Adoption, adoption, adoption.
It's what every cryptocurrency wants. It's what every cryptocurrency needs. To be successful in any meaningful way adoption as a native trading currency is crucial in creating a currency that is more than a mere investment, that instead creates a globally accepted token that is no longer controlled by a monopoly of ultra-rich individuals.
In many cases adoption has been ill conceived, with transactions requiring a conversion from cryptocurrency to a national currency at point of sale. While this is useful for merchants as they don't have to consider the logistics of accepting crypto, it's ultimately damaging to the goal of replacing archaic financial systems, instead creating a monstrous amalgamation of cryptocurrencies and the rapidly failing financial system our societies are bound to.
Few currencies have managed to break free of this cycle. But one stands out. One is brought to our attention time and time again with regular news of native adoption all over the world. What is that currency? Well of course, it's Bitcoin Cash ($BCH).
Bitcoin Cash
Bitcoin Cash is the result of a split in the original Bitcoin blockchain. When two distinct ideas about the future of bitcoin could not be reconciled the currency split and into two distinct currencies.
Bitcoin continued as a store of value, dominated by the rich with tremendously high transaction fees which prevent use for day to day transactions. Conversely, Bitcoin Cash is primarily a medium of exchange for commerce. This choice to focus on utility as a transaction currency is why it leads the way in native adoption, be it in your local bar, a taxi service in Venezuela or a hostel in India. It's simple and frictionless to adopt and so there is no limit to where it can be used.
This adoption has now continued with an independent Craft Market in Peru now accepting Bitcoin Cash. Situated just outside Lima this market has struggled in recent times and was in need of change. A decision among stall owners was that a move to accept Bitcoin Cash across the entire market could bring in more sales and make it easier, more secure and cheaper to operate.
Once again this adoption is another win for cryptocurrencies and another win for Bitcoin Cash. We can only hope this rapidly growing trend continues until everyone in the world is free from the shackles of nationally manipulated currencies.
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Which market is this? I want to go there.