It's been more than two months now since I joined Readcash and used BitcoinCash. At first I had no idea what was BitcoinCash, all I know was, it's one of the cryptocurrencies. Then I did my own research about cryptocurrencies and read some articles by crypto enthusiasts writers here.
Yesterday, I've posted an article engaging the readers to answer the given question What is the role of ReadCash in BCH mass adoption?
Through the answers, you will understand more about BCH mass adaption and the role of ReadCash on it. I also gave sponsorships and tips to those who gave good answers to that question.
But before you get to know about BitcoinCash, you need to know what is Bitcoin first. For sure, newbies in crypto world doesn't know much about Bitcoin and BitcoinCash yet. Let me give you some idea.
What is Bitcoin?
Bitcoin is a decentralized peer-to-peer electronic cash system that does not rely on any central authority like a government or financial institution. All transactions are recorded on a global public ledger called the blockchain.
Bitcoin was first described in a white paper written by an anonymous person who went by the name Satoshi Nakamoto in 2008.
Bitcoin’s Key Features
Decentralized
Nobody controls or owns Bitcoin. Transactions cannot be altered or censored
Fixed Supply
Only 21 million will ever be created, defeating the inflationary issues that plague all fiat currencies.
Bitcoin is an open source software project, so anyone can review and make changes to the code. Debate on the best code changes and implementations are always happening and is the key to a healthy and decentralized ecosystem.
Growing Pains
Over the years Bitcoin has grown into a worldwide phenomenon. As Bitcoin grew in popularity it became apparent that the Bitcoin community needed to solve a scaling issue.
The problem was, as more people used the network, the limited size of the 1MB blocks within the blockchain started to become full. This lead to less reliable transactions and much higher transaction fees, which undermines the ease of use of the entire system.
Fork Ahead
This issue led to a rift within the Bitcoin community who were conflicted as to the best way to solve this scaling issue.
A small but vocal group felt the need to maintain 1MB block sizes, and work on off-chain settlement layers - still in development today. They wanted to shift Bitcoin away from electronic cash into a collectible settlement layer. This group consisted mainly of developers from the Blockstream Company.
The other side wanted to increase the block size, allowing for more transactions per block. This instant, on-chain upgrade would keep transactions reliable and fees low, as the blocks would no longer be full. Their argument was unfortunately met with censorship and irrational propaganda, and it became clear Bitcoin as a usable digital cash for the world was in trouble.
So how did BitcoinCash started?
The Hard Fork
On August 1, 2017, the developers of Bitcoin-ABC initiated a hard fork of the Bitcoin blockchain to increase the block size. This new chain had 8MB blocks and was called Bitcoin Cash.
The Results
The hard fork was executed without any issues, and the Bitcoin Cash upgrade made Bitcoin usable as cash again. Transaction fees are low, transaction times fast, and most importantly the Bitcoin Cash community is united in the original vision of Bitcoin as cash for the world.
The BCH and BTC camps have gone their separate ways, but the contentious debates rage on.
As of now, most media outlets and exchanges refer to Bitcoin (BTC) when they say Bitcoin through control of all the major Bitcoin discussion channels. But, one thing is clear, the original spirit, excitement, and revolutionary idea of digital cash for the world is alive and well with Bitcoin Cash.
Bright Future
Bitcoin Cash has multiple independent teams of developers providing software implementations. They’re already making great innovations and upgrades to make Bitcoin Cash the best money in the world. The decentralized development also keeps Bitcoin Cash resistant to political and social attacks on protocol development.
Since the fork in 2017, Bitcoin Cash developers have already upgraded the blocksize to 32MB blocks. There are many new and exciting projects utilizing the Bitcoin Cash network. With a strong roadmap, talented developers, and a clear vision for what Bitcoin should be, the future is bright with Bitcoin Cash.
https://www.bitcoin.com/get-started/what-is-bitcoin-cash/
Bitcoin Cash adoption is growing around the world everyday. And making ReadCash was one way to help BCH adoption grow faster.
I've collected some comments from different users and I want to show you their opinions and help you understand about:
"ReadCash role in BCH mass adoption"
"Read.Cash has been very helpful for BCH adoption. Read(Cash) has actually created a wave of new active addresses for every new account and most people within the BCH community have used this website for their articles, some even relying on it to promote news, like the BCHN Monthlies and @scottcbusiness's crypto articles.
There are also some people who will attempt to earn money (this is still not a Get-Rich-Quick site, for any newcomers out there) but they will have to learn how Bitcoin Cash work, and I have noticed a surge of untouched wallets with the amount lately, something that will essentially place that many BCH out of the market, therefore raising the price (by not a significant margin).
The funding also allows newcomers to see how BCH works, and why people should actually learn how to properly use BCH, as there is no subscriber list.
In the end, Read.Cash allows BCH to be exposed to the greater community because the distribution fund is a very exploitable thing and those that need money will learn how to get part of the fund, and one day contributes to it." By @RowanSkie
"Readcash is like an Airdrop for Bitcoincash where in users can earn free bitcoincash by joining, participating and continously active. How will bch gets benefit by this project?The purpose of every airdrop is to easily make an adaptation of a token in a market and somehow to spread an awareness in market world about the launching of it. Its just like paying for an advertisement for the newly produce product. Its the same for bitcoincash,when users of this platform invites others to join RC esp to those who are new to crypto world it will eventually made known to them about bch and cryptoworld.When BCH made known to cryptomarket more than any other crypto it will attract more investors to buy,sell and use bch then bch will eventually raise its value more." By @chelout
"Read.cash became a growing platform for BCH mass adaption. The Cryptocurrency BCH is also famous next to BTC. That's why, many of us already have that wallet. In Read.cash too, the BCH are circulating through boosting the articles, upvoting, and sponsoring." By @annoftheroses
"People are getting habituated using BCH, they know the transfer rate, which is very low.Every people who join read.cash will have to transact in BCH. And users in read.cash are constantly getting BCH and the growth of user will be exponential, leading to the mass adaptation of BCH." By @CrypticSatan
"The role of read.cash in BCH adaption, for me, is that it became a new way of earning, or mining, bch coins. Instead of the traditional way of bch mining, here writing articles and online interaction became a new way of earning BCH. It became more useful because we learn how to enhance our writing skills while we are earning money." By @marieofhtemiah
"Read.cash is a platform where people can connect with peoples of different country and easily get infotmation about a lot of things. You can also share your thoughts and talent and also rewarded for your activities. In return,read.cash is more spreaded day by day and also help in bch mass adaption which can easily demostrated in their road map. It is the place where you can easily know about cryptocurrencies and cleae explanation from other users if you have any trouble with payments or so on." By @Nasrin.adrita
"Well, to me I believe that this platform, read cash has given people more knowledge and exposure on cryptocurrency, especially BCH. Now they went to research about it, download other wallets where it can be converted to their local currency.
Read cash helps Bch to create more awareness." By @Vickie
IN SHORT:
"The role of ReadCash in BCH Mass Adaption can be explained in the following ways;
1. Readcash is set up to help in bringing more new users to the BCH network (blockchain) which has helped in facilitating BCH mass Adaption.
2. Readcash help in distributing BCH to its users daily based on their activities which helps and has continue to help in expanding the BCH blockchain and BCH mass Adaption.
3. Lastly but not the least, Readcash also facilitate in the continuing growth of the BCH blockchain which in turn also help in the mass Adaption of BCH." By @Bensaga
"Readcash is a global platform and showing everyone the way BCH can be used to pay users promptly without any delay and fear of trading. As read cash database grow, so does the reward system and RC is not limited to any geographic location and that is why BCH plays a massive role in BCH mass adoption" by @Aman
NEGATIVE SIDE:
Can we really call ReadCash as a "real" BCH adoption?
"I don't think so because to adopt BCH means to deal with it and use it as a payment method. I can assure you that at least 80% of RC users don't deal with BCH and they are just stacking it. This of course can't be helped by read.cash, It's only up to the users themselves." By @hamedbkh
The negative issues happening in ReadCash can't be consider as help for BCH mass adoption. Yes it helps grow the BCH users on board, but majority doesn't even care about the importance of BCH mass adoption or doesn't even know why ReadCash was created, what they only care is to earn bch which they will later convert to their own currency. Only few users are into BCH investment and using BCH in a form of payment.
But aside from using ReadCash, we can also help in BCH mass adaption through accepting BCH as a form of payment. It's easy to start accepting Bitcoin Cash at your business, and there are several benefits of doing so:
Ultra Low Fees
The network fee for a typical Bitcoin Cash transaction is less than one penny.
Fast Transacion
The transactions (sending and receiving BCH) is fast and done in just a matter or seconds to few minutes.
No Chargebacks
Unlike credit cards, there are never any automatic voids, refunds, chargebacks, or fraudulent charges
Free Marketing
By accepting Bitcoin Cash, merchants can gain free listings in website and app directories
One of the user here @esciisc is already doing this, check her article about this. https://read.cash/@esciisc/bitcoin-cash-as-a-form-of-payment-on-our-online-store-a71227fc
I hope this information gives you a clearer understanding of Bitcoin Cash, it's history, and vision and will help you understand more about the importance of ReadCash in BCH mass adoption.
Thanks for reading!!!
that's nice, I saw the article where you asked the question, but I could not answer it because I don't know much about RC in respect to BCH but after reading this article, your research, your idea and others idea has given enogh info for even a day one user to understand...so thank you very much for this