I don’t normally write articles about cryptocurrency, which I know is strange for this platform, but this caught my eye and I had to say something about it! Check out this video:

1stmil.com, the username of this YouTuber, makes some good points. Most people, myself included, would rather hold onto our BTC like gold, or a savings bond, or maybe like a retirement fund. We don’t want to spend it if we don’t have to, but BCH is designed to be spent.

Someone from Shark Tank (American version) said that he believes Ethereum is the cryptocurrency that competes most closely with fiat for legitimacy, but the sheer number of people who have BCH and would like to spend it rather than hold out onto it or transfer it over to a crypto card to be converted into something else and spent is quite high.

I would like to spend mine, for example. I’m saving up for something special, but I would like more options when it comes to spending my BCH.

The BCH community learned in March that Elon Musk wouldn’t be allowing BCH as a payment. This YouTuber apparently owns $141,000 in BCH, which is just enough to cover three Teslas.

Just in case anyone reading doesn’t know, a Tesla is a car. For as ugly as it is, I would personally rather own a Tesla cybertruck. It looks awful, but it can’t be worse than my crappy Ford Ranger that’s falling apart. I figured I should throw this in here as an aside.

Anyway, there’s another perk to accepting BCH in addition to BTC: gas. It takes quite a bit more money now to transfer BTC across wallets than it does to do the same with BCH. To retrieve Bitcoin from my Paxful account, it costs almost $30! I could take all of my Bitcoin Cash out of this site right now for less than a penny.

This means that taking out BCH is like withdrawing money from an ATM with a small fee attached. BTC is like trying to by a $1 bottle of water and paying 20 times that when you actually get to the cash register. It’s a huge problem I see attached to Bitcoin that won’t be going away soon and is something altcoins can use to their advantage.

The Other Strategy?

I don’t know if this was intended or not, but perhaps 1stmil.com also did this to get Elon mentioning BCH. Given how the price of BTC shot up after he merely mentioned it, perhaps he’s hoping BCH will increase as well, bolstering his own holdings (and ours!) in the meantime.

I can’t say for certain about all of this, but it was an interesting video. Hopefully, Elon Musk will jump on the bandwagon and start accepting BCH and other cryptocurrencies as well.