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Why I don't use BTC?

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Avatar for Telesfor
Written by   775
7 months ago (Last updated: 6 months ago)

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.

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.

Source: tradingview.com

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.

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Avatar for Telesfor
Written by   775
7 months ago (Last updated: 6 months ago)
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Comments

Maybe they were still hodling it thinking that BTC can still beat its highest mark way back on February 2017.

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3 months ago

It was Feb 2018

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3 months ago

Oh sorry, a mistake of keyboard 😂

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3 months ago

Bch for me is better than BTC

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6 months ago

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.

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7 months ago

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.

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7 months ago

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.

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7 months ago

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.

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7 months ago

Oh, I see. Thanks for the information anyway.

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7 months ago

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.

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7 months ago

Well I respect that because that's your point of view and everybody is entitled for that. But it can't be denied that BTC is the biggest in market now. There's a lot of business around it....

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7 months ago

Market capitalization is of no importance to me. The direction of change and future prospects are important.

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7 months ago

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!

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7 months ago

Also, a lot of top developers would want to work on BTC versus something else.

Can you give me any examples?

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7 months ago

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.

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7 months ago

"Last year", "wanted", Send me current links.

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7 months ago

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.

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7 months ago

To my knowledge, nothing is being developed at Bitcoin Blockchain. All development takes place in the Lightning Network.

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7 months ago

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?

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7 months ago

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.

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7 months ago

This article clarifies certain things about BTC as some people may not know, especially the newbies. Thanks for clarifying it.

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7 months ago

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.

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7 months ago

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.

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7 months ago

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.

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7 months ago

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.

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7 months ago

That's interesting...Well i will be waiting for that article then.

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7 months ago

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!

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7 months ago

What do you do with the BCH you earn here?

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7 months ago

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.

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7 months ago

My question is how do you spend Bitcoin Cash. Do you exchange it into your local currency? Who, how?

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7 months ago

Am new in the crypto world and my experience so far with BTC has been bad compared to BCH, high transaction fees and also takes much longer to process...not good

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7 months ago

I have a very good experience with BCH. More about Bitcoin Cash you can read here: https://read.cash/@Read.Cash/whats-so-great-about-bitcoin-cash-26bdb6f0

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7 months ago

Thanks,my list of where i can spend my BCH just got bigger!.Am not only sure how I can withdraw it from the mobile wallet to my bank account

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7 months ago

That depends on your country. I don't know which of your Exchanges will exchange BCH into your local currency. Maybe you can find something at https://local.bitcoin.com

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7 months ago

Your points are indeed good. Many people wouldwant to hodl and hold in BTC other than cryptocurrency.

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7 months ago

Thank you for this very informative article! I am new to crypto currency and just using faucets to earn them. 👍

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7 months ago

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.

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7 months ago

Yes, it seems that something that is very avoided for Bitcoin is the problem of transaction costs which are quite expensive.

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7 months ago

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.

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7 months ago

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).

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7 months ago

Thats too right also! Just 2days ago,I had to give 0.60$ fee to withdraw 4$ of eth!

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7 months ago

Well written

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6 months ago

Thank you sir for this great information. I'm new in read.cash This article is very important and informative for me and all who are new in read.cash Thank you.

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6 months ago

We liked your post so much that we had no idea about it so from now on we are very happy to see your post that your post is very nice and we know it. Thank you very much for sharing it with us.

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5 months ago

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

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7 months ago

very interesting to consider.

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5 months ago

thank you for sharing info about btc because i don't have idea of them.

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6 months ago

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

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6 months ago

Which wallet do you use (except read.cash Wallet of course)?

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6 months ago