From its humble origins, the rise of Bitcoin and other cryptocurrencies has attracted the attention of businesses, governments, investors and entrepreneurs across the globe. Some see cryptocurrency as a getrichquick fad, but others think that it can make currency better and safer. It was created actually after several iterations. So weve always tried to have electronic money on the internet but it failed, and then finally for the first time we have a system where people who dont know each other, theres a technology, and this is blockchain, that allows for peertopeer transactions without a middleman. Without a bank.
Without a government. You can sort of see it like a decentralised database, and the point of the blockchain is to make sure that one consistent state that has been built up over time The system thats created around Bitcoin allows that transfer of value to be frictionless and seamless and instant and really inexpensive. Theres a few key differences between cryptocurrency and traditional money systems that make it valuable. The traditional banking system is heavily built on trust and that introduces some issues like you go to an ATM and theres an ATM withdrawal limit, you try to send money to someone in your family and theres like an ACH transaction limit.
With cryptocurrency we can do away with a lot of these problems So if I want to use my own money I should be able to have access to it. Cryptocurrency is a safer and more convenient alternative to bills or notes. What future cryptocurrency entrepreneurs want next is skipping the need for banks and credit card companies. Without the need for intermediaries, financial power could be put into the hands of consumers. Cryptocurrency are built in such a way that no single entity has the control or the power over what happens in that cryptocurrency.
As a result you dont have this kind of risk factor where you rely on someone specifically. You are in control of your own money instead of relying on someone that controls your money to do what you want them to do. Thats really what is at the core of it.
How we value each other as human beings I think is the key and Bitcoin has allowed people to share that value directly without thirdparty intermediaries Bitcoin Cash is enabling commerce and free trade by putting financial power back into the hands of consumers. Bitcoin Cash helps by giving people more control in transferring value in an easytouse service that is affordable and inclusive In 20142015 Bitcoin became much more popular Much more people started using it and it started causing technical problems. A faction of the community didnt want to change anything about Bitcoin, and a faction of the community wanted to change Bitcoin in such a way that it can accommodate more users and keep having the good user experience. Because these two different softwares have different rules, they disagree about whats the state of ledger. So as a result the blockchain split apart.
So now Bitcoin Cash and Bitcoin Core are distinct currencies. For people that work on Bitcoin Cash the thing that joins us together is not really an organisational structure, but rather a goal There is a roadmap that is constantly referred to in the Bitcoin Cash community. That roadmap defines how everyone sees Bitcoin Cash being a couple years from now. Its this ability to exchange. Its this ability to transact with each other.
And that has to be cheap, reliable and fast You know? Thats what we want. Other block chains out there or other cryptocurrencies I think are not as determined to make that goal possible. Bitcoin Cash is focused on utility and that is the value that is being provided to its users. Being able to send any amount of money anywhere in the world for little to no fees very quickly.
By combining the safety and reliability of sound money and the freedom and speed of the Internet, Bitcoin Cash makes purchases and money transfers fast and with low fees. The biggest hurdle I think is just for people to learn about this. people just need to use it I think once people start using it and see how easy it is and that it makes sense in their life, for people to trust it, for people to make that switch. So the big problems that are coming up are going to be the scaling of the network.
We want to be able to handle billions of users. Im hoping thats when more adoption starts to come you know, we have the not just the the basic Bitcoin protocol working well, but also have the user friendly side of things working very nicely. Because If grandmas gonna use Bitcoin, then you know, it cant be like it is right now. It has to be it easier.
I think were heading in the right direction now, I think its been a rough 10 years getting us to this point Its pretty obvious that the direction is good now. Everybody is gonna have a different solution in the end to the world problems that we have today, but Bitcoin Cash is this. I think its just so clear that its for people.
Its very clear that its just to be used. And I think the developers who are behind this project are very aware of that. And that is their goal. To learn more visit Bitcoin cash dot orgp