Bitcoin Cash: Global Adoption Is Now More Possible Than Ever Before
Bitcoin Cash (BCH): A Revolution in Payments
Merchant adoption of Bitcoin backtracked as Blockstream executed what resembles a corporate takeover in 2015.
Two years later, hundreds of businesses removed Bitcoin from their list of accepted payment methods, including Microsoft and Steam, as fees reached higher than $50, and unconfirmed transactions remained in the mempool for weeks.
In August 2017, Bitcoin Cash upgraded Bitcoin to solve the high fees and scalability issues.
Right from the beginning, the community proceeded with reigniting merchant adoption of Bitcoin Cash, a P2P network for payments exactly as Satoshi intended.
With Bitcoin Cash today, global adoption of P2P Electronic Cash seems closer than ever.
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Mass Adoption Is Underrated
Should we accept the arguments of the bankers, the ex-Goldman Sachs execs, and the BTCUSD traders, or perhaps we proceed with the fundamental reasons Bitcoin was designed to accomplish?
Bitcoin has been aiming for mass adoption since its inception.
Gabor Gurbacs and planB are both unjust and influenced by the narrative that Bitcoin can’t scale and can’t become a currency. The Bitcoin upgrade of 2017 (Bitcoin Cash) is proving wrong Core devs, Blockstream, and traders who promoted misleading narratives.
Bitcoin is a P2P Electronic Cash system of payments proposing a payment revolution in commerce (for online or physical stores).
Satoshi envisioned P2P electronic cash adoption and smart systems as well. The “dynamic smart money” was the next step for Bitcoin Cash, with sidechains like smartBCH and on-chain developments like CashTokens enabling smart contracts.
Bitcoin Cash delivered much-desired scalability and expanded the global network of merchant acceptance.
Bitcoin Cash increased its block size following the directions of its founder.
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Merchant Adoption
Multiple Bitcoin Cash initiatives around the globe are educating businesses and consumers on the voluntary adoption of Bitcoin Cash.
The map of global acceptance of Bitcoin Cash at map.bitcoin.com explains how far this cryptocurrency has grown and what type of currency consumers and businesses prefer to use.
Bitcoin Cash offers virtually free transactions at an insignificant cost. Nobody cares for fees with Bitcoin Cash since they are practically zero.
The speed of transactions is also instant with previous restrictions in the Bitcoin code removed (RBF) and block size increased to 32MB, so Bitcoin Cash will be able to host the expected global adoption.
Bitcoin Cash Network Features & Availability
- Secure
- Decentralized
- Permissionless
- Censorship Resistant
- Instant
- Low Fees
Bitcoin cash is digital cash for the world with the required capacity to reach global adoption.
Moreover, Bitcoin Cash sustains all the Bitcoin scarcity properties:
- A fixed limit of 21 million BCH
- A halving mechanism (roughly every four years) that reduces selling pressure (supply) by the miners, supporting the price (even with a stable demand)
- Ease of access for everyone (compared to investing in stocks/gold/commodities)
Bitcoin Cash is available for institutional and accredited investors through important financial institutions such as:
- EDX
- Grayscale (BCHG)
- JPMorgan Chase & Co. (USA)
- SBI Holdings (Japan)
- 21Shares (EU)
- Interactive Brokers (currently for USA customers only)
- Bancolombia (Colombia)
- US Bank (US)
- NuBank (Brazil)
Bitcoin Cash is also supported by major payment processors:
Large Corporations And Top Internet Platforms adopt Bitcoin Cash:
Several online platforms utilize Bitcoin Cash as a tipping service used for micropayments in a non-custodial approach:
- read.cash
- noise.app (invite included / no referral)
- memo.cash
- Cashrain (by Kim Dotcom)
- tipb.ch
- Bitgree.com (Marketplace)
Governments Will Be “Forced” to Adopt Bitcoin Cash
The acceptance of Bitcoin Cash has no trace of government interference or compulsory legislation to accept cryptocurrency payments.
Unlike the authoritarian adoption of the Lightning Network in El Salvador, Bitcoin Cash stands for voluntary adoption by businesses, professionals, and network users.
Forced adoption will meet the opposition of the Bitcoin Cash community of users.
The adoption of Bitcoin Cash forces governments to recognize it and adopt it as a payment method.
Bitcoin Cash adoption in the region of the Caribbean forced St. Maartens MP and leader of the United People’s Party Rolando Brison to personally recognize Bitcoin Cash and proceed with exploring legislation to adopt Bitcoin Cash nationwide.
In October 2022, the prime minister of St. Kitts and Nevis also made an announcement of a similar nature.
Despite both politicians failing to follow through on their promises, the adoption of Bitcoin Cash continued unaffected.
The attention alone was enough to propel the brand recognition of Bitcoin Cash in global finance.
Bitcoin Cash is the Future Of Payments
Watch this medical expert and entrepreneur explaining the importance of Bitcoin Cash and the reasons she adopted this payment option for her business:
“There are no fees involved, and it’s a way to keep money in our pocket, rather than the fiat money that’s losing value because of the printing every day.”
The menace of inflation forces everyone to look for a better way.
Bitcoin Cash may be volatile as an asset, but at least its price fluctuates to the upside often, while fiat currencies are only devaluating.
Bitcoin Cash Inelastic Supply and Rising Demand
As demand for Bitcoin Cash grows, the price will also increase drastically.
Price will keep growing following adoption until BCH covers the need for an alternative to fiat currency for a significant percentage of the global population. At that point, the price will reach equilibrium.
The decisive factor is demand. The increase of userbase can be either on blockchain with actual users and not just “halving speculators” as in the case of BTC.
Probably the best approach will be achieved when both users and investors increase.
In Conclusion
Many investors can’t process the difference between custodial and non-custodial wallets and understand the real value of crypto without testing the actual use case.
Crypto investors rarely use cryptocurrencies, even with custodial wallets, although this type of service, which is thriving on BTC’s sidechain (LN), defeats the purpose of P2P Electronic Cash.
The significance of crypto is to spend or send to anyone without asking for permission from a third party.
The custodial methods to spend or accept crypto are no different from the banking system.
Bitcoin cancels third parties and escapes the misery of the banking sector. Cryptocurrencies offer a unique system of payments and compete with the legacy financial system.
Bitcoin Cash aims to achieve worldwide acceptance as a peer-to-peer electronic payment method, providing features that BTC was unable to deliver.
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Originally published on read.cash
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