Can Legal Tender Adoption Create A Ripple Effect For Bitcoin Cash?

1 195

Written by

Pantera

Bitcoin Is Cash

1 year ago

Topics: Bitcoin Cash, BCH, Cryptocurrency, P2p, Adoption, ...

According to the prime minister of St. Kitts & Nevis, Dr. Terrance Drew, the country is planning to adopt Bitcoin Cash as a legal tender, by March 2023.

The St. Kitts government will require counseling from the East Caribbean Central Bank considering the Bitcoin Cash legal tender proposal, which we should expect a formal and regulated procedure explaining risks and policies regarding legal tender in the region.

Issues or delays may arise, but apparently, the non-mandatory (voluntary) adoption already solves most of the problems legislators could have encountered otherwise.

In El Salvador, part of the population opposed the government legislation of adopting Bitcoin (BTC) as a legal tender, and the mandatory acceptance produced discord among the merchant part of the country.

St. Kitts & Nevis follows a progressive approach, acknowledging the robust merchant and user adoption of Bitcoin Cash in the region.

However, it appears the Bitcoin Cash news from St. Kitts and Sint Maarten travels fast, and the Caribbean becomes a haven for P2P adoption!

We discover plenty of locations with Bitcoin Cash adoption on the rise in the Caribbean region.

The Caribbean Sea Is Green!

The hub of Bitcoin Cash adoption for the Caribbean islanders are St.Kitts & Nevis, Sint Maarten, and Antigua & Barbuda.

Still, merchant adoption has increased in various locations besides these three island nations.

We find merchants accepting Bitcoin Cash in Aruba, Curacao, Grenada, Trinidad and Tobago, Puerto Rico, and the Dominican Republic.

Besides the Caribbean islands, North and South America is also enjoying explosive growth of Bitcoin Cash adoption.

An announcement of Bitcoin Cash adoption as legal tender by St. Kitts and Nevis and Sint Maarten will generate vast interest from their counterparties in the region.

The voluntary approach will also send a message to Bukele's government about the principles behind Bitcoin's creation. Principles that maximalists distorted for several years.

Bitcoin cash is a non-violent revolution, a financial reform to transform money and empower the individual.

Bitcoin Cash is a choice.

It doesn't limit access to the masses but promotes permissionless, trustless, borderless transactions with high speed and low fees.

It doesn't lean towards centralization. No custodial adoption transpires in the Bitcoin Cash ecosystem, as the non-custodial wallets and services work perfectly enough.

The network works perfectly, so there's no reason to use a credit card.

The developers and all the parties behind Bitcoin Cash build the infrastructure to facilitate waves of P2P mass adoption.

Closing Thoughts

(the whitepaper - READ IT)

Many crypto promoters, podcasters, YouTubers, and influencers, are still pushing people into custodians and centralized exchanges offering yield for their tokens and coins.

Have we learned anything so far?

Have they not learned from their mistakes with Celsius, BlockFi, FTX, MtGox, and hundreds more similar cases, but keep promoting (even now after all that happened) centralized exchanges with fractional reserves mechanics?

Exchanges like Binance, Coinbase, FTX, and MtGox were never our friends.

They usurp the value of cryptocurrency for their purposes.

Their CEOs will act like almighty crypto proponents, but in fact, they serve various shady interests and fiat currencies.

Unfollow every social media influencer supporting CEXs and custodians, and you got one problem less to worry about.

There's only one way for cryptocurrency: P2P Electronic Cash adoption.

Cover Picture by geralt on Pixabay

Disclaimer

External content published in this article is used for research and educational purposes and falls within the guidelines of fair use. No copyright infringement intended. If you are, or represent, the copyright owner of images used in this article, and have an issue with the use of said material, please notify me.