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If I Trust Bitcoin Cash, My answer is YES

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Written by   822
3 weeks ago

I might as well start by asking if I trust the government to handle my money and unfortunately the answer would be a big NO. Why?

Because, the government never works for its citizens but for itself and the interests of those in power, there is always an obscure agenda behind which makes me never trust my money in institutions where they directly control it.

There is a 'conspiracy', if I may say so, of governments wanting to introduce their own digital money and thereby trick the people into accepting it as cryptocurrencies if it is and for this they spread to the four winds that it will be issued in blockchain and as most of the people don't understand they think they're actually dealing with crypto, but are not!

State digital money is not cryptocurrency

To be a cryptocurrency, it is not enough to be issued by the blockchain, but it has to be decentralized & open source, where the currency has no control of anyone and its issuance obeys that criterion. There are many currencies that claim that they are decentralized but that in reality their issuance is controlled and kept in a closed network.

This happens because there are people to control and maintain its issuance in a closed network, monitoring everything that happens in it and knowing who and how its value moves in it. This closed character of blockchain will be what the government will use and for its use certain criteria will be mandatory. The digital centralized money will be issued on this network, but it will never be under personal control but institutional, where the central bank will hold and monitor everything that happens on it.

For example the digital Yuan issued by the Chinese government [the biggest power in Asia and the second in the economic world] and Nigeria with its eNaira [Nigeria which is the biggest African country involved in cryptocurrency transactions] will launch their coins in a closed system where they can directly control their citizens 24 hours a day, 365 days a year.

The danger of centralized digital currencies

One of the biggest dangers of centralized digital money is the constant monitoring of citizens' personal finances, not allowing them to have maximum freedom to use their money in the way they see it fits better.

If in the past there was still a little freedom to withdraw money at an ATM and then use it wherever people go with centralized digital money, this will not happen because all the movement and use of it will leave a 'fingerprint' of the citizen on the network allowing them to know for sure how much you spent, where you spent it and how you spent it. And this will happen on a daily basis where monitoring and control will be constant, somehow intrusive and abusive.

Another thing, the use and development of cryptocurrencies in these nations may cool down as the governments for their CBDC [central bank digital currency] to develop will not allow them to be traded and used in their territory and if they are used they will have treatment hostile. This will happen so that they can have hegemony over the citizens and can 'force' them to make use of the centralized digital currency.

Therefore, I believe that a lot will change starting with the freedom that will reduce well with financial privacy will not prevail for those who make massive use of centralized digital currencies, and the population in their 'ignorance' will not realize that they are entering a big trap orchestrated by the government.

The ever-growing bet on Bitcoin Cash

For those who know and understand how the institutional world works, the best thing to do here will always be to make use of decentralized digital money. This will always be the best option as it will never have state control and will not be issued by the bank.

Bitcoin Cash will always be decentralized and with no human intervention is required for its issuance where everything has been implemented to serve the people making them benefit from the technology without having to pay or even worry about privacy since everything is done in open network and where there is total transparency in the transactions that take place on the Blockchain.

Bitcoin Cash operates on Open source and anonymity can be total if the user uses Cashfusion where privacy is increased and guarantees absolute secrecy in transactions that take place on it.

Bitcoin Cash is what the people need and increases the freedom to use and maximize personal finances in a decentralized way, does not suffer from inflation and does not need to worry about storage because it is individual and the user is their own bank also directly controls his money.

To complete,

While governments try, and possibly may succeed, to introduce their fiat money in digital format, the risk of people losing their freedom of choice can be much worse since this money despite propagating that it is issued in blockchain, it is not decentralized and will be broadcast on closed network.

That's because for its control, issuance and monitoring to be effective it is necessary that an administrative agent, the central bank, manages everything that happens with the digital money.

Make no mistake, CBDC is state money in digital issuance, the same money that exists on paper, only this time in digital format so that its use can be fast, cheap to issue and can allow governments to implement their control system much more efficient.

Therefore, using Bitcoin Cash will be of great value as it does not share any of the fundamentals of digital money issued by the state. It is totally decentralized, issued in blockchain, open source, fast and transparent transactions as well as its use is domestic and international, allowing the Bitcoin Cash economy to be spread across the planet.

Bitcoin Cash works for the people not state money, does why I trust Bitcoin Cash.

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Written by   822
3 weeks ago
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Comments

i won't trust government made cryptos too, the use of the said crypto will be limited and there will alsi be a limit how much one can only own.

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2 weeks ago

I will neither buy nor use any crypto that I know has banks or countries behind it.

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2 weeks ago

That's good, crypto in banks custody go against all what decentralized money represent

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2 weeks ago

I am just learning about this world, but I found this article really interesting, it was very useful for me.

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2 weeks ago

Great writeup. While most people where I live (USA) still trust our government regarding currency, I have traveled to and lived in other countries where the currency has not been as stable. Real decentralized alternatives are the future, and although I am only a recent user of BCH, I am liking the practicality of it more and more, compared with BTC, which is less useful for micropayments.

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3 weeks ago

The government never does anything for the people and when it does it because it wants something in return so why trust it? It is preferable to do things for ourselves and use currencies that really benefits the people and certainly BCH is that money, easy to use and quick to transfer.

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3 weeks ago

I agree,Bitcoincash works for people unlike government which only think about their own motives and never care about interest of its citizens.

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3 weeks ago