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Written by   1075
3 months ago
Topics: Bitcoin Cash

14 years ago Satoshi Nakamoto published the Bitcoin whitepaper , the book that lays the groundwork for the largest and best-known cryptocurrency in the world. This 'book' is accompanied by the main fundamentals and characteristics that define the currency, highlighting the ability of users to transact without depending on any government or/and financial entity.

This ability makes Bitcoin an inovation in the monetary field by decentralizing all the power of money transferring it from financial institutions to the common man, this man who truly has the right to use and employ money in the best way he wants. The pretension of banks to always keep the money as a form of enrichment by charging fees and commissions for the use of services by the customer is easily circumvented by the use of Bitcoin.

Bitcoin has always been a genius project by Satoshi Nakamoto that gives back the ability of man to make payments for goods and services or even send money to family members quickly, cheaply and dynamically without borders, because, living on Blockchain can be moved 24 hours a day, three hundred and sixty-five days of the year without interruption.

Payment or transaction interruptions do not apply to Bitcoin as the network is an Open source, with several computers spread around the world as a way of verifying and confirming transactions on the network and as a reward, miners receive portions of Bitcoin on dedicated blocks according to the hashrate produced by the proof of work (POW).

Bitcoin has no borders, lives on the Blockchain, is cheap and confirms fast on the network serving for e-commerce as well as money remittances. Not only, Bitcoin is a currency trusted by merchants as it allows them to circumvent, for example, commissions charged by banks and also has in Bitcoin the sense of ownership of the asset.

Hey, make no mistake here, the Bitcoin I am referring to is Bitcoin Cash, the same that is portrayed in the whitepaper and that many decide to ignore trying to create mechanisms that change the reality of Bitcoin such as the introduction of the Lightning Network (LN) that makes it centralized network and constantly fails to the client/user. Bitcoin is decentralized and the whitepaper guarantees the foundation, contrary to lightning Network which is not even in the 'official book' of Bitcoin.

Bitcoin Cash in the world, statistics, spread in the world

Did you know that Satoshi Nakamoto is the biggest Bitcoin Cash holder on the planet?

This observation is based on the simple fact that the creator of Bitcoin is the person with the largest BTC wallet in the world and, at the time of the fork, he also secured one million Bitcoin Cash coins and more! The 'father' of Bitcoin is also the holder of other cryptocurrencies obtained by the BTC fork making him one of the biggest billionaires to emerge from the decentralized world of cryptocurrencies.

Note : Satoshi Nakamoto has never done any Bitcoin trading unlike other crypto-based billionaires, making him the biggest Bitcoin billionaire in the world.

As for the weight of the name Bitcoin in the world and ownership of cryptocurrencies, by the end of 2022, more than 89% of Americans will own or have heard of Bitcoin and about 1 billion people will be trading cryptocurrencies by the end of the year 2022.

Bitcoin is mostly used outside the US and Europe based on continents like Asia, Africa and South America. For example, in Nigeria one in three Nigerians have heard or used Bitcoin, justified by the mass interest in knowledge of the Young generation who seek alternative forms of payment since legal financial means such as PayPal have banned the country to have access to the services they provide.

Not only that, but also the deployment of platforms like Paxful in Nigeria and Africa in general allows traders to work independently and earn money without having to rely on traditional work, bypassing the massive unemployment problem that affects the world.

Other nations that use Bitcoin Cash as well as other cryptocurrencies are countries on the Asian continent and South America that are similar to the problems experienced on the African continent and with companies providing services in cryptocurrencies (making the swap between fiat and crypto currency easy) and a monetary base that has not yet passed laws that condemn or prohibit the use of decentralized currencies such as Bitcoin Cash.

Countries like Vietnam, Philippines in Asia are big users of cryptocurrencies and have ease of conversion into local currency which reduces the poverty level among the youth mass and connects the modern decentralized world in the local economy making the use of cryptocurrencies a reality every time growing in the society.

In Europe Turkey is also a big user of cryptocurrencies as well as other European countries but on a small scale of user. These territories of Europe, USA as well as the Middle East have large Bitcoin investors storing their economy in cryptocurrencies however, they do not use it in everyday life like in Asia, Africa and South America.

Summary

The use of Bitcoin Cash around the world is growing at a rapid pace, as seen for example on Bitcoin Maps , a worldwide directory that lists merchants around the world who accept the cryptocurrency for products and services.

Although the crypto market is still growing and at an early stage (so far less than 1 billion use decentralized currencies) Bitcoin Cash has a great chance of holding the next wave of people who will enter the market. This note is justified because Bitcoin Cash has what people is looking for when learning about decentralized currencies such as transaction speed, low fees that allow more people to join in large scale to the community, a sense of currency ownership, non-custodial storage capacity or the use of Bitcoin Cash in decentralized finance (DeFi).

Therefore, Bitcoin Cash has immense potential and 14 years after the publication of the Bitcoin whitepaper, the currency remains faithful to the Bitcoin 'master' book and aims to encompass a significant number of cryptocurrency users to the decentralized Bitcoin economy.

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Written by   1075
3 months ago
Topics: Bitcoin Cash
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Comments

I am not aware if the UAEs and Muslims are into cryptocurrencies but I guess they are. Many traditional processes are adopting into online and borderless transactions too. PayPal indeed has some restrictions but is fine here.

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3 months ago

Some Muslims countries suck Morocco have some trading limitations but it's been opening slowly to the world

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3 months ago