Nov 20, 2021
Bitcoin Cash Is the Bitcoin We Signed Up For
We prefer to see P2P adoption for Bitcoin Cash, still, this is a permissionless environment and anyone can create centralized wallets and offer Bitcoin Cash in the way PayPal is doing.
In a way, PayPal restricts crypto features of freedom to transact by including barriers in commerce through its app, be it with crypto or not.
The issue is the government’s pressure that currently promotes the use of crypto only under registered financial institutions, following a mandate of regulations as KYC/AML enforcement and systems that can seize funds and reject transactions.
Every centralized intermediary Crypto rendered useless is back again with the form of regulations restricting innovation. It is only the BTC crowd that keeps applauding and advertising the importance of “slight” regulations.
Bitcoin Cash for Freedom
Most of the crypto community is not advocating custodial wallets and services, but it is not something we can stop from taking effect. We can simply keep educating the public on the dangers hidden within these services and explain the correct approach to using cryptocurrencies.
Because of the permissionless features and the open-source nature of Bitcoin Cash, BTC, Ethereum, etc., any financial institution can create custodial services and offer a trading platform, or centralized wallets.
Yet, for the Bitcoin maximalists, it is just another achievement, an indicator that the number will go up. Selling out values and giving away the freedom to transact without intermediaries does not matter.
BTC maximalists currently support centralized custodial wallets, such as Strike and Chivo. Also, they support an authoritarian regime forcing the use of a custodial Lightning Network within its economy. And keep promoting this kind of layer-2 adoption as the way forward for Bitcoin.
As we know, Strike doesn’t require permission to create a custodial service regulated by the US government and offering LN transactions.
Still, there used to be an outcry against centralization in previous years, that has now been completely disintegrated within the dominating new narrative for BTC.
Number go up!
Because “NUMBER GO UP” is the only consistent Bitcoin ideology.
The price is what matters to the greedy neo-BTC maximalists. Values previously advocated mean nothing. It doesn’t matter if banks are not in control yet, other financial institutions are driving a centralized adoption for LN.
See, it doesn’t matter if a private company asks you to deposit your BTC and offer lightning-fast services. It won’t be your Bitcoin.
Bitcoin cash instead is offering a way better solution to economic hardships than BTC. The importance of Bitcoin Cash achieving on-chain scaling is a strong card, one still not understood adequately by investors in this technology.
Bitcoin (BTC) does not scale on purpose. Blockstream’s infiltration in 2014 under secret arrangements with major communication channels r/bitcoin and bitcointalk (both administered by Theymos) was detrimental to Bitcoin’s crippling and underdevelopment. Blockstream, a for-profit private organization with ties and funding from AXA and Mastercard, took control of development and developers under its payment (Bitcoin Core) dictated future arrangements.
Currently, we have the Lightning Network fiasco in El Salvador and centralized services immediately finding ground that will most probably reach a market share of 99.9% of the LN network transactions exploiting the LN fundamental centralization flaws.
Why I choose Bitcoin Cash, by Collin Enstad
In Conclusion
BTC maximalists invented the phrase: “Not your keys, not your coins”. A narrative now neglected by the same people. Still pretty active in the Bitcoin Cash community.
BTC maximalists were calling for mass adoption in previous years. Antonopoulos used to explain how 15-year-old kids in Africa could become a bank of their own, with just a $50 smartphone and a Bitcoin wallet.
Narratives of an old era, when the same people were pure and not complete sellouts as they are today.
This is all about Bitcoin Cash today. Money for the world.
Bitcoin Cash didn’t detach itself from core principles. It is a currency for the people, and I know already many kids in Africa with their $50 smartphone being their own bank and entering the new age of digital finance with the Bitcoin Cash version of Bitcoin instead.
These 15-year-old kids from Africa, understand Bitcoin better than Andreas does today.
Images:
Quote: David Gerard: link
Notes:
DISCLAIMER: All material published in this content, is used for entertainment and educational purposes and falls within the guidelines of fair use. No copyright infringement intended. If you are, or represent, the copyright owner of material used in this article, and have an issue with the use of said material, please send an email.This article or any articles I publish are not financial advice, but contain information relevant to investing research.
Support The Content Creators.
Subscribe if you enjoyed this story!
Originally published at https://read.cash.
Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing
