Economies in crisis

We have lived in our residence for more than 25 years. Every Sunday, they set up a mobile market where small merchants offer groceries, meats, fruits, and vegetables. A service only interrupted last year due to the preventive measures taken against Covid-19.

In the past, it was common to pay in cash for last-minute purchases, since larger purchases were made in large commercialization chains where the payment was with checks and debit and credit cards.

With the passing of time and the outbreak of the prolonged political crisis with serious socioeconomic impacts; normality abruptly changed. A prosperous nation became extremely poor in just a few years, despite having immense wealth in the subsoil and vast biodiversity. The implementation of a monetary policy based on the issuance of inorganic money without limit, instead of alleviating the distortions of the market rules, exacerbated them. Thus the exchange value of a currency is pulverized. Succumbing to the temptation to create a false money supply that is worthless accelerates the destruction of the business cycle. More than once I saw people throwing bundles of useless money on the streets, decorated with images of heroes and national symbols.

Overnight, the middle class disappeared giving way to a wider gap between the very rich and now the very poor. To the growing group of poor people, handouts of devalued money bonds are almost a mockery for professionals and technicians, an incentive to emigrate in search of better conditions. Although those who still cling to their roots, they try to maximize them. Sure, this is unsustainable.

Soon, those who emigrated send remittances to family members left behind. These currencies are beginning to energize the battered micro-economy. A new type of cash replaces the legally accepted one, and the government agrees by default, knowing the unstoppable danger of hungry people.

The national cash almost eradicated in the use of the citizen; only serves to pay for collective transportation. It is quite problematic to obtain it. Although it has bit no exchange value, it is necessary to board an intercity transport. Although, the foreign currency on paper is already gaining ground on digital money or misnamed plastic.

Many do not realize the change that is taking place, the effects of the transition between two opposing monetary models. I believe that in the countries most affected by the failure of the debt-based economic system, the adoption of the crypto market will be much faster than in the countries of the first order. The reason is obvious, the force of need is a gas-fueled engine to force out-of-the-box solutions. It's very ironic if you think about it; the creators of blockchain technology make the crucial leap amid the financial system crisis of 2008, a product of the real estate debacle of a seemingly rational appetite.

In countries in crisis, like mine, many have seen cryptocurrency as a lifeline, myself included. However, still people in countries with relatively stable economies, few leave the comfort zone. Leaving to the entrepreneurs and enthusiasts the fight to bring the decentralization of finances to each of the families on the planet.

In the meantime, corrupt elites reach out to misrepresent, through malicious propaganda, and retarding, by co-opting influential developers, the advancement of technology. In this sense, they manipulate and intervene in the markets causing great volatility.

Can BCH make a difference?

When I make purchases, I usually ask in stores if they accept payment in cryptocurrency. At first, some looked at me strangely, and answered, "not for now." But recently, some say, "for now we do not receive bitcoin, but we are evaluating it." This is clear evidence of the impact that the news of the crypto world is having on the common people.

I think that one of the obstacles that delay mass adoption in society is the financial intermediaries themselves. Also, the dynamics of the high volatility in the prices of cryptocurrencies, intimidate both producers, intermediaries, and traders in the process of supply and demand of goods and services.

As long as the old economic order is sustained; we will see blockchain adoption walk like a turtle. Sure, you can agree with me in some respects and differ in the prediction.

Although Bitcoin has reached an all-time high and excites many great investors, such as Michael Saylor, who is currently promoting an event aimed at CEOs and executives to explain its benefits and potential in the business world.

I am concerned about how people who go to the market can use it every day. Paying with BTC is nowadays not a good option when considering the transaction cost, which may be higher than the purchase. This is where I see the great utility of BCH, in addition to what little I have read, it maintains the true philosophy and essence for which it was created. An efficient and cheap means of payment for day-to-day purchases, whose value is stable over time and cannot be manipulated by central actors.

Screenshot of the Bitcoin Cash website

In this sense, BCH has some characteristics that a monetary system deserves to be stable. This would help to get out of the crisis since it would give society a much more transparent and reliable system than the current ones, vitiated by corruption. The market would gradually regulate itself.

However, as long as the financial intermediaries and a vast network of logistics intermediaries remain, the sanitation of the production processes will be negatively affected.

I have always been a dreamer. I imagine the day going down to the street market near my house. Go from position to position, paying from my cell phone, for each purchase I need, in charge of my portfolio in BCH. Without making complicated exchanges in the acquisition of fiat digital money (FIAT), leaving several feeds in the process. I think the future is near, even if they try to stop it, technology will prevail. Perhaps the countries in crisis will be the first to arrive. Unless there is a worldwide collapse. I hope I never know of this scenario.

Imagen de Gerd Altmann en Pixabay

An original post was written on read.cash

The cover image was taken by Jnavedan