Bitcoin BCH is uniting all social classes in a common ground called commerce.

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Avatar for francis105d1
1 year ago

One of the things that I have noticed is that if you remove the rich from one part of a town, the whole village sooner or later will be submerged into total financial collapse examples of that are cities like Chicago, US. When taxes go too high, the rich leave for places with fewer taxes, and the citizens left behind or who can't move where the rich are going will be in much more poverty.

It is because, like it or not, many of the less fortunate don't have the will to save up or can save up because they have more responsibilities than what they can handle, and as such, go day by day, check after check, and they become the working poor. Unfortunately, you can't change the whole world, and those who already have responsibilities will have to find ways to cover those responsibilities.

But if you were a struggling citizen and the wealthy left, the employment opportunities got reduced. In our current system, if the rich leave, the fiat system takes their money with them and the jobs their investments produce. And I think the same principle could happen to cryptocurrencies.

When transaction fees go too high in the Bitcoin network, that causes a secondary effect where the poor can't afford to participate in this new system. So the opportunities for the less fortunate go away as fees go higher and higher. And even if you were to implement custodian services where those fees may get reduced, the poor will just become victims of another banking system. The goal will be to extract as many fees as possible from users who can't find an alternative.

With high fees, Bitcoin BTC practically segregates the population into those who can transact and those who can't. Many will be dropped just because they can't afford the fees, or the institutions that offer custodian services don't want to cover the poor people's transactions because they are not worth enough. Just like current banks don't have branches in poor cities, the new banks would not want to process transactions from the poor because they are too small or because the people running the bitcoin 2.0 system won't want to be bothered with the poor.

As Bitcoin is set up right now, that is what is happening the segregation of those who can afford the transaction fees and the people who can't. That is multiplying even with Lightning Network because now it seems that you need to have channels worth at least $1000 so that your channel can pay for the opening and closing transaction and to have enough liquidity. If fees on-chain go high, your channel is still worth more than the on-chain transaction. Soon channels worth $100 today will be worthless once transactions on-chain go beyond $100. A few days ago, transaction fees were around $18, so it is just a matter of time before seeing $100 transactions.

And in the future, because of regulations, even services like the wallet of a satoshi, blue wallet, and many others may become unfeasible because governments could implement laws that make running those services too expensive. The people in charge of those custodian services may choose to drop a particular type of population almost every time the poor.

With Bitcoin Cash, you don't have to worry about government regulations for holding your funds because you keep your private keys, and no one, not even the government, needs to know how much you have and where you own it. And even if a law is passed where government demands you tell that data, you can choose not to comply. And with Bitcoin Cash, you don't have to worry about the segregation of the rich and poor either because you can have an account with as little as $0.01, and you can send that penny to someone else so that you won't need custodian services for that, so you remove the intermediaries altogether.

The poor will benefit because they will participate in a system where they can find a buyer for their ideas and services. Both will benefit the rich will get something he wants and probably cheap, and the poor will earn some income to lift themselves or themselves out of poverty. Not only will the market be a better place because the rich and poor can participate, but both will benefit because inflation will be a thing of the past. The rich will know their riches won't be devalued, and the poor will be able to save for a better tomorrow, knowing that their money will be worth the same effort tomorrow or even more against any government fiat system.

Once you have both rich and poor in the same marketplace, both will find each other. The free market forces will dictate the prices for goods and services without government interference and without the government devaluing the market. Every time governments print money; they destroy the market's principles of offer and demand.

But that future is not here yet, and you just realized that Bitcoin Cash works like the real peer-to-peer currency for rich and poor and that, as a whole, it makes us all more affluent in the long run.

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1 year ago

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Well BCH has been adopted by great social platforms like this one and others in commerce (shops, online shopping, cafés, restaurants...), and it has the lowest fees in transactions. I think it has a brilliant future. Good luck Francis.

$ 0.01
1 year ago

If nothing more Noise and Read cash both have proven that there is a need for social adoption.

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1 year ago