@Telesfor
edited
more from that month
Why I don't use BTC?
In my last article "Why do I use Bitcoin Cash" I announced to write why I do not use BTC. The easiest answer is: Because I do not own BTC. I dropped my entire BTC because it has become useless to me. In 2017 and 2018 the fees became so high and unpredictable that I could no longer use it. Many merchants have stopped accepting BTC. I had to wait a long time for confirmation and pay a lot of money for it. https://read.cash/@Telesfor/why-do-i-use-bitcoin-cash-fd0c1cd5 More and more people have bought BTC in order to speculate and get rich quickly. People who often did not make a single transaction and only speculated with their BTC on exchanges. Little by little, BTC did not become money, but a share. A bad stock. And I don't need a bad stock. If I want to buy stock, I buy stock in companies that create value and produce something. What does BTC produce? Other people have bought BTC and do not sell or use it. These are hodlers. Why are they holding it? I don't know. Some say BTC is digital gold. But is it? Gold is a metal which has always played a special role in the history of mankind. Gold is used to make jewellery, gold is used to make televisions, smartphones and thousands of other goods. Gold has a utility value. What is the utility value of BTC? Compare the price of BTC and gold last year.
Which is the better gold? As you can see, I am not a hodler. I am of the opinion that Bitcoin is to spend and not to hodl. I also have some crypto, which I do not spend, but it is not excessive. If I were to lose everything (which of course I don't hope to do) that wouldn't be a big problem for me. But these are cryptos I can use and do use. They are cryptos, which in my opinion will be used more and more often in the future because they have a utility value. There are some BTC supporters who place their hopes in Lightning Network, which makes cheap transactions possible and could give the BTC a utility value. But I am convinced that Lightning Network has no future, and here I wrote why. https://read.cash/@Telesfor/why-will-lightning-network-fail-b36a1563
62 comments
Hmm... Those are really deep insight's on why you don't use BTC, I didn't even think this far I just generally didn't like the idea behind it especially the receiving duration and the rate charged.. but when compared to gold BTC is not all that valuable to hold onto. Now I heard of lightening network, I haven't heard about it before... I think I have to make research before your next post.
I'm glad my article got you thinking. I am curious if you share my opinion about Lightning Network, which I will present in the next article
The first reason is that fee has become too high for transection! I also dont like it for this reason.I always tell my group to use BCH or ETH.But rcently I have started to like BCH more after coming to read.cash platform.
I think that Ethereum is also a very good platform. Unfortunately ETH is sometimes also very overloaded and you have to watch out for the fees (gas).
Thats too right also! Just 2days ago,I had to give 0.60$ fee to withdraw 4$ of eth!
The fees problem doesn't exist in the case of BCH as they are very low. But i have a question not very related to your article: If BCH made it and become as popular as BTC now ( i mean high price and famous), then what can stop what happened with BTC (fees becoming so high) from happening again with BCH? I don't want to be understood as i'm doubting BCH because i'm not, but I couldn't find an answer to this question.
That's a fair question. BTC price increases because the BTC block size is only 1MB and the Bitcoin Core developers do not want to increase it. This means that only a maximum of 6 BTC transactions per second can take place. BTC also has a special mechanism RBF (replace by fee) which makes it possible to increase the fee for broacasted transactions afterwards, which leads to a constant increase of fees when there are many transactions. BCH has no RBF and the block size is much higher, now 32MB, which is quite sufficient at the moment. It is even much too much. Bitcoin Cash makes updates 2 times a year to improve the software. If necessary, the block size can be further increased. Bitcoin Core does not do any updates at all.
I understand. Thanks for the very detailed answer. But from the same answer I can also understand that BTC is going straight to the wall; if they don't increase the block size and also due to the RBF the fees will just keep growing until you have to pay a huge amount as fees, maybe even as much as the amount you want to send. I guess at that time the developers will increase the block size just a little.
No, they won't do that. They want people to use the Lightning Network developed by the Bitcoin Core developers, not the blockchain. I'll write about it in my next article.
That's interesting...Well i will be waiting for that article then.
Yes, it seems that something that is very avoided for Bitcoin is the problem of transaction costs which are quite expensive.
Well and well, am not really conversant with crypto currency and how it works, i have been trying to earn some btc Satoshis from a faucet to no avail. It's here in read.cash that i got my real first crypto which is BCH, and have been able to bring it home in my account. Honestly i don't think it can be better than this. I will not try BTC knowing the cost of bringing it home. And again hodlers has made BTC far from the reach of ordinary people by holding it, and from your article who knows what may happen to BTC tommorow. It's better to have something you can spend than living on speculations.
The price of each crypto can change quickly. Not only BTC price is very volatile. Also BCH price can fall or rise quickly. Maybe it will stabilize at some point, but even at the moment I would advise everyone to keep only a small part of their assets in crypto.
I am a newbie in this kind of online earning source. I don't have any clear idea about all these. I can get some information from your article in this regard. Great job!
What do you do with the BCH you earn here?
Earlier i had some earning sources. I used to teach students but now for this pandemic everything is stopped. So,i spend this money for my necessary stuffs.
My question is how do you spend Bitcoin Cash. Do you exchange it into your local currency? Who, how?
Thank you for this very informative article! I am new to crypto currency and just using faucets to earn them. 👍
It is perfectly legitimate to use the faucets to get some BTC. If somebody can make money from that, it's good. I wrote why I don't use it.
This article clarifies certain things about BTC as some people may not know, especially the newbies. Thanks for clarifying it.
While I agree on your general sentiment, it still is the largest cryptocurrency by market cap and popularity. With the kind of skepticism going around about the cryptos, it will still have the advantage with being the most known crypto currency. Also, a lot of top developers would want to work on BTC versus something else. I do agree with your thoughts that Lightning Network will not live up to the hype but there may be a new solution which might come out of this. But for cash and the use case of peer to peer electronic cash, absolutely BCH is the best we got!
>Also, a lot of top developers would want to work on BTC versus something else. Can you give me any examples?
Jack Dorsey last year started a crypto team inside twitter and wanted to hire developers to work on BTC directly reporting to him. Heard that attracted an impressive bunch of hackers. Also let me get back to you on some top guys already working on BTC.
"Last year", "wanted", Send me current links.
Agreed. People like Gavin Anderson have definitely shown support for BCH over BTC but I thought with the might and $$$ power of Twitter, Jack may have attracted some top talent but I don't know for sure.
To my knowledge, nothing is being developed at Bitcoin Blockchain. All development takes place in the Lightning Network.
I think you're right about that. All the development is towards the Lightning Network. It still beats me though why BTC is hugely ahead of all other crypto currencies. Just living off it's legacy I guess?
Look here: https://memo.cash/post/6d43c04aa4338f733845640f7b0296bb0eedb0337d2fcdb5ed7f602ad585eaca The BTC dominance falls and falls. It will still take some time until BTC is replaced. There is a lot of money. Many have already withdrawn their money, but there are enough stupid ones who still get in. But it is possible that it will be accelerated, as it was in 2017. Nobody can know that.
Your points are indeed good. Many people wouldwant to hodl and hold in BTC other than cryptocurrency.
I agree with this. I am a beginner when it comes to crypto. But one thing I noticed early is the transaction fee of btc. It is too much for someone like me who earns little and every satoshi is hard-earned. That's why I convert it to bch first before transferring to another e-wallet.
You're right. Bitcoin nowadays is very unpredictable and and not to earn. I have some legit BTC faucets and they're paying me very low satoshis for my hard work. That is why I also quit BTC. May the cost is promising but trading that kind of cryptocurrency will put you in a vey high risk. I can say Ripples is better Bitcoin. Why? Because you can easily earn Ripples without giving such great effort though the cost is low but still Ripples faucets is the best legit platforms. All you need to do is click on ads and invite. See, no hassle.
Maybe you can make money at Ripple faucets, I don't know. I don't find Ripple interesting because it's not free money. It's money created by a company that owns it. At Bitcoin Cash ( but also BTC ) anyone can create the money.
Oh, I see. Thanks for the information anyway.
Thank you sir for this information , I read some of your articles and I'm amazed and your fun that's why I will try my best to do my own articles, if you have time sir visit to my articles I want your suggestions about how to improve my writing, this is a big help to me sir. By the way , this article may help to understand the real value of it. I don't understand about the crypto currency but in your articles , I already understand it.
Thank you. I suggest you to read the read.cash tutorial: https://bit.ly/30BOlhI
Thank you sir, I already post in that community sir about the motivation to write more in read.cash for the new user to inspired them.
Hi sir, this is an amazing article full of information and data, i just liked all your posts and SUBSCRIBED YOU and i want to read more articles about you😊
Thanks for your upvotes that really meant a lot to me and extremely encourages me to keep on writing - I subscribed to you I can tell already you’re a professional writer
Thanks for the information. Please, I would like you to check out my post. I really need to know am doing the right thing. Thanks. Am grateful
Thanks For Sharing Such an Informative Article
What a long conversation. Interesting
Great info sir, this article discusses why you don't use btc. Because I don't use btc either, because I like to use bitcoin cash because of its quick withdrawal transaction. Then the transaction fee of bch is lower so i prefer using it than btc or other cryptocurrency
Which wallet do you use (except read.cash Wallet of course)?
I use coinsph wallet which is only available in my country of ph, it also has a btc wallet but i always prefer my bch wallet than btc wallet
This is not a real wallet, but an exchange. You don't have any seed or private keys there. I wouldn't keep coins there permanently.
Yes it has no seed phrase but it has a private keys, it called mpin 😅 Which is the 4 digit password , Actually I don't know if it is safe 😅
Pin is not a private key. You can use this pin only with couns.ph. Private Key looks like this: 5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAnchuDf You can import private key in a memo.cash wallet, member.cash wallet, electron cash wallet and probably other wallets and und you get access to your coins. Your private key is used to send your transactions.
Wow another information I've got from you sir, I'm happy to know that. What if trust wallet is it safe or not? Because I also have that wallet too.
Trust Wallet seems be OK. You should export your priv key and write it down. Here you can see how to do it: https://youtu.be/YQaMYZhsq6g
Thank you so much 😇 Maybe later I just need to prepare to go to work. 😇
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