Could Bitcoin Cash be destined to fail no matter what?

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Avatar for francis105d1
2 years ago

One of the reasons the Bitcoin Cash community has pointed out Bitcoin Cash is that Bitcoin has a very high transaction cost, and BTC is not suited for small transactions. And that people with very little money won't be able to use bitcoin at all. Could it be that this mentally could be wrong and that as long as the BCH community thinks like this, the project is doomed to fail?

If your coffee cost $1, but the transaction cost is $5, you won't be able to use Bitcoin as a peer-to-peer currency with such high fees. So Lightning Network was created to solve this issue, but if you don't want to pay for the opening and closing fees, you will be forced to use Lightning Network custodians like the case and point Chivo Wallet from El Salvador. Users that can't or won't like to pay the fees will have to trust custodians.

In the case of El Salvador, many citizens only make between $5 to $25 a day, and as such, the Bitcoin Cash community could say that Bitcoin has failed because poor people can use the Bitcoin Blockchain, and it was not the way Satoshi planned for Bitcoin to be used. But here is my but:

If poor people can't use and save up, it is not Bitcoin's fault. Those who only have 5 dollars today should consider saving up for tomorrow, and if people wish to trust custodians, it is their own business. Still, those poor who don't have enough funds to open and close their channels should save up enough until they can afford it, so they don't have to trust anyone. You can start your channel with as little as 0.001BTC with some nodes and over 0.004BTC for most nodes. That means those making only $2 a day should save up until they have enough to open and close channels. Then you will say that those poor people won't be able to participate; in the case of Bitcoin Cash, you can start with as little as $0.01, but Bitcoin Cash is not Bitcoin; at least the price hasn't manifested that yet.

Poor people should save up, period. That is sound financial advice, and there are always be poor people. Even Jesus Christ told us that there will always be poor people, and you can't stop doing what you are doing to save the poor because, in reality, the only ones who can save the poor are themselves. If poor people don't want to save up enough to have their channels, they should use custodians and be subject to whatever losses they may bring.

Suppose you tell me that Bitcoin Cash is for poor people because of low fees. In that case, you are telling me that eventually, you will have many poor people who can use your currency but don't have enough funds for the price to pump; the money will be helpful and work as Satoshi wanted. Still, at that point, you may have a coin that poor people use and another one that only rich people use. Guess what that is segregation.

When the rich leave your town soon after, all the jobs leave your town too, and the thing that settles in is poverty everywhere in your city, and you, the working poor, are forced to migrate where the rich went.

Are you telling me that because of low fees, only poor people will end up using Bitcoin as Bitcoin Cash? and the rich will continue to use Bitcoin and those rich don't care about the high fees and their asset is growing in purchasing power; meanwhile the investment for the poor the costs are cheap, but the value is only going down.

My article is very provocative, and I would say very naive, but I can't help because if you think that because poor people can't afford fees, Bitcoin Cash will be number con pretty much what you are telling me is that the poor at some point will own wall Street. My analogy could be completely wrong, so leave your opinion of what you think about my article and the topic I'm writing.

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2 years ago

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Just a reminder.

Bitcoin Cash is for the poor and for the rich. Also for the middle class.

Bitcoin Cash is for white people, for black people and for people of other colours.

Bitcoin Cash is for the Africans, for the Asians, for the Europeans and for the Americans (South, Middle and North). Also for the Australians, New Zealanders and inhabitants of the islands of Oceania.

Bitcoin Cash is for the women, for the men, for the hermaphrodites, for the heterosexual, homosexual, bisexual, transsexual and all others that exist.

Bitcoin Cash is for the geniuses, for the very smart and for the not so smart.

Bitcoin Cash is for Muslims, Christians, Jews, followers of other religions, Infidels and Atheists.

Bitcoin Cash is for young people and for old people.

Bitcoin Cash is for everyone.

https://noise.cash/post/147mv7xx

$ 0.01
2 years ago

I am just expressing an idea with comparison when the rich leave your town and what happens after the rich leave and only the working poor remind if nothing more is just a mental exercise nothing more.

$ 0.00
2 years ago

I am just expressing an idea with comparison when the rich leave your town and what happens after the rich leave and only the working poor remind

It will not happen.

$ 0.01
2 years ago

The biggest flaw in BTC
is that malevolent entities can confiscate or destroy
your BTC through any number of 3rd party/sidechain bottlenecks.
BTC is barely functional as p2p anymore,
it is more like a bank transfer than a p2p coin. All {_every_single_one_ofthem}
of any entity which handles BTC
on its way from wallet A to wallet B
are vulnerable to theft by multiple crooks.
An excellent example of how
your BTC could be derailed by someone else's opinion:
https://memo.cash/a/50f2afbbc6


How does that work for poor people ?


p2p BCH is safe from theft from your wallet to someone else's.


The sidechain experiment in El Salvador
could fail in such a spectacular fashion
that it could ruin BTC reputation amongst the weathy
who currently prop it up.

$ 0.01
2 years ago

I don't think the issue is about rich vs. poor and low fees.
High network fees are just the symptoms. BTC is no longer useful as peer-to-peer cash. It is supposedly a store of value, but that is not sustainable in the long term if it does not have a real use case as cash. The falling BTC dominance is an indicator.
Bigger blocks (leading to lower fees) allow applications that are only possible on BCH, not on BTC.
For example CashFusion and microtipping (noise and read dot cash).
Lightning network has issues and can't fully solve all BTC scaling problems. El Salvador's experiment is one evidence.

$ 0.01
2 years ago

I did not quite follow exactly what you were conveying, but I will say this. I think BCH has the potential to be EVERYONE'S coin. I mean, at the end of the day what it has is all the goods that a good currency can. It is fast, it is cheap to use, it has name appeal (so long as we can help people to understand that bitcoin cash is NOT bitcoin of course), and it EASY to use as well. Plus, it does have the potential for price appreciation as well.

I think in the case of El Salvador it probably would have been much more beneficial for them and their people if they had adopted Bitcoin cash instead of Bitcoin. But that's just my opinion.

As for saving and investing, poor or rich, I think it should be everyone's goal to create as much wealth as they possibly can so that they are in control of their lives and their destinies. Being beholden to others for your livelihood is a recipe for self-enslavement in my opinion.

$ 0.01
2 years ago

I read you're article and mostly point that you picked very very important and I agree with you absolutely Bitcoin cash was pointed out just because of some people who don't know actually about it BCH community learn and gaining many $5 to $25 and that was enough because they don't want to invest more and more side chain like smartbch token . Bitcoin community not soo much expensive like other because I Work here last few months and I'm very happy about it

$ 0.00
2 years ago