Everyone in Bitcoin Cash understands it has the potential to achieve greatness in the long run.
The original community that forked Bitcoin and proceeded with 8MB blocks update (currently 32MB block size) were all early Bitcoin adopters and developers with the vision of Bitcoin reaching success as a currency.
Bitcoin is money, but there was another group with different plans.
Backed by overwhelming resources and using treacherous tactics, this group deceived the public that scalability was not as important as becoming an expression of extreme individual privilege.
Blockstream took control, as it enhanced its "financial" relations with bitcointalk and bitcoin.org owners. Some followed this approach while another part decided to proceed with scaling Bitcoin bringing us Bitcoin Cash.
Bitcoin Cash today is the Bitcoin that works.
Under a thin veil and vague arguments over the loss of decentralization, Bitcoin proceeded with no developments on-chain, but private attempts to create unsuccessful and complex second layers as “scaling solutions”.
The short-term price fluctuations don’t mean a lot, it will not take a while before Bitcoin Cash becomes widely adopted.
Bitcoin Cash has a purpose of reaching wide adoption, but it also contains features that can counter various economic calamities. One many economists find to be possible next is stagflation.
A Real Danger to Economies - Stagflation
Source: Twitter
The public is fed up and demoralized with the endless and escalating devaluation of wealth in the banks.
A rise in unemployment worldwide is to be expected, especially in case a recession similar to 2008 occurs.
But there is another fact as well. A growing public concern about employment not paying off.
Wage Stagnation
The result of wages being suppressed for decades and income inequality increasing. Wages may be bigger than in previous decades, but the purchasing power is lower.
Productivity has increased but wage compensation is far from reaching a fair compensation of the efforts of the workforce.
This is the result of corporatism dominating the western economies lately, and its effect increases when taxpayers are forced to pay for the misdeeds of CEOs and mismanagement of finances of the "too big to fail" giant banks and corporations.
Currency Requirements
The public needs certain features from money today:
i) A stable and not inflating currency
ii) Control of funds
The fiat currencies like the euro and the dollar have already failed to sustain low levels of inflation. Moreover, debt in all economies is increasing and creates fears of a vicious cycle of recession.
Stagflation
And the worst that some economists think is currently possible is stagflation.
A recession with high unemployment combined with high inflation levels. The ultimate economic catastrophe.
The public has an option to counter such an event, though, and move in a parallel payments network, one that is secure and stable and can provide shelter from financial collapse.
This is Bitcoin Cash. A robust P2P network with no third-party requirements and no exposure to economic downturns or fiat currency inflation concerns.
Bitcoin Cash is the Perfect Treatment
Source: Unsplash
The features Bitcoin Cash has, are rarely met in another cryptocurrency or currency in general today. It has achieved scalability and can reach global adoption with minor changes. It represents the perfect modern digital cash network that should not be taken lightly.
Fast & Reliable, Low Cost of Transacting
Bitcoin Cash with its robust network with instant transactions with low fees (less than $0.01) can become a force to be reconned at times of high financial uncertainty and especially in the case of stagflating economies.
Limited supply, Scarcity & Low Inflation
Bitcoin Cash has a fixed limit of 21 million coins that will ever be in circulation. Currently, the new coins in circulation each year are mined with a 1.8% inflation level, and this inflation halves every four years under.
Any kind of fiat inflation is instantly countered by moving in Bitcoin Cash.
Security
Bitcoin Cash has top security and its network is backed by hash power that validates transactions under the mining process. The decentralized mining process secures the network from malicious participants and prevents attacks, hacks or breaches.
Decentralization in all Constituencies
Decentralization in blockchains is a requirement that provides various benefits. Although, some cryptocurrencies elude the public by claiming to be decentralized, but have a certain party or even just a couple of individuals controlling the course of actions, developments, and manipulating consensus in the decision-making process.
Bitcoin Cash is pretty much autonomous. There is no benevolent dictator, or private company running the development side. Those that wanted to take control of the network have been excluded by the overwhelming majority that proceeds with what is best for Bitcoin Cash.
Money for the People
The aim is for Bitcoin Cash to reach global adoption and heal economies from the devastating effects of fiat money mismanagement. It is money for massive use by the public and not just an investment vehicle for the elite to find exposure in volatility.
Right when the pandemic started, Bitcoin Cash and its voluntary mission has helped hundreds of thousands around the world and increased adoption levels through various initiatives. Noise.cash, read.cash, flipstarter campaigns, and various onboarding missions have created a whole economy that receives voluntary donations in Bitcoin Cash.
Bitcoin Cash Can Alleviate the Effects of Economy Disasters
High taxation and an excess of new money poured into an economy would have devastative effects and bring stagflation concerns.
A counter to the collapse of the purchasing power of fiat is Bitcoin Cash. It is money the public can use with a low cost of transacting (less than $0.01/tx), and lightning speed of transactions that facilitate the ease of trading, especially for the fast-moving consumer goods sector (i.e. supermarkets, retailers, etc.).
Lately, many governments are planning to tax crypto earnings as an overall strategy to find ways to bridge the government debt gap.
Governments did not realize one thing, though. The concept is to move into a modern decentralized economy far from fiat slavery. Some traders probably will stop trading if a tax of 20% is imposed on their profit. Yet, the transition into a cryptocurrency economy is equally strong as a movement.
Bitcoin Cash is one easy way out of all the drawbacks of the fiat system and the network of acceptance keeps expanding.
Conclusion
Source: Unsplash
I am expecting major e-commerce operators and multiple online services to adopt Bitcoin Cash for payments rapidly.
It is financially accurate to have this expectation since Bitcoin Cash is increasing its user base and transaction numbers and expanding in on-chain adoption.
Big retailers are missing out on an enormous user base that reaches over 300,000 potential customers. No CEO or analyst should ignore this fact.
This should be a win-win situation and the first online or physical retailer with hundreds of points of sales that adopt Bitcoin Cash as a method of payments will kick the hornet’s nest.
Any business can directly accept Bitcoin Cash with no third parties or intermediaries.
There is no requirement for secondary layers or private companies, which take a share of the fees and increase the cost of consumer goods. Bitcoin Cash acceptance will reduce the cost of retailers, increase profitability, increase sales and also help in stabilizing prices to a certain degree.
All those that use Bitcoin Cash today have difficulties finding merchants, businesses, super-markets, and services at their locations to spend their Bitcoin Cash.
Why would anyone want to use the banks and waste value (in third parties fees), if there are retailers accepting Bitcoin Cash?
Most users of Bitcoin Cash today decide to sell to fiat, wire funds to their banks, which is a procedure that takes several days and includes wire-transfer fees, and then purchase consumer goods with fiat.
Things have changed lately. People are now working for crypto and they would definitely prefer using it as well. I feel this is worth considering to any regional or international-based retail corporation like Amazon.
We are talking about a real and rising userbase today, especially in Bitcoin Cash. Not just investors but real users of a blockchain P2P payments network.
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And here I am, waiting for that time when BCH will be accepted as a direct form of payment here in our country.