BCH Adoption
The advantage of Bitcoin Cash and Adoption of BCH - The advent of Bitcoin Cash and the preceding hard forks has been on my mind. I look at the network as a whole and ask myself, "Is it really possible to build a business on this?" Let me explain a little.
The Bitcoin network is primarily used as a currency, it was designed this way. As a currency, the network designed to handle about ten transactions per second. That's around 100,000 transactions per day. If you want to use the Bitcoin network for commerce, you've got two choices.
One is do everything off-chain and use base layer for settlement.
Second is to do everything on chain and rely on technologies like Lightning.
Doing everything off-chain means you're doing a lot of long term accounting, but you might save some on transaction fees. Doing everything on-chain means you pay more in transaction fees, but you can build native applications that are more responsive and less resource intensive. People are doing both, they're doing all sorts of things in fact, but mostly they're just trying to get by in their everyday lives.
Areas where BCH could be easily adopted are listed here below.
BCH could be adopted by accounting and auditing industry, because the BCH is digital money which could be used on an account and auditing industry.
Another industry that could adopt BCH is businesses, because the BCH is a cryptocurrency, it has very low cost transactions fees and only 3 confirmations needed to be confirmed in the blockchain so its transaction will be very fast in business.
With the US Internal Revenue Service's ruling that Bitcoin Cash (BCH) is property, businesses that hold BCH may be able to offset some of those capital gains against their taxable income. This could be helpful for small businesses that use BCH as the main currency for payment.
Another industry that could adopt BCH is some exchange platforms and brokerage companies, because there are already many companies accepted BCH as the payment for their services.
There are also some new companies founded to support BCH.
One of them is local btc.com, through local btc.com, you could easily buy and sell your BCH. Local btc also has some local trading communities where you can meet other people who are also interested in blockchain technology and cryptocurrencies.
Another company that supports BCH is Coinflex Market. This website provided online cryptocurrency exchange platform where you can buy and sell your bitcoins with your favorite cryptocurrencies or fiat money.
Other than CoinflexMarket and local btc, there are still many companies who supported BCH like Blockchain wallet, BTC.com, Bitpay, Bitmain, Trezor, Coinomi Wallet, Coinbase etc...
I'm an enterpreneur and I love to think about new business ideas. A few years ago, I traveled and was standing in an elevator with a merchant from California when the conversation turned to Bitcoin. He told me about mining and how he bought his first coins at $10. I remember asking him, "So you must have done pretty well then?"
Now that I have adopted the use of BCH in my small business, I am pretty doing well as well.
To my wonderful and extreme subscribers, inspiring readers, commentator, Upvoters and also my generous sponsors . Thank you all so much for been there, from the bottom of my heart I say thank you. Adereign cares.
