I'm BUIDLing an on-boarding, insta-wallet for (Bitcoin Cash) newcomers, called Nito.cash. And I keep asking myself that question? Over and over again...
TL;DR—Newcomers MUST FIRST BENEFIT from an "enjoyable" crypto experience, BEFORE we inundate them with all the "cool-ass features" we've spent years developing...
The more I advance development of the app, the more it seems like a tip-bot, with a built-in wallet. So the most obvious question becomes, "Where's the best place to spend my tip(s)"?
On-boarding newcomers to the Wonderful World of Crypto was a passion of mine during my earlier years. I had very profitable crypto business that afforded me the opportunity to pay-it-forward to pretty much everyone that I came in contact with, for more than 5 minutes.
A $10 donation to their newly created Airbitz (now Edge) wallet, gave the uninitiated a little skin in the game. (years later, those folks were more than pleased with my generosity)
However, Bitcoin Legacy (aka Core), never quite lived up to my expectations of allowing anyone to "be their own bank" and discover a new world of opportunity from the power of "discrete money".
HODL took hold, and that was the end.
Is that not the power of Bitcoin Cash? Actually "spending" crypto is a complete joke to the BTC HODLers, so why not make that the absolute strength of Bitcoin Cash?
BCH is far and above the ideal medium for making crypto "payments." When BitPay added it back in '18, was actually the first time I found a use for it (and the first time I realized it had tremendous "value").
IMO, the focus right now is clearly on merchant adoption. But merchants are the lowest hanging fruit. A "reasonable" flyer/brochure and a "confident" attitude will on-board just about 95% of all merchants. And considering that merchant service providers will drop crypto as "dollars" into their account's within 24 hours, it's just a no-brainer.
The real challenge is in offering the "average consumer" a reason to not only want to SPEND it, but to also make it effortless AND valuable for them to do so.
I just don't see where the effort is in on-boarding the people that the merchants NEED in order to justify that extra app (Bitcoin Cash Register) on their devices.
Like I started by saying, "I'm new here", so If I'm wrong, then please educate me, because I just don't see it...
If there's advertising, I don't see it .. If there are street teams beating the concrete path, I don't see them .. Yes! many people "know" about Bitcoin (and crypto), but how many have ever used it? Did they see a benefit?
Today, I'm NOT in the same position I once was, but I'm very willing to still sponsor newcomers as much as I can.
So that's why I ask, "What could I possible offer a newcomer to crypto as a beneficial use-case for say $5? Or even better, just a $1?"
Before I continue, I'd like to take a sec, just to comment on the recent popcorn drama surrounding the IFP for Bitcoin Cash. There were oh so many passionate people on both sides of the debate (I wish to recognize everyone for their ❤️ for this community).
...and yes, I'm still waiting to hear about the "real plan" to deal with the developer funding issue. (it is still an issue, isn't it?) But, I must say, it was sooo refreshing to hear from "actual miners" that subsequently .. SHUT THAT SHIT DOWN!
During it all, the tips were outrageous .. could only hear "ka-ching" and see $$$ in support of the read.cash platform, which is fuckin' awesome!!
In the end, I learnt one thing though .. Bitcoin Cash has ONLY 3% of the sha256 hashrate? WT(mutha)F?!?
I knew Bitcoin Legacy (seized by the Blockstream cartel back in '16) was on top, but I just had no idea by how much. I entered this community less than a month ago, with the idea that BCH was like "a little brother" to BTC, but it's more like "its pet!"
(whatever .. I said it .. truth can hurt)
It's probably best that I didn't know this a month ago, when I ventured down this rabbit hole, but hey! this is the reality, so it is what it is.
It's a great NEW challenge is all. I haven't been dominated like this since .. since .. I've NEVER been dominated like this. FUCK ME!
IMHO though, this fact "helps" to maybe explain the desperation moves recently made by a few of the leading mining pools .. are these desperate times? is it time for desperate action? i dunno, but crazy-shit is definitely happening...
How does this get fixed? Short-term or long-term. Could someone please explain this to me? What are the economics of how BCH comes out from under BTC?
What is the percentage of hashrate that would give BCH, Bitcoin Cash, The "True" Bitcoin, the position in crypto that I KNOW it deserves and WILL surely achieve? (one day .. one way or another)
Just how the hell is BTC able to dominate over BCH like this? I need to do some math.
$379.87 / $9,271.81 BTC = 4.10% (as of 20.1.29)
Ugh .. I see...
As newcomers are awakened, so should they proceed to awaken others?
Would it be so difficult to create a Twitter or Facebook campaign where everyone paid it forward with $1 or $2 in BCH. Personally, I don't think so.
I knew it when I first got here, something just didn't smell right:
BCH has FASTER confirmations
BCH has greater MERCHANT adoption
BCH has lower TRANSACTION fees
It's time to find something "shiny, but inexpensive" to dangle in front of the crypto curious so they finally see a "value". Then .. just let social media do what it does.
Nito.cash was meant to be my all-in-one solution to privacy and convenience in crypto. But now, I'm ONLY interested in the convenience of it all. The privacy features on the Roadmap will come, though I'm committed now to taking things one-baby-step-at-a-time.
Let's get NEW people SPEDNing, then we can worry about the bells and whistles. First thing that needs to go are the Goddam "seed phrases" .. did I say that already?
So, I saved the worst for last..
So glad you made it this far..
Time to take a seat though..
My hope is that this community can see past ETH as a "competing" chain, and recognize the value that it presents as a "compliment" to BCH.
Is ETH, BCH competition? I think NOT!
From what I know, it appears that Ethereum 2.0 (PoS) could "potentially" serve as a payments channel. But ETH 2.0, and for what its worth, the Lightning Network (Layer-2) are likely planning a Joint Press Release, sometime in the year twenty-possibly-never .. Until then, I say, "Let's work with what we have!"
IMHO, Ethereum solves a few "key" issues that can't be solved by Bitcoin Cash alone. Notably, a few of its most impactful applications are:
Cryptokitties—the FIRST viral, blockchain DApp to attract "everyday" users.
InstaDApp—makes DeFi (Open Finance) "nearly" approachable by anyone.
MakerDAO Dai—the ONLY "decentralized" (read fully-transparent) stablecoin.
The last item (DAI) is where I would like to focus (just briefly -- i promise). I believe Bitcoin Cash NEEDS a stablecoin integration in EVERY one of its wallets, if it's truly meant to serve as a mechanism for "payments" by average consumers.
However, unless the Nevada-chartered trust company, PrimeTrust, whom guarantees this stablecoin's deposits (the team has ZERO control of the funds), is willing to provide username/password access to their holding accounts at Bank of America, Wells Fargo (or wherever), then I see this as a non-starter.
HOW IS THIS ANY DIFFERENT FROM TETHER?
But that's just me .. I'd love to hear your thoughts .. Please do educate me!
I really believe that Bitcoin Cash works best with a stablecoin, to assure its users that if they want to maintain their crypto value, they can!
Point of Sale (POS)—consumers retain their FULL value until checkout.
Remittance—reduce/eliminate dependency on banks to cash out to fiat.
Please comment with your thoughts below or over on Reddit.
For the record, I'm NOT asking for ANY funding (so let's not go there).
I'll get this done! I only ask that you "help" in guiding me through the Blockstream of darkness (that I've suffered these last few years) .. and into the light!
Photos curtesy of Unsplash