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Friday The 13th Writing Contest - why I am giving away free BCH

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Written by   119
4 months ago
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As you might know I have just recently built and launched a magazine on the decentralized web 3.0 called Friday The 13th which is focused on curating science fiction and horror stories for upcoming fiction writers.

Check the full post here

Currently running a contest for the January issue

The prizes will be given in tier as per the position achieved. These positions are as follow:

  • The First Prize : 0.01 BitcoinCash (BCH mainnet)

  • The Second Prize : 0.005 smartBCH (SEP20)

  • The Third Prize : 5000 NomadCoin (SEP20 token)

    Further 1 or 2 more story can be selected for publication with the standard payment of 0.001 BCH

Deadline for the contest is: 10th January 2022

But why give BCH in prize?

Wouldn't it be much better to say $10 in BCH or something like that?

No.

Here's why!

Firstly I don't believe that there should be a fiat term when doing Crypto, unless you are converting, and secondly having native figures you are avoiding the fluctuations.

Imagine, I say I'll give $10 in BCH at the end of the year. Now imagine that current price of BCH is $500, which would mean that currently that $10 is equal to 0.02 BCH

Now imagine that at the time of the payment the price of BCH has risen to $1000, so now those $10 will only mean 0.01 BCH

Essentially you are getting less BCH over time.

Now imagine if when you are converting BCH to your country's fiat currency and the price at the time has fallen back to $500

Now you can only getting $5 for the 0.01 BCH instead of the promised $10

All this could be avoided by using BCH to began with

If I promise to give you 0.02 BCH from the beginning and then it wouldn't matter what the conversion rate is at the moment.

Since I already have the BCH that I plan to give and you are secured since you gains are secured against fluctuations.

The Crypto mindset

This is the important concept about think in native terms to avoid future loss.

A lot of people when they receive crypto would immediately convert it to their fiat currency.

And are essentially losing out to the market and the exchanges.

But for them Crypto is not their home so they are not bothered by this, and in a way they are not wrong in their own sort of a way.

Here's an analogy:

Think of it as a Native vs a Tourist

A Tourist may come to your country and need to use your currency to have a transaction with you.

But the same currency may not be useful in their country so need to convert to their currency before they leave.

Whereas, a native will need the local currency since they have to stay and do transactions in their country.

What are you? A Native or a Tourist?

The question to ask is what are you in the World of Cryptocurrency, or CryptoVerse, are you a Native or are you a Tourist?

And act accordingly...

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Written by   119
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Comments

Hey, this is a good way to promote coins! I hope that the crypto will be known more to many. 95% of the population still do not know about crypto.

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4 months ago

Thanks, hopefully more people will come.

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4 months ago

If i received may I'm lucky person in the World for giveaway I'm feel very lucky for me to do something different for me . In our country cryptocurrency market now available and going to very incredible increasing Day By day and make it more spreading

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4 months ago