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The crypto market has been in turmoil since the collapse of the 'Terra USD' and it's associated coin 'Luna' this has had a knock on effect on the wider crypto market with people starting to worry about how well the largest stablecoin 'Tether USD' is backed by dollars or other assets.
BTC has fallen from a recent high of $60,000 USD to below $20,000 USD in a few short months and BCH has seen an even larger decline from a recent high of $1425 on 10th May 2021 to only $115 at the time of writing.
The world is in turmoil, inflation is spiralling out of control, there is a war going on with Russia and Ukraine, sanctions against Russia have caused energy prices to rise rapidly.
This is likely to get worse and be particuarly bad for BTC due to the cost of mining given the high price of electricity.
Those who are able to take a long term view can see where this is going. The financial system is broken, years of propping up the system by printing more and more money and easy credit are having a disasterous effect.
Those who understand the reasons behind the BTC/BCH split may have reason to be positive I believe.
BCH has a larger block size, it can scale and is much cheaper and efficient to mine. Transactions are faster and cost much less than transactions with BTC too.
BCH is well placed to be a real alternative to fiat currencies, it has a limited supply and is therefore anti inflationary, it can be used across borders with no need for an intermediary, as a way to bypass sanctions too, there are real people suffering because of Russian sanctions too and various NGO's have utilised crypto payments as a way of getting help to those in need.
If you truly believe in the future of crypto BCH and are not just following the crowd trying to make a fast buck then this could be the ideal time to start stacking some satoshis!
The banks and governments may hate us, that's because they fear us, now is the time for us to prove how resilient cryptocurrencies such as BCH can be.
Decentralized and outside of government control, it has such huge potential!
Disclaimer: This should not be taken as financial advice, always do your own research.
Article is my own
Pictures courtesy of Pixabay
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