemic began, we have seen several countries heading towards a period of unprecedented hyperinflation. This bring us to the question: Can Bitcoin cash save us from financial downturn in this pandemic period? Whether it can or not, one thing that we cannot denial is that the present financial system is completely and utterly broken.
Since this pandemic crisis began, most countries including America were forced to shut down their banks for an extented period. This situation usually leads to widespread panic among the people since they were unable to withdraw money. In general, countries impose heavy restrictions on their citizens, such that businesses were forced to stop leading to heavy financial and economic downtown which might lead to global recession. This is why we all need to turned to Bitcoin cash as a possible hedge from the world impending recession.
Why should we choose Bitcoin cash?
The first thing to consider is the roadmap for Bitcoin Cash and what gives the currency its value. The roadmap for Bitcoin Cash seems so simple that even a lay man can quickly understand it. Accessing the Bitcoin cash roadmap on bitcoincash.org, there are three major reasons to vouch for Bitcoin Cash at this pandemic period.
1. Scalability
By scalability it means the numbers of blocks and transactions that the Bitcoin cash network can support at a particular time per seconds. According to the Bitcoin cash roadmap, it is designed to scale from 100 transactions per seconds to 5,000,000 transactions per seconds which non other cryptocurrencies can match at the moment. This means no matter the congestion on the network transactions would still go smooth. What usually results to higher transaction fees in cryptocurrencies is the congestion in the network which leads to competition, and the transaction with highest fees get attention first. But with Bitcoin Cash this is not so.
2. Useability
It is a provision on the Bitcoin cash roadmap to continue improving the payment experience, so to ensure that it is instant and reliable. Payment transactions within Bitcoin cash network is very secured and instant within three seconds. This also come with low fees as little as 0.1 cent for any transaction, and there's no likelihood that this fees might increase in the future.
3. Extensibility
The Bitcoin cash network is an extensible protocol with room for future improvement. This underlined the reason for frequent upgrade to the network infrastructures so to provide a solid base for businesses and developers to build on.
What gives Bitcoin cash its value?
What I would say as against popular analytical explanation to the index about cryptocurrencies rise in value, is that Bitcoin cash derived its value from the people behind its creation. Their faith and belief is what makes Bitcoin cash what it is today, and what it will be tomorrow. Should people lose belief in the currency, they will simply opt for some other currency, and the value of the former would drop. But this people has remain resilient against oppositions, and would rather die than for Bitcoin cash to die. Bitcoin cash as young as it is, has maintain a good standing among other competitors prior to this period.
So, can Bitcoin cash save us from financial downturn in this pandemic period? Well, I definitely think so, because of the following reasons:
Bitcoin cash as a decentralized entity, can not be govern by centralized organization or central government.
Bitcoin cash is the true vision of Satoshi Nakamoto the ananomous creator of Bitcoin. According to Roger ver, founder of the bitcoin.com platform, Bitcoin was what the world need but Bitcoin cash is the technicality that made it possible.
A truly alternative method of value transfer, wherein there is no need for you to pay half of your expected funds as fees and wait for a considerable time to receive funds.
Bitcoins cash can be easily accessed through different exchanges online. Anyone can simply scan a QR code or exchange wallet address to exchange money.
Bitcoin cash protocol is permissionless and very transparent, making it a lot more open than other cryptocurrencies transactions.
Several merchants and retails across the globe have already started accepting Bitcoin cash for payments. You can find this on bitcoin.com site for any merchant close to your location.
Do you still think Bitcoin cash cannot save us from financial downturn in this pandemic period?
Fexonice1 is a learner of blockchain and cryptocurrencies, and has taken keen interest on BCH.
If you ask me Bitcoincash already saves many and way more people could have benefit from it if they knew how to do it and if there were more options to pay with it. More paying options would be welcome too. If you ask me it cannot be that hard now people even use their phone to pay for a cup of coffee, to park and a bus ticket. Internet isn't needed for that just the NFC option switched on at a phone.