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Why did I choose Bitcoin Cash BCH?

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Avatar for Telesfor
Written by   1127
8 months ago (Last updated: 3 months ago)

Many people buy cryptocurrencies. There is also a wide range of them. Most people see it as an investment, many look at the projects and if they think a project is promising, they buy the coins or tokens. Other people buy the coins that are just pumping, hoping to make a quick buck and still others trade the coins. All these people have one thing in common: for them, cryptocurrencies are just a means to get more fiat money.

My motivation is different, I am not interested in fiat money and financial speculation is not my speciality. But I have been studying the world financial system for a long time and have come to the conclusion that the system is irreparably broken and must collapse. When it will happen, I don't know. In 2008, the system almost collapsed, but was saved at the last moment. I don't think the system will survive the next crisis. That is not just my opinion. There are various experts who also see it that way.

What happens when the financial system collapses? No one knows for sure. One thing seems certain. Monetary transactions will be severely disrupted, perhaps even impossible. Satoshi Nakamoto recognised the problems and, in order to prepare the world for the collapse of the financial systems, invented Bitcoin.

Bitcoin was not invented to be digital gold and not to serve as a store of value. Bitcoin was invented to serve as a functioning permissionless digital currency in the event of the collapse of the financial systems.

Many don't know it, some have forgotten it, but that is the goal of Bitcoin. Unfortunately, BTC no longer fulfils the task, because BTC is simply not technically capable of functioning as a currency for the whole world. Even now, although BTC is hardly used, the blockchain is clogged. Some transactions wait weeks for confirmation, or you have to pay very high fees to get the transaction processed within 10 minutes.

The Lightning Network, which is often touted as a solution, is not one at all. Firstly, it does not work properly because the routing problem is not solved (because it cannot be solved). Secondly, expensive on-chain transactions will always have to be carried out to open and close channels. And thirdly, what is worst of all, the LN transaction goes through middlemen, these are centralised servers that belong (or can belong) to a few companies. Here I wrote why Lightning Network will fail.

There are several cryptocurrencies that have low transaction fees and can theoretically become a world currency. NANO is often mentioned in this context. The problem is, all of these coins have no adoption, or no adoption at all, and I don't think they will each achieve significant adoption.

Bitcoin (Cash), on the other hand, has several supporters who are campaigning for adoption. I don't see that with any other coin. I don't see any coin other than Bitcoin Cash being able to serve as a functioning currency in the event of the collapse of the financial systems.

This is the main reason why I have chosen, own and will own Bitcoin Cash, regardless of how the price will develop in the short term.

A good video about Bitcoin history you can watch here:

Here I have written how does Bitcoin Cash wallet work.

And here I have written how does Bitcoin Cash network work.

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Avatar for Telesfor
Written by   1127
8 months ago (Last updated: 3 months ago)
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Comments

Hello, thanks for recommending this article. it is easy to understand. Well, for me that I don't know much about the subject I process it little by little. In fact, in my imagination, I made a post about something like this, how it would be in an imaginary world transactions using digital currency. it is a children's story. I hope you enjoy reading it... https://read.cash/@rodriguezpct/swimming-among-sharks-edcda51f

$ 0.00
3 months ago

Thank you for the comment. I already read your article yesterday and gave it a little tip. It was very interesting.

$ 0.00
3 months ago

Interesting thoughts on the future of the financial system. I agree with you that there will soon be a collapse of the system. You are quite right in pointing out those who only seek profit from financial speculation, perhaps, they do not see beyond what the system allows them to see.

I'll be honest with you, I'm not that optimistic about the evolution of crypto and its massive adoption. I want to think about what we will win, if so, BCH is my bet to replace fiat money. But I can't imagine the elites of the global corporate conglomerate giving way to people like us. It is an ongoing fight full of obstacles. For example, just look at what was done with BTC.

In the meantime, do what it takes and adapt to counter the next steps of the world's masters. I do not know if they are stories to scare children, but the objectives of the satellite internet and the quantum financial system sound like a very real threat.

$ 0.00
8 months ago

No one knows what the future will bring. If the global financial system collapses, no government will be able to save it. Every country, or every economic region, will try to come to terms somehow. But don't overestimate governments, they are not all-powerful. It will definitely come with losses for ordinary people. I want to be prepared for the situation. I suspect that a situation may arise where merchants will accept cryptos (especially BCH) and not worthless fiat.

$ 0.00
8 months ago

No one knows what the future will bring. If the global financial system collapses, no government will be able to save it. Every country, or every economic region, will try to come to terms somehow. But don't overestimate governments, they are not all-powerful. It will definitely come with losses for ordinary people. I want to be prepared for the situation. I suspect that a situation may arise where merchants will accept cryptos (especially BCH) and not worthless fiat.

I do not overestimate them. They simply represent one more player who should not be underestimated and who will defend his interests. I also bet on BCH and those cryptocurrencies that can really add value to people. When I speak of value, I mean the value of use, especially, that frees us from the oppression of them.

$ 0.06
8 months ago

I became aware of the benefits of BCH regarding the speed and low transaction costs only once I joined ReadCash. I think BCH still has a lot of grounds to cover in terms of creating awareness but I see that it is progressing in the right direction thanks to efforts of people like Roger Ver. In terms of being ready for the next financial crisis I am making a more balanced portfolio including BTC, BCH and many other coins which generate passive rewards through staking. Cheers!

$ 0.00
8 months ago

We have already discussed BTC on read.cash. Our opinions differ and that is unlikely to change. For you, cryptocurrencies are an investment to earn more fiat money. You see it as a portfolio.

I see Bitcoin (Cash) as an alternative world currency that will help us do business after the collapse of the financial systems. That is a fundamental difference between us.

$ 0.00
8 months ago

I totally get your point of view but just to clarify that my aim is not to make a dollar profit. I am sure that sooner or later the fiats will collapse. The only difference is that I am not going to bet 100% on BCH, I would prefer to hedge and diversify with BTC, Monero etc as I still feel there is a possibility that some other coins besides BCH might survive the financial meltdown. Cheers!

$ 0.00
8 months ago

I am not saying that only BCH will survive. Other coins will also stay. All of them that will have a use. Unfortunately, BTC is not one of them. SoV is not a use, it is a fairy tale made up by core developers (have you seen the video in my article?). It will only last until the Ponzi scheme ends. I don't know when that will happen, but it will certainly happen.

Bdw. Thank you for the tip. 😄

$ 0.00
8 months ago

Well, certain devs are about to release an EVM/Web3 sidechain on BCH called SmartBCH. When people take note of it, then we can run ETH apps on BCH after that.

$ 0.00
8 months ago

This is also the reason why I believe in BCH because like you said another coin that has the same mechanism does not have an adoption, they sure have scalability and lower fees but they don't have any merchant adopting their coin.

$ 0.00
8 months ago

You have made the best choice which I think anyone who recognized the failure of the present financial system would chose as well. As for other coins like Nano, Cardano etc, all of them put together can't compete with BCH. You may like to read my recent article titled "crypto race, BCH won already".

$ 0.00
8 months ago

Nice to learn about your vision. Within a couple of months, BCH became one of the coins in my long term portfolio. Mass-adoption is crucial for the bad days you mentioned. I appreciate the way BCH build for people who live in developing countries. Next phases are going to be exciting imo ^^

$ 0.00
8 months ago

Hey man, I agree with most of your points. However, what do you think about HIVE? no transaction fees, Leofinance and a lot of people pushing for adoption (as well as a large ecosystem). I adopted both BCH and Hive myself. Cheers

$ 0.00
8 months ago

I do not have the impression that HIVE can achieve mass adoption. But HIVE can survive for special applications.

$ 0.00
8 months ago

That's why BCH is going to take over BTC do as as what satoshis says in its white paper. Bitcoin is now compared as to digital gold, but we have BCH as a global digital cash.

$ 0.00
8 months ago

Dear friend, your analysis on the financial market is amazing, I am an ignorant of the subject, but reading analysis or writings like yours, something is learned. I came to thank you for the support you gave me by voting for my writings. Thank you very much. Unlike many and even you, I do write to help myself and my family, with what I earn as a pensioner in my country, $ 0.80 per month, is not much I can do. But if I can write, like now, that becomes a very good help for my family. A hug and I hope you have enough time to read me!

$ 0.05
8 months ago

You're right. I have never seen any other used for normal transactions, too. Like in paying member fees at gyms, donations, and like what we are here at readcash. We get paid through BCH. I have seen other crypto blogging platforms paying cryptos but those crypto are not known by most people and hard to trade. Normal people can't understand them, unlike BCH.

$ 0.00
4 months ago

There are many different projects that use different tokens. The problem is, these tokens can only be used on this one platform, otherwise they are useless. With BCH, it's different. It's a real currency that you can use in many places and convert to fiat if you want. ETH is also very common, but the transaction fees for ETH are also too expensive.

$ 0.00
4 months ago

I agree. Even when creating an ETH wallet in e-wallets require a certain amount before you can create one.

$ 0.00
4 months ago

Good explanation @telesfor. Good comments coming around also. I wish to save BCH against this predicted fiat collapse. Writing articles and earning fragments of BCH; do you think 🤔 it can help someone to accumulate and hodl enough BCH?

Tell me if there’s another easier means of getting this money called Bitcoin Cash. Thanks 🙏🏽

$ 0.00
8 months ago

I do not know how the BCH price will develop, I am not a clairvoyant. It can make sense to buy BCH now because it will never be this cheap again, but the price can also fall. I don't invest all my funds in BCH. I hold about 10% of my liquid assets in cryptos. A little more than half of that is in BCH.

I don't know if there is a better way to get BCH at the moment than exchanging fiat for BCH. The best would be if the work (or goods and services) was paid in BCH, but that is rarely possible at the moment.

$ 0.00
8 months ago

I also believe that Bitcoin Cash will be the one that will continue the Bitcoin's legacy which is to serve as peer-to-peer cash and not only about investment.


By the way while reading this something popped up in my mind. May I ask if why Bitcoin and Ethereum has high transaction fees compared to other coins?

$ 0.00
8 months ago

BTC is broken because the block size is limited to 1MB and core developers didn't want to increase the block size (that's why Bitcoin Cash was created). Ethereum also has too small a block size, but it will be increased in a few months. Then the fees would have to fall.

$ 0.00
8 months ago

Thanks for the info! Got it now!

$ 0.00
8 months ago

Watch the video I have embedded, to understand why BTC has such high transaktion fees.

$ 0.00
8 months ago

Okay okay I will do it😁

$ 0.00
8 months ago

Hello sir, I followed you here. 🤗 Well, you know already why I chose also BCH over BTC. I already commented on your post in noise. 😊 I knew already about BTC before around 2017 but it doesn't mean that I know already about it. I joined raiblocks before, I earn xrb or mrai thru captcha. I was a 2nd yr student college that time and badly need money , glad that I found that freesite. But it was gone now. It help me a lot before. Everytime I earn 100 - 200 plus mrai before i always convert it from btc to peso coin which is our currency. Our leader did not tell us about crypto or the btc. So , I don't really have idea. After that site was gone, I read about crypto about btc. I read some and then look for freesite again but failed. I thought btc is the only crypto not until my aunt introduce about noisecash. It was the time I read articles about BCH. I know I need to read more to be knowledgeable in this community. But one thing is for sure, I love BCH so much. ☺️ It helps me and my family for our daily needs. I want to earn and save some for the near future. 😊☺️ God bless sir. I will be reading your othwr articles too cause I know, I will learn from you.

$ 0.06
8 months ago

Thank you for your comment. Stay with Bitcoin Cash BCH. This coin has a great future. Don't spend it all. Always keep some of it. It can help you a lot in the future.

$ 0.00
8 months ago

Yes sir, I will not make same mistake like before. ☺️ Thank you.

$ 0.00
8 months ago

Wow thanks for the sharing these and lucky i am i found these amazing article and i became more motivated to continue and earn more BCH for the future and im earning also just yo hold 1 or more bch🤗

$ 0.00
7 months ago

Hello, just question, if fiat system collapses, how can you prevent crypto from collapsing too? Because all crypto operations today heavily depend on current system backed up by fiat. Just curious about that, because I can not see how one system can survive if depends on infrastructure and day to day operations of fiat. Change can only happen gradually without major earthquakes, otherwise nothing will survive. Would like to receive thoughtful explanation.

$ 0.00
7 months ago

Bitcoin Cash transactions (and all crypto blockchain transactions) are completely independent of fiat. Only trading on the exchanges has anything to do with fiat. However, many transactions are processed directly, without fiat.

Bitcoin Cash system cannot collapse because it is supported by the blockchain, which is installed on thousands of computers. It is independent of the banks. If the banks collapse and transfers between banks do not work, Bitcoin Cash will continue to function.

By collapse, I don't mean the collapse of prices, but the collapse of the whole system. Bitcoin Cash blockchain will never collapse because there will always be miners who will find it worth their while to mine the blocks. That is the genius of the system. The only thing that can change is the price. And the price will probably only go up in the long run.

$ 0.01
7 months ago

Yes, it is true. Bitcoincash many are adopting it. I saw it on youtube

$ 0.00
6 months ago

Is BCH a good investment?

In technical terms, Bitcoin Cash (BCH) has bigger blocks and can process more transactions at lower fees than Bitcoin (BTC), which makes BCH a better investment, especially for users who are interested in everyday payments and online purchases.

Is BCH better than BTC?

The Bitcoin Cash network can handle many more transactions per second than the Bitcoin network can. ... Similarly, bitcoin remains the most popular cryptocurrency in the world as well as the largest by market cap, so users of BCH may find that liquidity and real-world usability is lower than for bitcoin.

Is Bitcoin cash a good investment 2021?

With less than three years in the cryptocurrency market, Bitcoin Cash (BCH) has continuously proved its great investment potential for traders and investors alike. Bitcoin Cash is predicted to keep skyrocketing over the next couple of years.

and now it depends on everyone's thinking

as you wish

$ 0.00
6 months ago

Got the same reason y i also choose it, Sir, especially the fees r so low n affordable n it will only take a minute then the amount u had transferred will be there, bitcoin cash r for people n really glad that i knew it when i joined here n be a member/user here at read.cash

$ 0.00
8 months ago