After a long week of jobs, trying to put my thoughts in order also some pontual projects running, I came across the BCH Bank Run one more time yesterday. This isn't just a "BCH Bank Run" but one that is completely changing the way bcashers are dealing with their coins.
They are saying out loud for everyone who want to hear "centralized exchanges are playing with our coins and we won't allow that anymore". People are taking out their coins from this platforms and the results from that are quite visible. Some exchanges are increasing their APY on their products to make users deposit their BCH on their platforms. Others are starting to have problems to solve their demand when clients want to withdraw and much more repercussions.
If they think this is just a momentarily thing, they are wrong as BCH community have spotted them as they naked short BCH, manipulate the market and they don't show their BCH reserves. This is a behavior that something is happening behind the scenes and the community won't tolerate that no more.
Big platforms like Binance, never let their customers know how many BCH they have on their vaults and insistently deny this right to clients to know if they are BCH stable, and that is unacceptable even for a giant as them. I am glad the community took this path and soon the price will reflect this exodus from centralized exchanges to users non custodial wallets. This is just a matter of time and patience, things that the community have to give.
Those long words are just an intro to what we come to discuss today, as after users take out their coins from exchanges and self custody them, they will need to give them purpose. After all, BCH can still be spent and replaced more easier, fast and costing less than the concurrence.
In todays article we'll be diving into efforts to make local BCH circular economies more resilient and with that empower people to use their coins while helping their communities thrive and not anymore depends on Fiat or another centralized systems of payments. Local BCH circular economies are what will drive BCH to become a universal digital decentralized electronic cash system that works in real-life for the people.
Bitcoin Cash isn't based on speculation but in utility, one that is crucial to the world as they using it will need it for exchange for products and services offered locally. One practical example of that is the project CHAPA BCH MOÇAMBIQUE that will enable local citizens to take a ride and pay using BCH. This BCH will then be used to pay drivers also pay on merchants that we'll onboard and so on. This will create a very powerful and circular economy around Maputo and Matola.
Read the all CHapa BCH Moz dynamic business plan here: https://chapa-bch-business-plan.vercel.app/ and help us fund the project so people can start taking local ride paid using BCH. I would love to use the space to address my thanks to all pledgers, Cashstamps, event.cash, Majamalu and Cashdragon who until now are keeping this dream alive making 42% of total pledges while we still have 70 days to Go.
CHAPA BCH Moz is just one of many projects that are eagerly waiting to start in local economies but functional startups like Bitcoin Cash Argentina have long been in market and day after day making efforts to onboard and teach more people about the benefits of using BCH. In 2021, Bitcoin Cash Argentina got funded 250 BCH through Flipstarter to onboard 250 merchants across the country, including a K24 which is a store chain with over 80 point of sales.
This was a huge milestone and helped even to create an adoption map to help find local businesses accepting BCH reducing friction and encouraging local commerce.
Being a decentralized, fast, cheap on fees currency, BCH is ideal for remittances where centralized services charge a very prohibitive price just to move money from one point to another. Using BCH people can short distance between people and help them fund their dreams easily as there's no intermediary involved and it can used right away.
This help to fund local BCH circular economies as the one receiving the currency won't need to exchange it for Fiat as he have a local shop, store who already accept BCH for their products and services. This will boost confidence on users also on merchants as they will always have BCH circulating between them and help them become financial stable not depending on Fiat or other centralized systems.
People who are into local BCH circular economies are protected to get their money frozen on bank accounts. We already know how crooks this "suit" guys are and how they behave with people's money as anytime without warning can freeze, ban users for their services and with that take away authority on people to takeout their cash. So, using a local BCH circular economy people can keep their money in self custodial wallets use it when they feel fit and control their lives out from those bank abuses.
In areas with limited bank infrastructure, here we can take examples such as Africa, Latin America, Bitcoin Cash is a source of viable alternative for the unbanked people. It's known that over 57% of adults in Africa don't have a bank account, and BCH accessibility via mobile internet connected can allow this individuals to participate in the economy. Adoption in places like St Kitts and Nevis, Australia, Philippines, are witnessing local merchants and community using BCH for everyday transactions.
That isn't sporadic BCH use, but a way through financial inclusion that will lead for an independence from centralized services. People aren't more worried in using their local currency, but one that can turn them into their own banks and their own decision making.
In a form to conclude the article, I will point that BCH Bank Run is important to make BCH users take control of their coins avoiding centralized exchanges and bringing back their money to self custody where can use as their wish. Local BCH circular economies can be fueled with this BCH kept on users self custodial wallets as they can spend and replace accordingly their needs, after all, BCH is money and money should be used.
Bitcoin Cash isn't about speculation but utility where local BCH stores and services play a role in helping users to spend and use their BCH for things their need while at same time, giving merchants are way out from those high commissions charged by centralized systems for using their tools. Bet on local BCH circular economies and let's make our coins work to stabilize people's finance and turn them financial independent.
Use BCH.
Help fund the CHAPA BCH Moçambique Fundme campaign and read also the business plan.
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