Cryptocurrency
Why Elon Musk Should Consider Adopting Bitcoin Cash
How $BCH Can Be Implemented To Lower Costs And Increase Profitability
While some people in the crypto industry may not fully comprehend the features of money, Elon Musk has a clear understanding that money must possess certain essential characteristics.
Money has to be divisible, a method of exchange, a store of value, a representation of value, and most importantly, it has to be efficient, with low fees and near-instant.
All this in a decentralized environment with established censorship resistance, separated from the State and the reach of central and private banks.
Elon Musk agreed with a point made by Kim DotCom on Twitter in 2021, suggesting that Bitcoin Cash could be the solution.
It will be interesting to see if Musk will proceed with accepting Bitcoin Cash in his companies just as he plans with Dogecoin.
As one pioneer to another, Kim DotCom gave a perfect advice to Musk and made him consider Bitcoin Cash.
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Why Should Musk Adopt Bitcoin Cash
Companies can immediately fully integrate Bitcoin Cash not just for payments but as an internal financial network.
Tesla, 𝕏, and SpaceX can also implement it immediately since Bitcoin Cash possesses the scalability to onboard the entire financial spectrum.
Musk should consider adopting Bitcoin Cash:
- for purchases
- for corporate payments
- in the entire ecosystem
Bitcoin Cash for car purchases
The most important feature of Bitcoin Cash is that it is cheap and fast. For the time being it doesn’t matter if someone buys a Tesla and pays $50 fees.
However, Bitcoin fees tend to increase every year on average, and the BTC developers do not consider scaling or payments.
BTC fees could rise astronomically in the future, making it an inefficient method of payment even for high-cost purchases.
Bitcoin Cash has stable low fees, and according to network usage, it scales to accommodate mass adoption.
It is a better solution than BTC or the parody called Lightning.
Use of Bitcoin Cash for corporate payments and accounting
A company of the level of Tesla or SpaceX has huge logistics and proceeds with millions of cash transactions each month, both internal and external to the company. These payments can be to suppliers, marketers, lobbying specialists, or different departments inside the company. The established bank payment systems have been abusing the companies for decades while providing low-quality services on outdated systems.
The cost of these payments will be reduced using Bitcoin Cash, and the profitability of Tesla and SpaceX will be increased.
Each payment will be instant, extremely cheap (fees lower than a penny), and transparent, having been recorded permanently in a public ledger (the blockchain). No action can tamper with the data recorded in the secure Bitcoin Cash blockchain.
Since Tesla is a globalized economic entity, having recorded every payment permanently in an immutable and secure blockchain, will reduce funds misappropriation or embezzlement and increase financial oversight on the various company departments.
The cost of running a business in a globalized environment will be reduced greatly by implementing Bitcoin Cash.
- Increased transparency of payments
- Low cost of transactions (~$0.002)
- Virtually instant payments
- No third-party risks
Wages can be also optionally fully or partially paid in Bitcoin Cash. For all of Musk’s companies, it will bring the same benefits of lowering costs.
With Bitcoin Cash, all the above are achievable.
It should be seriously considered by Elon Musk to begin research on more efficient payment networks.
We love Musk for his vision for humanity. Expansion in space is of utmost importance for our race.
If any financial network can help us achieve just one more step in this direction, is important to at least take it under consideration.
Adopt Bitcoin Cash in the Tesla/SpaceX Ecosystem
Musk could promote the adoption of Bitcoin Cash in company vending machines and shops or extra services offered to Tesla and SpaceX employees. Adopting Bitcoin Cash for this kind of microtransactions will be of benefit to both employees and Musk’s companies.
Employees are using debit/credit cards, or contactless bank wallets connected to mobile apps. The use of bank services comes with huge charges by banks. Even the card has a cost today as the banks leave nothing for free anymore.
Bank card fees are not paid by the consumer but by the receiver ( the merchant) and they vary between 0,10–0,50% for each transaction.
Bitcoin Cash eliminates the cost and risk of middlemen (trusted third parties).
With Bitcoin Cash, this cost can be reduced to a minimum of less than one cent for each microtransaction performed.
This reduced cost represents opportunities for better deals with these side-services offered for Tesla and SpaceX employees and will increase employee satisfaction which will consequently improve productivity.
Any deduction of unnecessary costs created by a third party assists a company in the long term. The organization that a company represents needs to exclude any added cost to operate more efficiently. Vendors, shops inside company buildings, and any other services offered to employees or visitors can be offered at a lower price by cutting down the cost of all these payment processors.
Introducing Bitcoin Cash will result in a vast improvement in profitability.
SpaceX is already huge but we can’t even imagine how much it will grow in the coming decades, having the potential to become the most valued company.
Musk is creating a city around the SpaceX launching site in Texas, calling it “Starbase”, and inside Starbase, there will be a whole ecosystem and will require an efficient economy, to increase productivity and focus on the goals of the company.
With Bitcoin Cash, we achieve lower costs and high transaction speeds.
The network has proven it can scale to cover any kind of adoption. It is decentralized and autonomous, with consensus at the core of the decision-making process.
Musk Has Successfully Identified Most Of The Problems Of Cryptocurrencies
Elon Musk doesn’t like the scarcity of Bitcoin. However, he added Bitcoin as payment and Tesla invested in it, possibly thinking that a part of Tesla’s economy could test new financial technologies.
He keeps insisting on Doge, though for the inflation reason (Dogecoin does not have fixed supply but will always inflate).
Yet, Dogecoin has also failed.
Fees reached more than $2 per transaction when Dogecoin was at the height of its popularity in 2021, while no promised developments and scalability fixes ever materialized.
The fact is that BTC, Ethereum, Litecoin, and Dogecoin all follow the same pattern and will never properly scale each for its own reasons.
Bitcoin Cash solved this issue by simply following the directions of Bitcoin’s founder, Satoshi Nakamoto, and increased the blocksize in 2017.
Certainly, it wasn’t only an upgrade in blocksize as Bitcoin Cash also removed RBF, never implemented Segwit, and proceeded with additional developments that ensure virtually instant transactions (with 0-conf, DSproofs, and more).
Bitcoin Cash is closer than anything else to what Musk wants as a method of transferring value.
Bitcoin Cash is scarce and (as BTC) has a finite supply of 21 million coins.
This is no obstacle to scaling in global adoption levels.
A major drawback in most cryptocurrencies is the centralization of wealth by whales. A very large proportion can be owned by just a few individuals. And this is an issue with Dogecoin as well.
Besides the inability to scale and high fees, Doge also has a high concentration of coins in wallets that belong to whales.
Likewise, the joint mining of Dogecoin and Litecoin creates additional problems since Litecoin miners also have a say in Doge’s consensus.
Furthermore, Litecoin gets all the advantages by this joint operation while Dogecoin seems to be the partner with the least gains since 2021.
Conclusion
Bitcoin (BTC) transactions are stuck in the mempool for days as fees reach an all-time high ($70).
This is a recurrent problem, and Elon Musk knows that the BTC version of Bitcoin will never scale to meet the demands of a growing economy.
Musk is on the lookout for a better financial network that can become the foundation of his enterprises.
Bitcoin Cash can be a catalyst in Musk’s enterprises and effectively transform the economic model and facilitate profitability.
Bitcoin Cash can become an example of decentralized peer-to-peer electronic cash inside a private economy with significant plans such as expansion in the solar system.
Tesla, X.com, and SpaceX will certainly consider implementing innovative and revolutionary decentralized financial solutions.
We may be thinking big, but this is our nature as humans.
The possibilities are endless.
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Originally published at my read.cash page (slightly rewritten)
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