I exchanged the custodian's fake Bitcoin BTC for the real Bitcoin BCH.

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Avatar for francis105d1
2 years ago

I got 0.00002 BTC from some rewards that I converted from google rewards that I wanted to put on-chain and not having them on a custodian account. From my perspective, I exchange bankers' coins for people's coins.

Yes, I had those funds on the Wallet of Satoshi because that is the only way to hold satoshis without paying for opening and closing channels. Still, once I convert into BCH, someone else will save those satoshis, probably in a custodian service as well.

The only way to have a lighting network in the right way is to control your keys and channels, but that in the future will be more difficult as fees on the Bitcoin network increase the more money you will need to have control of your channels.

Because it will be more expensive to open channels and close them, you will need larger and larger amounts of money to have your channels to the point that everyone else will be forced to use custodian services to use Bitcoin.

I pretty much held $1 or around 0.00002 in The Wallet of Satoshi, a custodian service, not a wallet; I received those funds from rewards to bitcoin because I like to answer google questions. Still, I do understand that those funds aren't mine and that wallet of satoshi is the valid owner of those satoshis, that is why I moved them into my private key in the form of Bitcoin Cash, wherewith the same dollar I can have my very own account and make many transactions without losing control of my private keys.

Today if you don't have at least $1000, you can't have enough money to pay for transaction fees on the Lightning network to open and close channels. Still, many people live with salaries under $20, so I guess those people are too poor to consider using Bitcoin to accept their destiny which is to be victims of the money printing machine, not in my watch.

Someone even wrote to me that you could have your very own channel with just $1400. I guess that person doesn't realize that many people live with $20 a day or less and that many people can't have even $100 save up, and I guess that person didn't hear the memo that the reason for 1MB blocks is to have banks, the 1% happy so that they don't ask the government to ban Bitcoin. I gave him the link where the Bitcoin Core supporters say just that.

I guess it is good that I can see the truth and that high transaction fees are indeed something that will kill bitcoin core BTC at some point, but make no mistake, the idea of Bitcoin peer-to-peer currency is now alive and well within the project Bitcoin Cash. And with Bitcoin Cash, you won't need to pay more than $0.01 in fees for a regular transaction, and you won't be forced to use custodian services to save on fees either, that is why I am glad I can exchange that which doesn't work for the real deal.

You may ask why it is so essential that I even wrote about it? Because I am changing from a system where I don't control my funds to another system where I hold my funds and my private keys, where I am not forced to use custodian services, where I know that my coins will always be under my control and I won't be forced to pay higher fees for that privilege, but the more important part is that even if you earn $1 a day, you can use the same network that makes more than $100 a day.

Meaning that those unbanked can now be a bank with just as little as $0.01, and if you are poor and only have $0.01 as your total wealth, you can participate in this global network and lift yourself out of poverty well. Now that you have a banking system where you can have an account with little as $0.01, the only thing you need to do is to bring your services to this system to start earning some money and lift yourself out of that hole.

When it comes to being poor, it is up to that person to help themselves, and with a banking system that charges less than $0.01 to use, you need to try to sell your goods and services in this global system and see your money grow a by little. But people must accept that any government does not create this system, and the open market gives value to everything.

If you live in the third world, you could start by writing your ideas and experiences in your country, and second, if the laws in your country allow you to do so, you could create an exchange house within your locality; I hear that many people send money back home because they have migrated to other countries, many need to exchange into their local currency why not open an exchange house for BCH into your local currency, in the US that is impossible because you will have a boot on your neck the very next day, talk about being free in the land of the enslaved and somehow still call ourselves a free nation.

Or maybe if you have a small store accept payments on BCH as well, you can't do that either in the US; your shop will get a boot visit from the police as well. So you see, the United States is not so free after all; I guess that's why they call us free people because we are not.

Low transaction fees will allow some people in the third world to adopt Bitcoin Cash. You won't have to pay an eye an arm to use, noticed something if you have around $800, you can buy the real deal Bitcoin Cash, it works as advertised and yet what cost $50k it doesn't, I guess something is wrong in the world where I live in it is just that I can't grasp it just yet.

I am glad I can change those satoshis that were not mine into something that I control and that I know I won't be forced to use custodian services again to avoid high transaction fees, and that's something that can only be possible thanks to people who have spread the word around and that love Bitcoin Cash ideal so much to go against the whole world. I am doing my part by expressing myself and sharing my opinions so that maybe someone finds it and moves on to freedom and stops paying those outrageous fees to some miners in China.

I guess it's just a writing rant after all because I am happy to get some more Bitcoin Cash into my wallet. Well, have a nice day. Thanks for reading subs. Leave a like and comment if possible. See yay.

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2 years ago

Comments

nice article my friend

$ 0.01
2 years ago

It was really surprising one day when I wanted to send out the $3 I had on my BTC, the network fee alone made me to hold on to the $3

$ 0.02
2 years ago

Pretty much you held burn money because of transaction fees

$ 0.00
2 years ago

Yeah, it would have even been more cost

$ 0.01
2 years ago

Great things to know that you are doing you're best when you want to make it improves and everything going great also.

$ 0.01
2 years ago