No "Dominate/Large Biz" Will Commit Exclusively to BCH-And Why This IS Good for P2PCash/BCH

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2 years ago

To be clear, I believe no dominate business will commit exclusively to BCH in the next few years. But this is a GOOD thing for Peer-2-Peer Cash (P2PCash) and BitcoinCash (BCH)! Near-term, large companies may come to accept a basket of cryptocurrencies, but are unlikely to accept BCH exclusively until these aspects become more widely apparent:

  • Consumer Demand

  • Customer Service Problems with poor/not truly P2PCash Solutions (high fees, slow, permissioned, etc...)

  • Smaller/Independent Biz grabs more and more "Big Biz" by being "early" with P2PCash

A Little History (When BTC deviated from P2PCash)

Most of us here know the story of BTC and how it radically changed from P2PCash to something far different after the creation of Blockstream combined with it receiving large investments (control!) from the Digital Currency Group (DCG), MasterCard and others). This is well documented in Who Killed BTC and Why Blockstream Destroyed Bitcoin among many other sources...

Big Biz (or Governments) Will Want CONTROL!

Until forced to by competition (loss of business to upstarts), very large businesses are unlikely to adopt any single coin exclusively unless they can control it! As an example, remember attempts by FaceBook and others in starting the Libra or Diem coin? And of course it would have been a PERMISSIONED coin (NOT P2PCash!).

Truly Decentralized IS the Means to the End

This is why a "coin" like BCH is most likely the long-term solution to P2PCash! And why Satoshi's whitepaper title was simply:

"Bitcoin: A Peer-to-Peer Electronic Cash System"

And the very first paragraph made the goal clear:

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."

Un-permissioned, non-custodial is absolutely required to achieve P2PCash! And this cannot be achieved when a single company controls the levers (or even a small group of companies (or CBDC's)), particularly when their real interest is ONLY in "permissioned cash"!

Centralization usually does make for more "efficient/quicker" solutions. But when it comes to P2PCash, BCH's community of individuals and groups around the world are most likely the only path to:

Bitcoin: A Peer-to-Peer Electronic Cash System

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2 years ago

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