On the general adoption, BCH and CBDC'S: perspective of a Latin American user.
Latinos in Latin America often have the feeling of being underestimated by people in other countries, specifically in the so-called "developed" countries or how they have divided us for decades: first and third world (do you know where the second is or what it will be like? the fourth world?). In particular, we Venezuelans have a low perspective of ourselves by calling ourselves a third world country.
For this reason, on many occasions I reserve my right to comment on issues of the Bitcoin community, on the blockchain and adoption in general. But for this occasion I wanted to vent a bit about this issue that worries me and I would not like to have to say it, and what leads me to publicly comment on this type of bias that many of the BCH community and cryptocurrencies in general have. It is precisely because I think we need a bucket of cold water that will make us wake up and redirect our efforts.
Satoshi Nakamato gave humanity a great gift by creating the world's first currency that worked from person to person as digital cash without any intermediaries thanks to blockchain technology. Satoshi's goal was not only to remove intermediaries from the equation, but also for people to have sovereignty over our money and in a truly healthy economy. The concept of Bitcoin is clear, being digital cash from person to person, and its monetary policy is 21 million units divisible one hundred million times. Simple and therefore beautiful. A blow to the jaw to the status quo of the current government and powers. Bitcoin has the potential to be the standard in changing power relations globally. He only needs one thing... that people really want to use this gift.
And it is that, 10 years after this gift, from my perspective we can draw a very sad conclusion for me, but I think it is a reality: the bulk of the population is not interested in their freedom. Most prefer to feel safe under the responsibility of others. That is why they do not feel comfortable with freedom because it implies responsibility for ourselves. And being a user of Bitcoin, especially Bitcoin Cash, requires responsibility.
And how did I come to this conclusion? Here are three strong observations:
The failure of bitcoin as a currency and its speculative use: although there are people who can say that it is too early to announce its failure, I really don't see it that way. Well, in this era of applications, each update and each new implementation is quickly adopted by the bulk of the population and Bitcoin has not been able to do it. We can agree that most people have used or "entered the crypto market" for speculative purposes and not for real use or saving for a possible transition. Most of the miners that exist, for example in Venezuela, only talk about the amount of dollars they can generate with BTC.
Most of the users are on centralized exchanges and have not interacted with a blockchain themselves. I don't blame them, most cryptocurrency apps and wallets are complicated to say the least. And it is difficult to think that an elderly person or someone with few resources can access them.
In the countries with the greatest “adoption” people mostly use stablecoin, USDT being the most used. In Venezuela, for example, USDT is already widely used as a payment method through Binance Pay. Using another way is really rare, establishments do not use a blockchain to accept USDT but only the globally recognized exchange.
It is very sad to think that governments and central banks could take the gift of satoshi and use it to their advantage. But it is so, based on the three previous arguments we can affirm that the cryptocurrency market will be completely linked and controlled by the CBDCS because, the crypto market despite being an escape valve for the economic matrix in which we live, has also shown be a lucrative market. This is why, under the supervision of central banks and their governments, the crypto market will continue to exist as an instrument of speculation.
The pandemic has come to show us that most people will accept whatever governments and the mass media order and tell them that it is better for their lives. This is why it is not surprising that they also end up accepting or granting all power over their money without any resistance.
To conclude, only one thing comforts me... the blockchain will still be there. In particular, the one that most of us share… Bitcoin Cash will continue to exist despite the Orwellian world we are approaching and few of us are aware of how to escape any limitations that the world imposes on us.
I leave the comments for the debate, thanks for your attention.
I am currently building my bakery with the aim of turning it into the first bakery focused on crypto education. If you are interested in learning more about this project and would like to support me, I will leave here the link to my first report on its progress.