Fix The Money - Fix The World

Money has a price. 

That’s the purcase power, or the goods or services a unit of account can purchase. 

Schools and (some) economics colleges or universities perform a lousy job educating pupils about the price of money.

How does money has a price, and most importantly, who controls the price of money?

Cryptocurrency is money and for many of us money is Bitcoin Cash.

It is money since people start using them to transact although most of them have severe issues that hinder their adoption. Moreover, most cryptocurrency communities appear to be disinterested about P2P adoption. 

Undeniably Bitcoin Cash is an acceptable form of payments in thousands of locations, globally.

We use cryptocurrencies, and we are on a quest to increase the places that accept Bitcoin Cash, either in physical stores or online.

And yet, we still use fiat currency as well, except a few that manage to live absolutely on crypto.

We use fiat not just because we found this system ready but mainly due to the wider acceptance of fiat currency by merchants, businesses, shops, and individuals. We accept wages in fiat, we use fiat and spend fiat.

It is instant with limited fees on most occasions and easy to transfer.

How often fiat money turns into bad money, though?

Commerce And Consumer Needs

Bitcoin was not created to serve a small elite of Wall Street funds and it’s purpose was not speculation.

The first use case is mentioned in the second paragraph of the whitepaper and begins with “commerce on the internet”.

What does commerce on the internet demand?

Fast transactions, instant, if possible. 

The banks use batch processing for the e-commerce and POS (credit/debit cards) transactional system.

When the consumer pays, the merchant receives the money in their bank account the following working day. Not when the consumer pays.

Moreover, a bank can freeze an account, and merchants can have their accounts confiscated. A bank can block a transaction for thousands of reasons which is a terrible experience for both consumers and merchants.

This was the best payment method until 2008.

A system based on multiple trusted third parties involved in a single transaction. The legacy financial establishment built on trust.

Decentralized networks are trustless by default. The code is open source so it can be audited by anyone, and the networks have no leaders.

Not always, though, as we have observed in Bitcoin (BTC). In BTC the development side is not quite decentralized but controlled by a single private entity, Blockstream.

A logical assumption considering numerous macroeconomic factors and indicators is the transition towards decentralized (permissionless, borderless, immutable, censorship-resistant) money.

It is also of paramount interest for money to not depreciate, at least not at the pace we witness today, with inflation touching 10%.

Currently, we are not talking about a money market in crypto, but a crude form of a market, though.

Speculation exists in foreign exchange markets as well, yet, this is about money that contains high velocity since it is used constantly.

The crypto userbase is still small, so imagine the possibilities when people actually begin using cryptocurrencies.

The process To Make Money Better

Bitcoin was rising so fast until 2015. In the timeline it didn’t split into BTC and BCH but proceeded with upgrading the blocksize, we would be talking about a different kind of dominance in the payments sector today.

In the end, money needs to move fast while fees of the networks facilitating crypto transactions should be zero. 

Even ten cents is too much, for a consumer. It has to be lower than a cent always. Money works without fees otherwise it reaches extortion levels.

Money is better when transactions are instant, and by far, it is better when no Central Bank or trusted third party controls it.

We don’t need an advanced AI to control money either.

With Bitcoin Cash, money becomes a natural force aiming to serve humanity’s needs.

• Cover Photo by " TheDigitalArtist" on Pixabay

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