How Bitcoin Cash Wins FinTech Challenges
Bitcoin Cash is winning two parts of the fintech game
The world witnessed various discoveries in resource transactions, from exchange methods comprising stones, metals, etc. to present forms of currency payments. Every financial instrument came as a requirement.
Cryptocurrencies appeared on the financial technology (FinTech) scene with Bitcoin. Several other cryptocurrencies are in the race. But, almost none are evolved as an easy financial instrument for payment usable by the common mass.
There are two main challenges in the domain of FinTech - time taken to complete a single transaction and fees for each transaction.
Bitcoin Cash has shown promise in two traits or qualities.
Fast processing of transactions -> fit for the consumer market.
Low transaction fees -> micro-transaction is possible.
Bitcoin Cash is winning the game by managing two usability and availability aspects well.
Promotion to the common mass <- the common people, are the users.
Payment system for the consumers <- required by the people for everyday use.
Any FinTech instrument needs to qualify above the standard performance.
The FinTech solution should be available for public testing and use.
So, what are the requirements to succeed in the FinTech domain after Bitcoin Cash qualifies with less transaction time and minimal fees per transaction?
Created GIF from the title texts and a Bitcoin Cash Logo from Bitcoin Cash Graphics.
The number one requirement is the promotion
The number one requirement of any financial instrument is its adoption. Unless people know about any product, how can people test it for adoption!
Is Bitcoin Cash doing something for its promotion among the people?
The answer is
"Yes, the founders of Bitcoin Cash have been promoting Bitcoin Cash through various channels."
Can Bitcoin Cash do something more for its promotion?
The answer is
"Yes, Bitcoin Cash may try promoting it as a superior FinTech instrument in the mainstream world in various possible ways."
Bitcoin Cash may have partners in the mainstream media for its promotion.
Bitcoin Cash requires acquiring the mainstream media to control promotion and adoption. If it happens, it will be a game-changer!
Suppose, top investors of Bitcoin Cash jointly acquire a big social media company? Say, if it was some of the co-founders of Bitcoin Cash who acquired Twitter instead of Elon Musk? The promotion and adoption of Bitcoin Cash would have been at the top of all the cryptocurrencies!
Please don't call my thinking wild daydreaming. It may indeed happen someday or the other that the top cryptocurrencies will acquire one or multiple social media and news media, which will probably be the game-changing moment for the entire cryptocurrency arena.
Number two is the payment system for the people
A FinTech solution may be great, but does it have ample scopes for the people?
Can the common mass utilize the fintech solution to adopt in their day-to-day financial payments?
A fintech instrument is ultimately a solution for the people. If people have utilities in its services, there are nothing better services one can imagine from it.
Bitcoin Cash has a variety of payment systems available.
Consumers can use it for peer-to-peer payments.
Merchants can use it as a payment instrument in their businesses.
Still, the number of payment systems available for Bitcoin Cash around the globe seems to be very limited. In some territories, there are almost no payment systems available.
Is Bitcoin Cash founders doing something for openning more payment systems?
The answer is
"Yes. The founders of Bitcoin Cash have been instrumental in opening more Bitcoin Cash payment systems."
Can Bitcoin Cash founders do something more for global payment systems?
The answer is
"Yes. The founders of Bitcoin Cash may try pushing Bitcoin Cash as a payment instrument in the mainstream market by making some extra efforts."
The Bitcoin Cash communities may try opening their own supply chains in friendly territories where the adoption is well and good.
People may call me a jerk, but I am thinking about a day when the founders of Bitcoin Cash will acquire one or multiple mainstream supply chain companies.
Closing thoughts (the "work in progress" game of Bitcoin Cash)
Bitcoin Cash has evolved as an improved cryptocurrency for peer-to-peer electronic cash transfer without a centralized banking system.
Bitcoin Cash is superior in processing transactions fast with low fees per transaction.
The carbon footprint of Bitcoin Cash is also fractional compared to the big Bitcoin. This trait is paramount for a cryptocurrency to survive in the long run.
Bitcoin Cash needs an extensive promotion and a vast network of payment systems for mass adoption.
May we hope that the founders of Bitcoin Cash push more steps to reach the mind common mass via promotion through acquisition or partnerships with a part of the mainstream social media?
May we hope to see more cross-border payment systems accepting Bitcoin Cash as a tendering currency?
Bitcoin Cash has already achieved the required quality of a superior cryptocurrency to beat its competitors.
Bitcoin Cash only needs to penetrate the mainstream fintech world in a planned and systematic steps. It is a "work in progress" game.
About me
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Unity (Debesh Choudhury)
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Lead Image: I created an animated GIF image from the title texts and a Bitcoin Cash Logo from Bitcoin Cash Graphics.
All other image sources are referred to just below it.
Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.
Unite and Empower Humanity.
May 08, 2022.
I really hope more and more will be informed about the benefits of BCH and start adapting it.