Welcome everyone to my new project smartBCH for DUMMIES!
INDEX
As I did my researches about smartBCH it became clear that there is still lots of confusion in our Bitcoin Cash (BCH) community what this is all about. I will publish several guides to address this issue and make sure everybody will understand and be able to use smartBCH without having any doubts or questions. At the end of this series we will create our own Token and if you follow this, you will be able to create your very own Token! Even if you are very new to Crypto
In this first part we cover following things and I will explain it as easy as possible.
What is smartBCH?
smartBCH is a sidechain to Bitcoin Cash (BCH), operating on Layer 2 of the main blockchain. Due to its Ethereum (ETH) EVM3 & WEB3 compatibility it opens doors for DeFi, NFT and many more while still having any benefits of the Proof of Work (PoW) mainchain mechanics. They help decreasing inflation with burning a part of all fees.
Did you read stuff like this before and still have no idea what is going on? Lets put it in other words.
Mr. A (Bitcoin Cash, mainchain) is a forester and he is searching for Mr. C (EVM3 & WEB3, Smart contracs) to take his wood and build some nice furniture out of it. Unfortunately Mr. A is only speaking Spanish and Mr. C only speaks Russian. They can't work together because they can't communicate... this is when Mr. B (smartBCH, sidechain) arrives. Mr. B speaks Spanish as well as Russian and is our middle man for everything.
Of course Mr. B can't do everything for free, this is why he get paid a little commision (fee) of Mr. A and Mr. C. Thankfully Mr. B is a very wealthy person and decided to always puts his commision in a safe and never touches it again. (Token burn)
As we keep it very simple in this #1 part, we get closer into Defi, NFT and smart contracts in general another time.
Why do we need smartBCH?
Since the release of Satoshi Nakamotos whitepaper and the birth of Cryptocurrencies many things changed . Satoshi was a mastermind and gave the possibilites to grow with time and smartBCH is our time machine.
Without smartBCH we are quite limited in usecases. Bitcoin Cash still works perfect as Cash and a store of value, but our ecosystem could not grow and adopt to modern worlds needs.
Bitcoin Cash is a coffee shop, but they only serve water and coffee. No milk, no sugar, nothing.
smartBCH is also a coffee shop, they buy their water and coffee of Bitcoin Cash. But they also offer to add milk and sugar to the coffee as well as a slice of lemon for your water.
What changes does it bring to Bitcoin Cash?
We already covered the very basics on a technical side, so just look at the big whole.
More and more people discover the truth that Bitcoin Cash actually should be called Bitcoin. Satoshi always wanted a fast, low fee, peer to peer (p2p) currency. Unfortunately Bitcoin is none of that anymore. It is slow, expensive and nobody wants to use a slow and expensive p2p currency. This is why there was a fork and Bitcoin became Bitcoin Cash.
Bitcoin (BTC): slow, expensive, unflexible, secure.
BitcoinCash (BCH): fast, cheap, unflexible, secure.
BitcoinCash + smartBCH: fast, cheap, flexible, secure.
Having that said, BCH with smartBCH combines the benift of currently most valued Cryptocurrencies Bitcoin & Ethereum.
With smartBCH BitcoinCash can explore more markets, gets a bigger audience and even more possibilities to make it the P2P Cash our worlds needs and wants! I am sure Satoshi is watching somewhere, proud of us and disappointed by the Bitcoin Maxis.
If you made it this far, I would like to Thank you very much! You mastered the first step in our smartBCH journey. In the next part we will create our own smartBCH wallet and connect to the smartBCH mainnet. (Windows & Android)
Additional notes:
At the end of this series I will make a NFT giveaway (on smartBCH of course). I don't want to create tasks to be eligable for this giveaway, but I would love to give it away to a group of people that started their smartBCH experience just right here with these guides.
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Helpful links:
Marketcap.cash <<<< -- >>>> SmartBCH Charts
HelpMe.Cash <<<< -- >>>> Everything related smartBCH in 1 place
Fountainhead.Cash <<<< -- >>>> Graphical Charts about smartBCH
Smartscan.Cash <<<< -- >>>> Blockchain explorer
Tuxpaper.nu <<<< -- >>>> Token Transfer scanner
Good thing I was lost in here... 2 months is far behind already. I would love to follow your articles to learn about how this SmartBCH and how it works.