read.cash Log in
@JohnMannel more from that month

Reasons why bitcoin like bitcoin cash is not just a store of value

**My current holdings and bias** I hold bitcoin since 2013 and I hold bitcoin cash since the fork and have purchased more of both. Currently the value of my bitcoin holdings is more than my bitcoin cash, but due to the cheap nature currently of bitcoin cash I have purchased more sats in bitcoin cash then I have in bitcoin. I don't view myself as biased towards bitcoin or bitcoin cash. I would be happy if either becomes more adopted. I also hold some alt coins but I have more attachment to bitcoin cash and bitcoin than my alt coins. **Everyone knows bitcoin cash is for more than storing value** It is commonly touted and I also believe that bitcoin cash is for using to do many things and not for just storing value. On this site bitcoin cash does have use, on noise.cash and many other sites there are many uses. It is commonly used for peer to peer payments and is adopted by many merchants. There is no common narrative disputing this. **Not everyone knows bitcoin is for more than storing value** There is a common narrative in the cryptocurrency space that says that bitcoin is only a store of value and useless for everything else. This is only true if you consider only the main chain and is not true and becoming less true as time progresses if you consider the level 2 and side chains for many reasons. Below are some of the non store of value use cases for bitcoin. ***FPS games*** You can play FPS games that use the lightning network to reward winning players. ***Betting*** You can gamble on the lighting network at various sites on roulette wheels etc. ***Defi and smart contracts*** A person may participate in defi and smart contracts by wrapping the bitcoin on to ETH or TRON etc. It is also possible to participate in defi and smart contracts by using the rootstock side chain. ***Cheap and fast trading with self custody*** It is possible to trade bitcoin now cheaply using the lightning network as several exchanges now accept deposits and withdraws via the lightning network. There are also sites where atomic swaps are possible using the lightning network. ***Cheap and fast payments*** You can pay for many things quickly and with almost no fee using the lightning network. ***Cash back and store bonus*** There are shops that will send you sats to a lightning wallet as a bonus for buying their products. This can accumulate over time and be used to buy something on the lightning network. ***Non-fungible tokens (NFT's)*** These are coming to bitcoin via the Rootstock sidechain. ***Paid by the second*** Strike allows scheduled super quick lightning network payments even by every second for little fees. You could pay people or get paid by the second in bitcoin on the lightning network. **Conclusion** Most of the time I am using bitcoin cash and I am not using bitcoin. Doing things on the main chain is still easier and better adopted than using level 2 or side chains. However to say that bitcoin is useless except for store of value ignores all of what is happening and particularly for micro-payments like what is often used in gaming or sats cash back from buying items, then off chain solutions are very good. ------------------- *-In the pipe five by five-* --------------------

3 comments

Log in to join in Reading is open to everyone. Replying needs an account.