Hodl then Spend

When I (re)started on the Bitcoin Cash journey, I was hoping to mine via Monero. Of course, the thing on itself was that I had unfortunately narrowly missed the RandomX algorithm change and was unable to get any solo block. I also had the tiny problem of using Intel i7-7700k, Zotac GTX 1080ti, 16 GB of RAM for my own personal and mining computer, and my power supply unit, the 1000W it may have, has lots of burnt ports.

It took me the whole of July for me to get a new PSU, and by then, classes had started. I was forced to use a laptop with even weaker specs until I found it. And by then, I was hoping to get a new PC with my small amount of Bitcoin Cash from the time I had withdrawn my father's old 0.01 BTC. Before the coronavirus pandemic, and therefore before the $10,000+ bull runs.

Of course, during those times, I also tested out buying things in Bitcoin Cash through Keys4Coins, which was recommended to me in Reddit. There was a moment in my time where I was able to buy 2 $10 Steam Gift Cards, which you aren't now able to as the cards are region-locked based on the used currency and use VPN to claim them at all. It was a fun time.

I have always believed in the idea that money is a Medium of Exchange first, Store of Value second, as it's a side effect based on Austrian economics. Of course, my only experience in economics is from Bitcoin.com's videos, so I can't say I have any experience.

My father also always wanted me to HODL and wants me to sell when a bear run is imminent while not wasting it for anything. My response is that Bitcoin Cash is currency, so I should be able to just spend it.

But as rebellious as the thought process might be, I had realized some truths in his words as it is vital to HODL too, but it is also good to SPEND.

You see, when you SPEND, it shows to others that Bitcoin Cash has economic value. However, when you also HODL them, you also admit that it has a price for you do invest in. There is only a limit on the number of coins you can get, after all, and the best investment plans always have one part where you have to keep a portion away for it to have an interest and grow. Of course, Bitcoin Cash can't technically grow on its own, but with its deflationary properties, it will naturally have its own economic value when the time arrives.

There's a possible reason people are buying into Cryptocurrency right now, and that's because the US Dollar is in a state that will create hyperinflation and cause prices to rise all around the world. However, this global cryptocurrency adoption is stopped by the very problem that caused Bitcoin Cash to be made.

Fees.

Bitcoin Cash had existed to raise the block size (ABC meant Adjustable Blocksize Cap) to ensure the fees won't be too high and to keep it as low as possible. The reasoning for this is that when the block rewards are gone, the transaction fees will replace it and give miners incentive to mine for the blockchain. However, this incentive will only appear when there are multiple transactions, as these transactional fees are an economic incentive for a miner to chose said transaction and add it to the block. Blockstream has chosen the path of limiting the 1 MB block size and has kicked out the big blockers.

Of course, that's history. Today, since the May 2020 Halving, Bitcoin has always been having congested mempool sizes lately. Ethereum's gas fees are also rising.

There's a truth to the words "Be your own bank" when Bitcoin had just arrived. But what do banks do? They hold your assets, exchange those assets with representation as money, and give you said money. Like these banks, being your own bank in Bitcoin meant HODLing it and waiting for the perfect opportunity to SPEND. You don't have to spend all your money on the things you don't want to buy. You shouldn't. Instead, you should make sure that you promote wealth by saving it and spending it when needed.

HODL and SPEND.

Hold your coins and spend it when you need it.

Ensure that you can find great ways to keep money, and use Bitcoin Cash because it allows you to HODL and to SPEND it.

This is Rowan, signing off, wishing all a safe journey ahead.