Mark Cuban has proven he understands cryptocurrency. Elon Musk has also acknowledged remarks by Kim Dotcom about Bitcoin Cash, and all other billionaires with an interest in cryptocurrencies have already studied Bitcoin Cash.
Image from: Unsplash, by Alix Greenman
These are billionaires and not Robinhood traders following “r/cryptocurrency” and spam Twitter accounts for investing advice.
Retail adoption for investing purposes is driven by marketing and BTC in this term excels. They have marketed it as a hedge against inflation and it worked perfectly for the last two years. Although, this feature is analogous to Bitcoin Cash as well.
BTC sells itself as a stand-alone store of value.
Can we consider anything, though, as a store-of-value with no other feature backing it? Bitcoin Cash is instant and offers virtually feeless transactions.
Cash is the ultimate store of value.
With Bitcoin Cash, all the Bitcoin’s positive features are supported and boosted to the maximum. BTC is having issues with its approach to handling scalability and actual transactions data represent this throughout the years:
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The total number of daily transactions for BTC is shrinking since 2017.
“Let’s go to The Bahamas and look at Bitcoin Cash”
Mark Cuban obviously meant the Caribbean region where Bitcoin Cash is being accepted widely as a method of payment.
Antigua and Barbuda islands are those enjoying explosive growth in merchant adoption and so do the neighboring islands of Anguilla and the Dominican Republic.
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There is a growing network of merchants accepting Bitcoin Cash in the Caribbean and Roger Ver is the main reason for this.
There is adoption and growth in Latin America, Australia, Africa, Europe, and SE Asia. There is adoption with the use of payment facilitators (BitPay & GoCrypto). GoCrypto especially is extremely convenient since the consumer doesn’t need to use anything else but a non-custodial wallet.
Lightning enforced its use with custodial and government-controlled mechanisms. Strike created Chivo wallet, which is also custodial and centralized. The El Salvador government controls the keys, and this doesn’t make it any better than using the old bank system.
Moreover, this kind of forced finance by El Salvador’s government needs time to produce an outcome. Somehow McCormack doesn’t understand the network effect in its entirety. Today there is a growing network effect in El Salvador because of the airdrop handed out by Bukele.
What can easily happen is everyone that rushed for the $30 airdrop and quickly sold, will never used the Chivo wallet or the Lightning Network again. It is more probable than an increased adoption for Lightning Network by the El Salvador population.
In Conclusion
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Bitcoin Cash is increasing in merchant adoption and has a growing network effect. It doesn’t have the overwhelming resources to lobby a weak government in central America to make a point, though. BTC (LN Coin) in El Salvador is nothing but a snowflake and its influence will decrease with time. There is no reason for anyone to select to use LN instead of the dollar in this region. However, if the population of El Salvador was educated in Crypto and were given a choice to select between the dollar, BTC, or Bitcoin Cash, then the outcome would certainly be Bitcoin Cash.
Bitcoin Cash is the absolute economic freedom. The use case of digital cash as money will not expand rapidly, no matter if this is forced by an authoritarian government or not. The consumers and merchants will slowly adapt and it is the people that will decide. What is most important for the Bitcoin Cash network is the recent increase in the user base for micro-transactions. It is the top proven method that meets the internet users’ demands.
Bitcoin Cash is exploring today the smart contract field with sidechain developments. The robust BCH blockchain allows fast and cheap, reliable layer-2 networks and SmartBCH is the proof.
Originally published at Read.Cash
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