I've been investing in different crypto's since 2017 (watched as my portfolio plummeted in the crash), but was still excited. Coming back to crypto in 2020, I decided to do more due diligence and only support projects that I think are worthwhile and actually work (staying away from the fomo / pump and dump coins). I stumbled on Bitcoin Cash, because of its low price and lack of price movement compared to the rest of the market. I was curious why, so I did some research and what I found really got me excited for the future of Bitcoin Cash and crypto.
FEES - I remember hearing about Bitcoin when it first came out and thought the concept of an electronic cash that you could send anywhere for almost free was the coolest concept. Also, the mysterious Satoshi Nakamoto made it all the more alluring. Hear we are in 2021, and Bitcoin fees range from $15-$30 per transaction🥺!
The majority of my transactions are less than $25 (groceries, gas, eating out, etc). The fees will cost as much as the product I am buying. Not feasible. Bitcoin Cash can accomplish that same transaction with a fee of $0.001! No brainer right? If I am not using Bitcoin for transactions and it's just sitting in an exchange doing nothing, what is the intrinsic value of it besides some investment banker or a Billionaire telling me it's worth $47,000 per coin? If I can't use it to solve a problem, then it does not have value to me. At the moment, it seems Bitcoin is to be labeled as a 'Store of Value' and hedge against inflation... but I want to buy my avocado toast with it at the fancy cafe down the street!
(https://ycharts.com/indicators/bitcoin_average_transaction_fee)
TRANSACTION SPEED / MORE ABOUT FEES - Two guys walk into the grocery store to buy $1 worth of bananas. There are two lines available to purchase your banana (line Bitcoin and line Bitcoin Cash).
Line Bitcoin has a massive queue with 100 people waiting to buy their groceries. They also charge a median fee of $12.88 per transaction. You're finally next in line to buy your banana, but then someone else pays a higher fee to cut in front of you. Now your wait time has increased and now you have to wait longer to eat your banana and man do you love bananas.
Line Bitcoin Cash has no queue and they only charge a fee of $0.001 per transaction. No need to worry about someone cutting in line, because there is no line 🤯.
Why would you not want lower fees and faster transaction times?
To be fair, Bitcoin developers have talked about the Lightning Network and how it could solve issues with congestion and high fees. I want this to work and would love it to work, but until then I have go with the one that is currently proven and working right now.
Check out this cool site that visualizes transactions on the Bitcoin and Bitcoin Cash blockchain in real time 👉TxStreet
A BANK FOR THE UNBANKED - Many people in lower income areas do not have access to a bank and in some places live off of $10 a day or even lower. These areas would greatly benefit from a payment system that is fast and has fees less than a cent. The opportunity for a flourishing remittance network would be a huge bonus for users of Bitcoin Cash where you can send money to family abroad for a fraction of penny. Less money to a middleman, more money to your family. 👍
As of this writing, Bitcoin Cash is processing the same amount of daily transactions as Bitcoin, but Bitcoin Cash ($580 per coin) is only 1.21% the price of Bitcoin ($47,800 per coin). In my opinion, price should be set based off of the utility and usability of a product. Both are handling the same amount of transactions, but one is better at handling those transactions for 1.21% of the price. Am I missing something here?
According to coin fair value , the fair value of a single Bitcoin Cash should amount to $2,157.72 based off of fundamental data and not speculation 👈 . Let me say that again, not speculation. Again I want usability out of my digital assets and not hype.
ADOPTION OF BITCOIN CASH - You guys remember MegaUpload? Back in its day, it had the one of the highest volume of internet traffic of any website on the internet. The guy that built it, Kim Dotcom, is working on a new project at k.im that is set to launch in Q4 of 2021.
His website will deal with managing, protecting, and selling digital content. Your digital content will be safe in an encrypted data folder that can only be accessed after a confirmation of sale has taken place. Bitcoin Cash is set to be integrated into the site in Q2 of 2021. Publishers of digital content receive 95% of the revenue from each sale while the site receives 4% in commission and 1% in fees. Bitcoin cash allows for low fees so publishers pocket more of their revenue. It is estimated that there are 430 billion global content views a month on various social media platforms. Even 1% of that market share, can really help gain a lot of exposure and adoption for Bitcoin Cash.
Pretty cool huh? In addition, he built this site to explain the benefits of using Bitcoin Cash as a payment platform 👉WhyBitcoinCash?
There's a lot more to get excited about for Bitcoin Cash, and I'm stoked for the future of using peer to peer cash. Money for the people of the world that can be sent anywhere in the world 🥳.
Just as a disclaimer, the above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
Good advice, you are already struggling to strengthen BCH's position on this platform. and I have shared your article on Twitter as a form of support for promoting BCH.
From my point of view, your knowledge of prices and transaction fees is deeper. it can be seen from your ability to write and reference and strong supporting data.