I wrote yesterday what I find to be significant for Bitcoin Cash.
SmartBCH is there and growing slowly, although the DeFi part and the NFTs seem to be at very low stage, one that will require a lot to change to make it work better and attract more investors. Not up to this discussion but will elaborate later as we move forward.
Bitcoin Cash has had a terrible decline recently, right after the bad news we learned from Kroger. For publicity reasons all announcements are good, and look at how Litecoin did right after the other fake announcement supposedly by Wallmart. It has performed a lot better ever since, found renewed investing interest, and probably the stupidity of the trading bots found in Litecoin a great price movement and high volumes.
Not saying this was good for Bitcoin Cash, it made a community that is 10 times larger than Litecoin to feel terrible and messed with our bullish sentiment. The new drop of BTC dragged together all cryptocurrencies again, and we are back below the $600 psychological level.
I find myself again with mixed feelings both positive and negative but I'm also having another feeling of anger towards what I see is an unfair judgement of Bitcoin Cash by the cryptocurrency community in total. Everyone is focused on their project, this is understood, but there is no support at all when there is an injustice, like all those cynics ready to create more confusion and call Bitcoin Cash a scam, for something that was the work of people.
All these I keep reading from today that are so happy to see Bitcoin Cash not performing and are claiming Bitcoin is a scam are just useless investors that have no brain to see they can easily be the next target of speculator scammers. It is depressing, annoying and stupid.
Another important part I explained already at noise.cash and at read.cash with my previous article, is that Bitcoin Cash is considered a currency. The big funds have tied bots to any announcement on twitter and other websites offering cryptocurrency news and these bots will buy with hundreds of millions of dollars any good news.
What I find important is having good news to offer, and make an effort to push Bitcoin Cash adoption. I've researched a lot on the various projects and sub-communities trying to spread Bitcoin Cash adoption.
I made up a plan that could help, but we will have to divide it into two sections.
Small Merchants and Medium Sized Businesses
Shops run by an individual merchant and medium sized businesses. Also this section contain freelancers and professionals that perform certain tasks or jobs. Professionals can be mechanics, builders, electricians, clothes manufacturers, etc.
Now most of these merchants and professionals, interact together. We have a house painter, that would ask for BCH as payment, a great success we onboarded this guy. But, this is just a small ring in a huge chain. We should also ask this guy, a few questions first:
Where does he buy his equipment and work supplies from?
Where he buys his groceries, and other consuming habits.
Where he lives and what other merchants can he recomment for us to approach.
There are some great Bitcoin Cash communities offering bounties too, but what are the results of those we onboarded so far. We should not just convince merchants accept Bitcoin Cash, but also present them with a way to use this BCH on their own to purchase the material they will require for their work, to buy their shopping and groceries, to buy gas, buy a car, etc.
This is now an economy in the making.
There is no point to just onboard someone to accept Bitcoin Cash but having very limited places to spend this. It should be a supply chain around these individuals that want to adopt Bitcoin CAsh and this supply chain to adopt Bitcoin Cash at a high rate.
And as adoption increases, those responsible for the onboarding process, must inform their clients, of recent changes, new places that accept Bitcoin Cash near them, and the current rate of BCH adoption by consumers. Eventually, there will be a whole economic system around in a niche chain that would become efficient.
A good example is the approach of North Queensland in Australia. It is a place a merchant or self employeed can accept Bitcoin Cash, and have no problem to keep it as money and use it to purchase most goods required for a small sized business or for home use.
I've also noticed this community is not just a couple of people promoting Bitcoin Cash, but the merchant's themselves are discussing Bitcoin Cash with anyone and also trying to onboard them. This is the winning strategy, onboard those that will also onboard others. It needs to be like that to succeed in the small and medium businesses.
The Big Guns - Corporations with multiple stores
In 2014, Microsoft accepted Bitcoin. Did you know that? Even Bill Gates discussed in favor of Bitcoin at that time and while he didn't researched a lot, he thought it was going to revolutionize payments.
In 2017, Microsoft stopped accepting Bitcoin, as the fees reached the ceiling and nobody wanted to deal with BTC as means of payments. Until 2017, Bitcoin had adoption rates that seemed to become the next money in just a few years. It failed though, and this community knows exactly what happened and how Blockstream had this planned all along.
The Bitcoin adoption process as "P2P electronic cash" didn't just stop in 2017, but most big corporations that were already accepting it, removed BTC as a payments method.
Twitch also removed Bitcoin as payment later on, and Steam (the gaming platform) also stopped accepting it sometime in 2018.
Today, we see adoption in commerce giant corporations, but it is all through some apps made by the Winklevoss and some LN wallets in El Salvador. This is for BTC though, since we all know it will never be adopted without third parties that most of them require KYC procedures and offer centralized wallets. And you know what happens? Nobody is using any of these apps or credit cards or whatever app the Winklevoss tweens created. Nobody is buying Tesla with Bitcoin either.
Bitcoin Cash instead can be adopted by all big corporations, be it car manufacturers or retail behemoths like Wallmart or Kroger. It needs certain people to provide assurances, though. They all adopt the 3rd party mechanisms offered by private companies, but barely have any reason to just announce alone the acceptance of a cryptocurrency. Who can convince and discuss terms are probably the whales.
But, I think that there is always a lot of confussion and probably the top managers of these get lost in all the details and don't understand the profit they will have by reducing cost when adoption reaches mass scale.
Getting in the position of the management of Kroger for example, we would ask ourselves, why should we adopt Bitcoin Cash, or any cryptocurrency. What are the benefits and what are the possible drawbacks that could harm our business?
This needs a preparation that requires an analysis no one else but the company itself should produce. There is data available to the public, and we know the sales numbers and gross income, and the big corporations usually negotiate good terms with the banks. Having the balance sheet available and the flaw of money inside the company, an analyst can reach to conclusions and find if there is profit to be made by adopting Bitcoin Cash.
Finally
Anyway, these are my thoughts on the topic and I think that in the part of the big corporations there is just so much to discuss, so I'm leaving it open for now.
Hope that with better understanding of the supply chains and a better approach we will be able to attract more merchants in Bitcoin Cash, by not just accepting and selling the BCH but also using it for themselves.
The part that will help Bitcoin Cash more is adoption by at least one large big retailer perhaps similar to Kroger that has thousands of locations as points of sales. This will make Bitcoin Cash stronger and more respected. It is something we should be aiming and I hope that with enough connections can achieve to at least discuss it with the executives of these companies.
Thank you for reading!
Keep inspiring and educating ✨