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If we hold BCH, are we doing a good thing?

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Avatar for NotAgainPls
Written by   2
1 year ago

What would be the implications of just holding the most of BCH? I think it's an amazing currency with infinite use cases. But indeed a currency.

Plus, it became widely popular thanks to this community and Noise community, which is great since they're somewhat funding the spread of the crypto. But..... how many of us are actually buying Bitcoin Cash instead of just getting it for free? Are we actually buying this asset or are we just earning for free online.

Think about that long enough. Myself i do buy BCH because it's always relatively stable (nevermind the ATH of $1500 that market was WILD); the fees are low but staking rewards on exchanges are meh. So basically, it forces me to sell them or buy things with it. And that's the ultimate goal of this coin.

BCH IT'S NOT A STORE OF VALUE, IT'S A CURRENCY

It's tight with Bitcoin, with gives it reputation, it has low fees, which it's amazing for everyday shopping. Not quit feeless like NANO or super low like XRP, but still, fast transactions with little to no cost.

So if you're just earning bitcoin cash, don't acummulate and don't sell it for FIAT, try to use it on your purchases, because that will make it stick like a currency. I know it's a lot more comfortable to sell it for USDT or changing it for FIAT but you're not making BCH any good. If we use it like a mean to an end, we're pretty much screwed. At some point this is gonna end, because we can't achieve what we want. That sweet liquidity and that sweet mass adoption.

So try to add it to your portfolio and try to buy things with actually BCH. That'll help a lot. And that will put us on track for more and better ways of implementation.

I would love to hear your insights on this!

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Avatar for NotAgainPls
Written by   2
1 year ago
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Comments

It is money, because it's main function is to store value for later, either later the same day or in the future. I say value, because it is a general value, and importantly you can only exctract that value by selling it. Selling it means also to exchange it for real stuff (normally called buying with it, but a trade is always two ways, and seen from the shop they are buying money and paying with the stuff). It has only general value, because you can not eat it, clothe yourself in it, or shelter yourself with it, you have to sell the money to get those things, either to the merchant or on an exchange as an intermediate.

You don't get BCH for free on read cash, you actually sell your work and get BCH as salary. It is even better to think of yourself as an entrepreneur, working for yourself selling whatever you can create, in this case an article that someone wants to read. In fact you should never regard yourself as a worker, you should regard yourself as an entrepreneur, one who chose to help someone else running his business and get paid for it.

If the money type gets more popular, the value of each coin has to rise, because unlike other commodities, the production of new coins can not increase as a result of more demand. Therefore there is a speculation opportunity in owning coins, it will increase your savings, as long as the interest continues to increase. It is a function that feeds itself, because the rising value creates more interest, it is a major argument for coming on board.

And yes you are doing a good thing, the inflationary fiat currency is a way of repressing people, financial repression. It leads to broken savings, capital consumption, and increases the power of the state to a dangerous, far too high level.

Anyway, I give you an upvote, it is good to think about these things.

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1 year ago