What do you know about Bitcoin Cash (BCH)? Crypto Ramblings

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Avatar for Jnavedan
3 years ago

Introduction

Yesterday I came across an extensive article on the slogan war between Bitcoin Core BTC (Digital Gold) and Bitcoin Cash BCH (P2P Cash). At this moment he is at the top of the most rewarded in the last 3 days; great for being the author's first post, @powellquesne, on read.cash.

I'm tempted to reread it and listen to it at the same time. I explain. The article is written in English, I speak in Spanish, and although I am a fluent reader, I like to hear the Spanish translation from google through the browser extension. In my opinion, the better a text is written, spelling, and wording, the more reliable the translation. In the case of the article in question, reading it takes 77 minutes, and listening to it much more, is an excellent sample of the author's expertise.

There will probably be some great articles on this topic here at read.cash that you can check out. If you are still getting started in the world of cryptocurrencies, knowing the history behind Bitcoin is highly recommended, not only because it was the pioneer and where they started, be it by bifurcation or redesign of the other eight thousand blockchain projects. Also, this technology currently monopolizes the investment headlines in the virtual global financial crisis that is brewing.

Now, the arguments in the comparison of the slogans that @powellquesne develops in his article will give you a clear idea about the potential of Bitcoin Cash to positively change your economy. I do not want to be a repeater of their approaches, on the contrary, if you are interested, I invite you to read it for yourself at the following link:

https://read.cash/@powellquesne/clash-of-the-slogans-is-bitcoin-digital-gold-or-p2p-cash-1af54f06

What is Bitcoin Cash?

There are quite a few documents, references, and forums on the internet that explain in a very didactic way what Bitcoin Cash is. So relating the statements in these, even if it makes sense if you have never heard what it is about, or you have doubts when confusing it with the Bitcoin Core or another that looks similar in the lists of cryptocurrencies and tokens, it will not be the objective of what I want to tell you. I want to capture it from experience and expectations.

Maybe, you came here for the same reasons as me, to earn digital money. By the way, digital money, although it is equivalent and interchangeable, is not synonymous with cryptocurrency. Those of my generation also call it plastic money, because it is associated with debit and credit cards. I still remember when as a supervisor I received cash remittances to pay salaries to those who were under my responsibility. Meanwhile, I received my salary through bank deposits entitled to a checkbook and the pre-named cards.

As the banks modernized their systems, those workers also entered the payroll, and the manual controls for the payment of cash with all the logistics included disappeared. In other words, the physical handling of metallic coins, bills, and checks for everyday exchange transactions has given way to digital money.

How many of you, the leather wallets in your pocket begin to bother you, of course, if you are a lady and you still use bags it does not affect you, but I think that the new generations use them less every day. Now that I think about it, my first wallet had a deposit with a clasp for coins and compartments for bills. The most recent one replaced the deposit of coins with slots for the cards. Now, my wallet rarely has banknotes, since I do many operations through my smartphone banking applications. Perhaps we are in the era of mobile money with digital wallets.

The invention of physical cash provided many freedoms to buy and sell. Although it has become inoperative due to its constant devaluation due to inflation. Only those who have lived the ravages of hyperinflation phenomena understand this perfectly. However, I believe that inflation will gradually spread to unimaginable places shortly due to the exhaustion of the debt-based economic growth model.

It is here where Satoshi Nakamoto or the team behind the name, nobody knows other than themselves, introduced a great technology to manage a digital currency, bitcoin, very different from the one introduced by banks in union with the State. The experts, correct me if I'm wrong, the word Bitcoin is the union of Bit (Minimum unit of digital information) and coin (currency), and the technology, the blockchain to record the accounting information of a transaction in a distributed way where trust between the parties is not necessary and the intermediary is an algorithm.

For you and me, such a definition is obvious. Bitcoin is the decentralized and distributed evolution of the metallic currencies that we use with the wallets that we host on our smartphones or computers when we pay remotely.

I want to buy a pizza, it will only be enough to transfer the amount of satoshi to the merchant's wallet to eat it. Fast and with low transaction fees. If the transaction takes hours and charges excessive commission, the means of payment would lose its usefulness.

In this sense, Bitcoin Cash (BCH) is the solution to many monetary problems. You are the owner of the money and you are not restricted by any corporate or governmental authority. Recently, I found the complaint of a woman who decided to withdraw all of her capital from a bank, approximately six million, the bank manager denied her the right based on an absurd regulation, she can only withdraw a thousand newspapers. This happened in Australia. I do not know if it is a temporary measure, but imagine if it is final, how many days it will take to liquidate the relationship with the bank.

You can object to me that also BTC, ETHER, BNB, LTC, ADA, DOT, XRP, LINK, to name only the main ones in the ranking of the capitalization of cryptocurrencies, can replace the fiat money of international banking. And maybe you're right, the future is being written as I type the article. In my defense, I will respond based on the 4,347 transactions made in the last month. Creating the wallet was super easy. Send and receive small amounts of money quickly and reliably, without a hitch, and at a low cost. From one cent to twenty dollars.

You can give it a try, sending and receiving with bitcoin (BTC). Perhaps, like me, you give up the operation due to the high commission. Perhaps the fastest and cheapest on the list in terms of fee is Ripple (XRP). But this merits investigation in this regard.

Final weighing

Bitcoin Cash has the potential to become the cash of the near future that people use. With the diffusion of the advantages and benefits, people will trust technology and adopt it, but not before overcoming the barriers that the current system is already placing.

An original article by @Jnavedan

Cover photo by Bermix Studio on Unsplash


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3 years ago

Comments

Saya belum benar-benar belum mengerti mengenai koin digital. . Ada yang bisa bantu untuk jadi mereka ?

$ 0.00
3 years ago

Saya belum benar-benar belum mengerti mengenai koin digital. . Ada yang bisa bantu untuk jadi mereka ?

I am also learning like you. So let's keep visiting interesting articles about it.

$ 0.00
3 years ago

thanks, very informative.

$ 0.00
3 years ago

You're welcome, my friend. Thanks to you for stopping by.

$ 0.00
3 years ago

Nice article. Thanks for the mention!

$ 0.00
3 years ago

Thanks. You're welcome, my friend.

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3 years ago

nice post

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3 years ago

Wow very informative

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3 years ago