In one of my previous posts (Why Bitcoin Cash?) on read.cash I reviewed the platform created by visionary entrepreneur Kim Dotcom (whybitcoincash.com).
Kim Dotcom is passionate about cryptocurrencies and Bitcoin Cash is the digital currency of his choice. When everyone finally opens their eyes and ears and studies Bitcoin, then Bitcoin Cash is the reasonable choice to make.
Every one of us that supports Bitcoin Cash, we do that because we did our research. In our beginnings with Bitcoin we thought that it was going to be digital money and that become the future standard of currencies in the rising digital economy.
Sadly, this never happened. Bitcoin had a chance to scale and reach adoption as a digital currency, but after Blockstream hijacked it the next move was to stop all progress on Bitcoin development and start producing alternative layer-2 solutions. Six years later these networks are still not ready, not used, full of bugs and custodial mechanisms.
Kim Dotcom as any other entrepreneur acknowledges the fact that transaction fees need to have the lowest cost possible. This message is not about convincing Musk about Bitcoin Cash, but about fixing the wrongdoings of the Bitcoin community and the misinformation spread from biased sources and channels.
Payment networks like Visa, Mastercard, Paypal, AliPay, etc., are laughing with Bitcoin having fees of $10 on average. Bitcoin is not a competitor to any payment service today. Since the beginning, it was looking difficult to scale and the increase of block size to 8MB, as well as an increase every four years was on the table, however, this was not in the interests of Blockstream.
When given options we select the one that is wise financially for our benefit. Nobody uses Bitcoin today. Nobody pays $10 fees since there are better alternatives.
I agree that only 4% of the internet population has been involved with cryptocurrencies. However, out of this population, 99.999% have not used Bitcoin for payments or purchases. Nobody will pay $10 fees to move $20.
But you can buy a soda with Bitcoin Cash for $2 and pay $0.002 in fees.
The BTC maxis are just living in denial and their whole argument lately has been that Bitcoin Cash is not performing too well in the market.
What we see and BTC maxis don't is that Bitcoin Cash is used more than Bitcoin.
"The value of a network is proportional to the square of the number of connected users of the system (n2)."
- Metcalfe's law (wikipedia)
In this chart from "coin dance" we can see which network is used more right now:
Judging by this the value of Bitcoin Cash is currently bellow the market price and if this trends continues and Bitcoin Cash keeps the adoption levels high, we should be expecting the market price to follow.
Conclusion
“Cecil Graham: What is a cynic?
Lord Darlington: A man who knows the price of everything, and the value of nothing.
Cecil Graham: And a sentimentalist, my dear Darlington, is a man who sees an absurd value in everything and doesn’t know the market price of any single thing.”- Oscar Wilde (goodreads)
Today we know the price of everything but the value of nothing. It will become clear with time if the price of BTC is representative of the current network activity and if Bitcoin Cash should be valued so low or not. For me, the price of Bitcoin Cash has certainly been suppressed this much from censorship and the BTC maximalism propaganda and there will be changes coming in price action as well.
"In order to be a very successful cryptocurrency you need to provide fast and cheap transactions, there's no way around that. It's nice to be a store of value, but if you really want to succeed in this game, you need to be THE electronic cash."
- Kim Dotcom (bitcoinbch.com)
Lead Image from bitcoin.com.
Recently I reached a cool milestone in read.cash. I thank my followers and all those that read and react to my posts. I didn't expect reaching a thousand views this fast and I hope to be meeting your expectations with my content!
Thank you so much!
My networks:
· tipb.ch
As usual Pantera, another good article . Fees are really a huge pain, too bad bitcoin maxis are too stubborn to understand. Although for Tesla, I think their main attractive point will be on BCH's speed and efficiency ! Imagine buying a Tesla and payment being stuck on the blockchain waiting for confirmations which is like a week long . BCH can also help Tesla to increase their profit margin when the fees it will take is significantly lower compared to BTC. I mean, I can't see why BCH lose here. I actually wrote a similar post days back and I believe it's just a matter of time before companies like Tesla venture into BCH. https://read.cash/@Wee/why-corporations-may-be-looking-into-bitcoin-cash-0a7e723e Btw, congrats on your 1000th view, Pantera! Keep up your good work.