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BCH: designing a roadmap, part 1

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Avatar for TomZ
Written by   299
6 months ago

I have been looking at the financial system that this world uses, and I think we can do better. A peer to peer cash system that eliminates the need, though not always the wish, for centralized decision points and clearing houses.

I believe I found this improved system in Bitcoin Cash.

If you want to go fast, go it alone. If you want to go far, go together.
— African Proverb

Bitcoin Cash is at a point where it needs to grow to become what I and many others feel it can be. As long as it stays small, it can be pushed around by the much bigger central banks. Likewise, while Bitcoin Cash is small investors can cause quite large price fluctuations that are unhealthy for our ecosystem.

Yes, there are metrics we can look at to conclude that Bitcoin Cash is really not small. The economic activity on the BTC Lightning Network is a fraction of what BCH does every day. As this is the platform that "the other" Bitcoin wants to use to grow, this is relevant to compare and we are clearly doing well here.

More technical metrics also give a positive picture. From the number of innovations going on, via the amount of full node implementations ending at and just general ability to scale. 30MB blocks (2.2 million tx/day) on a testing day a year ago, and on private networks there are nearly a magnitude more impressive results.

At the end of the day, scale comes from people using it. Yes, you need the ability to handle it for those people to stay, but scaling is first and foremost about having actual people using this in a way that adds value, that uses the network-effect.

Any roadmap for Bitcoin Cash is going to be about growth. How can we grow and how can we sustain this growth.

How can we grow our userbase?

The shortest answer here is to give users what they want. But, we need to qualify this a little as we could grow fast by giving away money or power, but we would not grow for very long. So the way to grow is to give users what they want without compromising on our core values and strengths.

What do users of Bitcoin Cash want? This question could give a large and complex set of answers, we could come up with new ideas and state that this is what users want, or say that we need a new transaction design that allows more features, because that is what users want. While not specifically wrong, this is also utterly unhelpful. If you believe so much more in selling cars, don't be part of the bakery business. We already have a product to sell. It is money that is fundamentally improved over all other versions of money that humanity has tried.

A good idea and great fundamentals don't automatically lead to a succesful product, though. Users get value in daily use. User experience is a huge part here. It is likely where our greatest strengths lie and where the most work can be done to improve the value proposition to user.

Improving the user experience attracts and retains users.

There are several categories here which are relevant:

  • Payment experience.
    Merchants and customers need to have a predictable and simple experience where the amount of (difficult) steps is kept to an absolute minimum.

  • On-Boarding experience.
    A new user (can be customer, merchant, etc) needs to get started easy and fast while feeling her money is safe.

  • Business-integration experience.
    Practically all systems the world uses do not support BCH, this needs to change. They need to start integrating with BCH because its profitable, because it makes sense. To do this, old and often closed software needs to start using BCH libraries and infrastructure.

Each of those categories should get its own post, focusing on the strategy for success for each. If you have ideas for any of these, please do leave a comment below!

To loop back on the saying at the top of the post, growth and long term success happens when we go in the same direction together. Ignoring distractions that pull us in alternate directions.

I would like people to consider that the implied effect of growth is that every single section of our ecosystem grows. More users also means more merchants. More of everything. Growth at the top (or bottom, depends on your viewpoint) is obvious. We want more users, so we expect the userbase to grow. Growth at other levels is less obvious. But this is not a company. This is a movement and a fundamental ecosystem. As the number of users grows, we will also see more developers join and I'm sure we will see more companies too.

As our ecosystem grows it would be nice if our innovation rate grows too. After all, more developers can do more work. More companies can try multiple different ideas. Just like the economy at large. The main thing here is that people should be able to join forces. Everyone re-inventing the basics, for instance, will undo the swelling number of developers completely.

How do you think that Bitcoin Cash can improve its user experience of being a better money?

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Avatar for TomZ
Written by   299
6 months ago
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Comments

Bitcoin Cash already has a good user experience. Thanks for sharing this information.

$ 0.00
6 months ago

Wow this article was really amazing I kept reading till I finally got to the end so entertaining Please subscribe to me for updates on tech and wildlife

$ 0.00
6 months ago

I believe not only paypal there other medium that carry the effectivly

$ 0.00
6 months ago

For me, as a user of BCH, I want ways to spend my BCH and see others spending theirs. Purse.io has really helped allow individuals to spend their BCH while using a popular platform (Amazon) that everyone knows about. I would like to see more businesses starting up that accept BCH and works towards replacing companies that don't want to accept crypto. If Starbucks doesn't want my BCH, then I will find a coffee shop that will.

$ 0.00
4 months ago

Hmmm BCH is indeed not small. Local transfers such as withdrawal via western union would be amazing 🤔

$ 0.00
6 months ago

agreed on the customer experience part, except programmability is part of user experience of money - we dont have a chance to compete without expanding programmability. (More on what remains to be done to improve the customer experience here https://read.cash/@tula_s/bitcoins-todo-list-67b05102)

But this is not a company. This is a movement

is PayPal or Visa a movement? nope. Is a private central (with its own currency) bank (LibertyReserve) a movement? nope. Bitcoin is a private central bank - a company. Movements dont have customers, users, products. (More on that here https://read.cash/@tula_s/what-is-bitcoin-cheat-sheet-4249a4d2)

$ 0.00
6 months ago

we dont have a chance to compete without expanding programmability.

I am not that easy dissuaded, the payment experience is definitely something that can be much better. Integration with banks has been pushed in the last years (they are actually innovating!) but its still much easier on BCH to provide utility and actual value in making payments easy.

If you state that you can't sell BCH without changing the basics of what it is (money), then I'd say you are not trying hard enough.

$ 0.00
6 months ago

no im not saying that that we need to change what BCH is (money). Im saying ETH is in exactly the same business (money) and we need to step up the programmability of our money to have a chance to compete.

$ 0.00
6 months ago

I would suggest to not try and compete with ETH, instead compete with the rest of the world. That is a much bigger pie to get a piece of.

My point here is that its a waste of your time if you don't believe in the core feature of Bitcoin Cash. If you don't think it can work but needs to become something else to be useful. Or competitive...

$ 0.00
6 months ago

i give up, we are clearly talking completely past each other

$ 0.00
6 months ago

Your article identified certain things to be done on BCH. You said something about roadmap, it is not clear to me. Is BCH not operating by a roadmap? I can't understand.

$ 0.00
6 months ago

Yes and no. There is a roadmap by Bitcoin ABC, but frankly nearly every node implementation on BCH has it's own roadmap. There's no central point in Bitcoin Cash.

$ 0.02
6 months ago

Thank you for shedding light on this. I have understood the concept now. I hope to see a roadmap that will project our esteemed coin to the moon. Thank you.

$ 0.00
6 months ago

Very long to read lol. But still very interested. Thnaks for sharing such information

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6 months ago

I think Telesfor has a very good point. Not only paypal, there are many apps and platforms that can carryout this operations even for free. people would have this in mind

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6 months ago

My greetings, I like your opinion about the current situation on BCH before society. In particular, I wrote an article on the same tune as this one. I am sure that what BCH needs to succeed is to do a lot of propaganda, to be present in the minds of people with the message that they want to give. It is about going "selling" the Bitcoin Cash project to people and making BCH an everyday occurrence.

https://read.cash/@ramonoropeza/does-the-bch-community-know-how-to-sell-the-project-thoughts-on-bitcoin-cash-bd3c88b4

$ 0.00
6 months ago

Bitcoin Cash already has a good user experience, the problem is that the competition is very stifling. I get answers like "why should I use Bitcoin Cash when there is PayPal? With PayPal everything is very easy and almost every online shop accepts it. I can use PayPal to transfer money to my friend for free right away and I don't care that it is centralized". What should I say to this?

$ 0.00
6 months ago

that means that the "good user experience" that we already have is not good enough. we have to be not 10 times better, but 100 times better than paypal.

$ 0.00
6 months ago

I agree

$ 0.00
6 months ago

Bitcoin Cash already has a good user experience

As the rest of your post points out, it may be good but its not good enough. There are a long list of improvements that can be made, opportunities used and privacy usecases expanded.

Because doing it just as good as the competition doesn't make anyone change their behavior.

$ 0.00
6 months ago

It will be damn difficult to compete with PayPal in the developed world. But to use PayPal you need to have a bank account or a credit card. But in the developing world a lot of people don't have it. This is a huge opportunity for Bitcoin Cash. Bitcoin Cash has a real advantage over other payment methods in the developing countries.

$ 0.00
6 months ago

True, but there is a gap to be filled : in order to use BCH you have to mine or buy. How can they buy without a bank account ?

$ 0.00
5 months ago

For example using https://local.bitcoin.com

There will always be people who have bank accounts. These people can buy BCH and sell it on https://local.bitcoin.com

$ 0.00
5 months ago

Even just outside of the USA the influence of PayPal is far lower and there are real opportunities for the competition.

$ 0.00
6 months ago

far lower : May be this is a too strong word ! USA is not the only developed country, you know ?

$ 0.00
5 months ago

Bitcoin Cash already has a good user experience, the problem is that the competition is very stifling. I get answers like "why should I use Bitcoin Cash when there is PayPal? With PayPal everything is very easy and almost every online shop accepts it. I can use PayPal to transfer money to my friend for free right away and I don't care that it is centralized". What should I say to this?

$ 0.00
6 months ago