Can Bitcoin cash be the future global money?
First of all, it must have widespread adoption. This is a fundamental requirement for a global Bitcoin cash economy. The easiest way to get started is by becoming a Bitcoin cash user.
The integrity of the blockchain is maintained by miners and validators, who are mostly responsible for validating transactions. These individuals are incentivized to keep the network secure by taking a cut of every transaction they verify.There should be utmost trust in Bitcoin Cash and any other cryptocurrency since it's distributed decentrally and is not issued by any government. Also, since it's decentralized, anyone can easily access it.
Security is another issue that people seem to take for granted these days. Since banks are insured for every deposit made, it gives people peace of mind that their money is secure. Another benefit of banking is that it allows people to withdraw money without having to go through a double-file system.It does not mean that people are free from having their money taken away from them. Having a safe and secure place to deposit their money is very important.
On the other hand, if one chooses to put their money in a private wallet, then their funds are secure and are protected by their private keys and seed words. Having a secure and reliable private key or passphrase is important to prevent losing their funds.
Aside from Coinbase and Binance, most exchanges do not have adequate security layers for their users. Not only are they not providing enough security layers, they are also not doing enough to safeguard their clients.Exchanges need to be secure and have a security agreement in order to protect their clients from hackers. Bitcoin cash's future is not in need of exchanges, but in order to be successful, they will need to be prepared to spend BCH.
Although Bitcoin Cash has become more popular due to its fast transaction speed, it still has limitations when compared to other cryptocurrencies. For instance, Ethereum can handle around 40,000 transactions per second while Visa can handle around 80,000 transactions per second.
Despite the advantages of Bitcoin Cash in terms of transaction speed, it still moves faster than most cryptocurrencies. In order to maintain its top spot, BCH needs to improve its network speed significantly.
My Final thought is that Bitcoin Cash should be used as a fair and inclusive alternative to traditional banking methods, and it should serve as a way for people to gain financial freedom in the future.
Due to the threat of Bitcoin and its potential impact on the financial industry, banks and giant financial institutions have started to think that Bitcoin cash should perform better in the long run.
Because I saw the BCH's progress in 2020, I started to know Bitcoincash more.
Bitcoincash has reached the 600$ mark and hope it goes higher more. The community is so happy with its progress that they are planning on holding it until it gets identified as the true coin.
Bitcoin Cash is an alternative digital currency that aims to provide a better financial service to everyone. Its goal is to bring a better financial experience to everyone.