The Transition to Sound Money with Bitcoin Cash
When I first researched Bitcoin, I encountered multiple videos from the early days ranging from 2010 to 2015, with Bitcoin enthusiasts explaining how Bitcoin was revolutionizing global payments and commerce.
Some of the videos contained price predictions as well, although what mattered was the overwhelming agreement that adoption was of utmost importance and price rise would be a consequence.
It is logical to assume the price of a cryptocurrency is directly influenced by rising adoption, especially when the coin's inflation is low with a fixed supply (21 million).
YouTube has changed its algorithms, and most of these videos won't appear in search results today. The prevalent narrative at this stage is how to make more fiat by trading Bitcoin.
Everyone using Bitcoin in the early days envisioned a future of solely depending on Bitcoin instead of government-printed fiat (dollar, pound, euro, etc.), as a decentralized payments network empowers the individual.
The Transition to Sound & Decentralized P2P Cash Resumes
The value of Bitcoin as money derives from its utility, at least this is what everyone would assume, yet, upon entering the cryptocurrency field newcomers are confronted by multiple conflicting messages such as "store of value", "hedge to inflation", "hedge to wars", "hedge to corruption", etc.
All these arguments, while correct, still can't present definite standalone characteristics of any cryptocurrency network but are the result of Bitcoin's utility as a digital currency.
A network that offers as its exclusive aspect a limited number of coins (21 million), but without these coins having any other purpose (used as money), is not offering a digital currency option and neither a hedge to inflation.
A network reaching transactional fees of $50 (at times of congestion) is not competitive as a currency.
The transition to sound money resumed in 2017 with Bitcoin Cash as Bitcoin upgraded.
BCH is the cryptocurrency we can use for daily transactions as it includes fast transactions with an inexpensive transaction fee.
Instant and Feeless: Transactions are instant, with low fees users don't even consider when transacting.
Decentralized: The network is decentralized, not just in the mining aspect but also on the side of developments, which is equally significant since no group of developers can control the network.
Reliable: Bitcoin Cash is reliable, operating 24/7, stable, secure, and without incidents disrupting its processing.
Community of Experts: The community contains some of the prominent Bitcoin early miners, developers, and adopters.
Merchant adoption: The adoption of Bitcoin Cash as a means of exchange is rapidly increasing, with multiple initiatives around the world onboarding thousands of new businesses to include Bitcoin Cash as an accepted payments method.
Developments both on-chain and with the smartBCH sidechain add confidence for the future of Bitcoin Cash.
All these facts present Bitcoin Cash as a case of one of the most robust cryptocurrencies.
Investors realize the potential of Bitcoin Cash and recognize the dynamics, so many of them are betting on the future potential of BCH.
Bitcoin Cash offers today the means to hedge fiat effectively, but not just for the elite of our economies. The low fees and instant transactions structure provide the means to transition to cryptocurrency completely.
We are all fed up with credit cards and banking rejection codes, inflation, and money manipulation by central banks, but we also don't hold millions in the bank.
Bitcoin Cash is there for 7.9 Billion people. The 99.99% of the population that visits a super-market for their groceries but hates to see their few savings disappear with rising prices.
Prices of general goods have at least doubled in just one year and will keep increasing. How will our fiat currencies save our wealth, and what practical solutions do we have available.
In several locations, merchants widely accept Bitcoin Cash today. Australia, Venezuela, the Caribbean, parts of the US, and the EU.
Soon, Bitcoin Cash will be adopted and accepted everywhere.
Merchants will ask their customers if they can pay in Bitcoin Cash instead of fiat since they begin to realize it is a better alternative than fiat.
The transition to cryptocurrency demands cryptocurrencies that work.
Bitcoin Cash is one of them. Others believe it is Dogecoin or Litecoin, or Dash. There is innovation in this field, and multiple cryptocurrencies appeared to cover the gap in the payments sector.
Bitcoin Cash offers the most robust network for P2P payments and excels in each of the qualities of money.
In Conclusion
Bitcoin Cash is revolutionizing payments, focused on enhancing its network to serve the entire world as a P2P Electronic Currency.
The transition is voluntarily, as Bitcoin Cash is not forced anywhere but presented as an alternative money option with sound money features.
Price of Bitcoin Cash is still suppressed at a low level by artificial shorting mechanisms. As we already know well, the market reacts violently and to the upside when manipulation takes place against a solid product.
A colossal BCH short squeeze is highly possible at this stage, since we also learn of practices by some unregulated crypto platforms shorting BCH to cover for staking rewards.
The above signifies the Bitcoin Cash fair price is suppressed, and part of the value of Bitcoin Cash is delivered instead to various other cryptocurrencies. It is the perfect case for a collosal short squeeze since these shorts will turn into longs to recover from their massive losses.
Cover Photo: by " Thor_Deichmann" on Unsplash (modified)
Second Photo by Mysticsartdesign on Pixabay (modified)
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I was on Hive reading some contest post about Fiat vs Crypto and I was surprised to see that people see cryptocurrency as something that doesn't stand a chance against fiat. I don't blame them too much because they have been brainwashed by the things they see and read.
Aside from that many don't know about BCH because they think using crypto for the purchase of smaller commodities is impossible, I went off several posts trying to introduce them to BCH but I have a limit to doing that.
What am I driving at? BCH will bring a lot of change to the already existing idea about what crypto can do, it will break limits and become irresistible to the world.