What are the other uses of Bitcoin Cash?

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2 years ago

Taking on the world by the hand of Bitcoin Cash

Undoubtedly the convergence of multiple technologies during the last decades made possible the emergence of a variant of money with innovative features that are revolutionizing the world, awakening in people a fascination for the ecosystem around the Blockchain.

It is incredible how ingenuity advances to create a collateral crypto world that gradually redefines the course of history, circumventing the obstacles and attempts of regulations to avoid the purpose for which it was created.

Yes, Bitcoin, today surnamed Cash (BCH), confronts the status quo.

However, for most people, cryptocurrencies are high-risk investments that provoke fears for those trapped in the debt-based monetary system and the illusion that they actually participate in the supposed choice and control of those who drive the institution of the state.

They view freedom with suspicion; They find it hard to believe that cryptocurrencies give you the ability to move economic value without restriction without having to go to a trusted intermediary and back you up in the event of disruptive events in the system itself.

Fortunately, there are currently pioneering people developing applications based on decentralized digital currencies and spreading their benefits through platforms such as noise.cash and read.cash.

So, if you are a novice in these fields, it is in your best interest to educate yourself as much as possible about the core of this transcendent revolution that aims to give you true financial freedom.

In that regard, you should answer the following:

What can you do with cryptocurrencies, and what are they for?

Well! It will not be hard to understand that the fundamental use of cryptocurrencies is to transfer money at (a very) low cost.

You will say, bank money already does that.

And you are partly right if you consider that you do that in a proximate environment, but what if you do it over long cross-border distances? Efficiency decreases, and costs increase with the downside of some regulatory red tape.

In that sense, cryptocurrencies like Bitcoin Cash, Litecoin, or Stellar, allow you to send and receive payment at low cost and high speed regardless of the amount.


However, there are still people who say: that cryptocurrencies are not money and that these can be a scam.

At least, I can attest to them that the tips I receive here at noise.cash and read.cash, while intangible, are indeed for real when it comes to using them in the growing community of merchants in the city where I live (and who accept BCH).

On more than one occasion, I have paid for everything from a fast food meal to a modern Smartphone without resorting to a centralized Exchange.

Scams exist wherever there are dishonest people we all have to watch out for, whether it be in the local market or on websites looking for the unwary.

Now, this recurring objection aside. You should also consider the extensive use of cryptocurrencies with the characteristics of Bitcoin Cash.

With Bitcoin Cash (BCH), you can participate in the growing Decentralized Finance (DEFI) sector hand in hand with the SamrtBCH sidechain to earn attractive interests that the traditional banking sector no longer offers. For example, in Yield farming or access collateral-based lending through Smart Contracts.

While you may have heard that you can earn up to 10% per annum on liquid currencies such as Tether (USDT). I would be (very) careful about its questionable fundamentals of it. Yes, I agree that price stability justifies Stablecoins, but I have my doubts about USDT, which does not imply that I do not use it on fleeting occasions and not as a medium or long-term financial instrument.

Before I continue, I do not make financial recommendations, and my opinions are based on my own research and have didactic and entertainment purposes.

So, if you want to dabble in decentralized finance, you should do your own research knowing. That every investment involves risks, you should not be surprised.

Another use of cryptocurrencies is that they serve as a reserve of wealth alternative to cancellation or bank intervention due to extraordinary or legal causes.

An emblematic and current case can be seen in the case of the war between Russia and Ukraine regarding the financial sanctions imposed on a sector of the Russian population. Let's leave aside whether they are fair or not. In any case, cryptocurrencies like BCH protect you from the actions of governments and banks that minimize collateral damage to people like us.

Likewise, cryptocurrencies serve to make private transactions, avoiding bureaucratic red tape by having to give explanations to regulators. Although in the official narrative, coins such as Monero, Zcash, or even BCH under Fusion are often attacked for their potential illicit use.

Something I think is cool about Bitcoin Cash; is being able to send non-cash remittances anywhere on the planet where you have an Internet connection.

The 21st century is (and will be) a time marked by great migrations where those who left will help (as much as possible) those who stayed behind through cryptocurrencies directly.

Another use for cryptocurrencies such as BCH is that they serve to monetize content that you upload to the Internet. Which under the previous model was not possible because you were part of the commodity objects of large technology corporations.

Consider using cryptocurrency technology to rent-free space on your hard drive or SSD in the cloud under the P2P protocol. Undoubtedly safer and cheaper.

As well as using cryptocurrencies to travel the world. I remember the late John McAfee claiming to move around the world without paying a single dollar and staying without a problem.

Unfortunately, today there is a handicap to this use due to the aftermath of the pandemic and war. We will see how the cryptocurrency-assisted sector will evolve.

Likewise, you will have heard from the elites how the world is suffering from the model transition and that it will afflict the current generations with high inflation and scarcity.

It is this that cryptocurrencies like BCH serve to combat hyperinflation and will help counter the effects of such imbalances. This is not speculation.

In fact, there are people in countries with hyperinflation who subsist on Bitcoin Cash.

I could go on and on about the potential use of Bitcoin Cash, but I would like to end with the negative fact that happened in Canada with the truckers' proposal and how the government blocked the donations received by that cause.

Using BCH or pure cryptos outside of Centralized Exchanges could have prevented the attack on freedoms and persecution of citizens.

Source: Image by Riekus on Pixabay 

Final thoughts.

Yes, cryptocurrencies like Bitcoin Cash can be used extensively, giving people the freedom to transfer wealth between peers without relying on intermediaries.

However, you need to dig deeper to avoid dangerous fads.

Cryptocurrencies like BCH are speculative risk assets, currencies to pay for things, and safe-haven investments. They are an efficient tool for transactions.

They possess a simple native monetary policy, and supply is free from human discretion. Since it is algorithmically determined and based on rules. Not on emotions and events (In that sense, it is neutral).

Crypto is money beyond hypothetical volatility. It is solid, stable, and secure as a monetary system.

An original article by @Jnavedan

The thumbnai by  Gerd Altmann on Pixabay 

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2 years ago


Crypto money is beyond that as they are more secure and reliable than bank and also there’s no third parties whenever transfer or transactions are made.

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