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Ideas for Spreading Bitcoin Cash Adoption

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Avatar for IMightBeAPenguin
Written by   54
1 year ago

I've been staying updated with the Bitcoin Cash community for a while, and I appreciate the efforts the community has taken to spread adoption (through merchants, and other ways of making the technology more useful such as cash accounts), but I feel like there is more potential to Bitcoin Cash than just being used as a digital cash for payments. So far we've seen many other use cases such as coloured coins (which aren't there yet, but are coming in the future), SLP tokens, token dividends, and IPFS. I think that we should start focusing on app development for other use-cases for Bitcoin Cash. I came up with a few ideas that might actually be very helpful for spreading Bitcoin Cash adoption while thinking about this, and decided to compile them into this article. Here are my ideas:

1. A provably encrypted messaging app that uses IPFS for messages, and utilizes the Bitcoin Cash blockchain so that messages are safe, and no trust in a third party is needed

I was thinking of this, and it seems like a great idea. The idea that I have in mind is a messaging app in which somebody can connect their username in a decentralized manner (such as a cash account), and then authorize requests from the app in such a way that a third party isn't involved in moving the money. What I mean by this is someone connects their wallet (which is connected to their cash account), and approves payment requests from the app. This would mean that the app speaks to your wallet and asks for a payment for sending messages, and since your wallet has approved requests from the app, it uses its private keys to make and sign transactions. This is without the app knowing the private keys to the wallet, and is 100% non-custodial so people don't have to worry about a third-party potentially stealing funds.

As an alternative, this app can provide user the ability to create their cash account then and there, having their wallet within the app, and topping it up so they can send messages. This messenger would be able to easily compete with other mainstream messengers because of the total privacy and anonymity, and the fact that nobody needs their email attached to their account. I think issues with password recovery can just be addressed by requesting another transaction that requires manual approval from the person holding the private keys of the registered wallet. Users should be given the option to register another wallet with it so that they can recover a forgotten password without having to reset or even deal with the long and tedious process of getting sent an email.

On top of this, this messenger will be completely ad-free, and not collect the information of the people messaging. Because of the low fees on Bitcoin Cash, it would be extremely cheap to send messages. For just $10.00, someone will be able to send at least 20,000 messages, but it'll likely be even more than that, and cheaper. Users will be able to choose between prepaid (top-ups) or just pay per message. Even if someone ends up sending 1,000 messages, it would only cost $0.50, and that's for messages that are 100% encrypted and private.

2. A payment processor that uses stablecoins on the BCH blockchain, and competes with Visa, MasterCard, and Skrill for fast, cheap, secure, and reliable payments

I think this is a very straightforward one. By avoiding other fees associated with banks and maintenance, a payment processor can be very competitive in fees, and if enough volume occurs on this payment processing software, the payment processor can make an extremely small spread, helping the Bitcoin Cash ecosystem, and cryptocurrency in general. I think part of this can be helping cryptocurrency because it improves the fiat to crypto bridge, which encourages people to buy cryptos without having to worry as much about fees. This will be even better than other payment processors because people won't have to worry much about charge-backs, and the user experience will be miles ahead of that of any payment processor today.

3. A DEX for stocks, bonds, forex, and commodities using AnyHedge and SLP tokens

This will be a great way to introduce complete, 0-spread trading (if enough liquidity builds up over time) for people to make trades on the stock market without having to go through the hassle of connecting a bank account, creating an account, or even waiting for deposit times. The nice part would be having your public address connected to the DEX, so you can view your balances of SLP tokens and BCH. This all can work on top of USDH, which will be the trading pair for all stock prices. The ability to hedge assets can potentially have a big impact on how people buy stocks and other commodities. It would essentially kill of all the big platforms which sometimes can have trading fees up to $20 per order made, and spreads spanning a few percent.

The user experience would be miles ahead of that of any other stock broker that exists because you would be able to make trades for practically free, instantly, and without having your ID connected to it in any way. This will also allow for people to create their own secure stock portfolios permissionlessly, and receive dividends without fees.

4. Make our own layer 2 scaling solutions so people can make ultra small micro-transactions

As far as I know, BCH is now already compatible with layer-2 scaling, which means we can freely create layer 2 solutions without issues. I think we should make something, but not make it similar to the Lightning Network (because of the inherent routing issues it will face). I think that this will really help Bitcoin Cash because it would show how nice it is to have layer-2 solutions when the first layer works seamlessly. I think we can take the second layer ideas from Ethereum and implement them into our coin so that it can stay on top and compete.

This would not only enable micro-transactions, but it also is a step forward in trying to improve the technology behind Bitcoin Cash. I don't see L2 as an issue whether or not it is trusted/custodial because nobody has to rely on it to function. I think we should reach a point where micro-transactions can take place on the BCH network, but they're just not recommended. I think we can potentially build this second layer to take the features from Nano (the block lattice) so there are instant and free transactions (with the trade-off of security).

These are just a few ideas I thought about for making Bitcoin Cash grow as a community and as a currency, and I see a lot of potential for it to have an impact on the current financial system. Cheap (and practically free) fees will keep banks in check, forcing them to compete with the low fees and user-experience. Since no one company or entity profits from DEXs, this will be even better because essentially it will be 0-spread for using services. Any other ideas for spreading adoption? I would like to see them in the comments below!

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Written by   54
1 year ago
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Comments

This would not only enable micro-transactions, but it also is a step forward in trying to improve the technology behind Bitcoin Cash. I don't see L2 as an issue whether or not it is trusted/custodial because nobody has to rely on it to function. Looks so promising project 👍

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1 year ago

These are very good ideas for BCH. What I have noticed regarding ETH is how quickly it's gaining adoption. And I believe it's because people are building on top of the Ethereum blockchain. Innovation and entrepreneurs are key to adoption within the crypto space. All we need is more creative ideas and developers willing to move those ideas forward. Let's all brainstorm and share our thoughts on future products and services for BCH. If you have a good idea, then find a developer and try moving it forward. Other developers and investors will jump on board if it's a really good idea.

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1 year ago

👍

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1 year ago