Bitcoin Cash is not "Free Money"

Bitcoin Cash is not "Free Money"

By RowanSkie | Rowan Skye Blog | 3 Feb 2021


As I used both read.cash and noise.cash, I have taken noticed people who have arrived not because they heard about Bitcoin Cash but instead have heard that these two sites are giving away free money, and they would simply leave if they don't get paid anymore.

I've been at that stage of my life, but I moved out of it as I learned what Bitcoin Cash truly is, and it is not free money at all.

Bitcoin Cash isn't "free money" for you to take. It is the money you should use on the Internet.

Now, you might be asking, why am I saying that Bitcoin Cash is the money you should use on the Internet? That is because it simply is the safest and most secure way to transact, after all.

Bitcoin was once known as the "Magic Internet Money" for a good reason, and that was you can send it anywhere and that all you needed was just an internet connection and a Bitcoin wallet. It was only until the world had noticed that those who are true to the word of "Magic Internet Money" and "Peer-to-Peer Electronic Cash" managed to break free from the corrupted Bitcoin blockchain just a few months before Bitcoin's fees skyrocketed because they turned what is effectively an anti-spam measure into a permanent thing.

This anti-spam measure, the 1MB block size limit, then caused multiple issues on the network itself including, but not limited to:

  • Slow transaction confirmation speed

  • Variable transaction fees that can reach $10+ with an all-time high of $98 back in December of 2017

  • Loss of usability with in-chain tokens, most of which now live in Ethereum

  • Loss of potential users, causing a massive drop of merchants using Bitcoin due to fees

And this is all according to the central banks' plan. It didn't also help that people started treating it as a way to get a million dollars quick when there had been memes that Bitcoin won't bring you a million dollars because you don't need those million dollars.

This leads us to the thing which made read.cash and noise.cash very famous. Outsiders think they're giving "free money" in the form of Bitcoin Cash. And they might be correct, but it's not the whole picture. These "free" BCH are given so everyone benefits each other by using it as both sites had intended: tipping and exploring the wonders of Bitcoin Cash.

The reason I wrote this post is simple: People aren't using Bitcoin Cash as it should be, and they're using it to earn Fiat currencies. I'm guilty of that as well, but it doesn't mean to use Bitcoin Cash as an investment machine.

 

Bitcoin Cash is not free money.

Bitcoin Cash is the money to be used to ensure your payments are securely passed towards those that will receive them. That doesn't mean you should use an exchange it and convert it back to USD or any fiat currencies.

For now, the HODL method works but that's because we don't have massive adoption to use Bitcoin Cash, but its true use case is being able to Spend and Replace it. Bitcoin Cash's goal is to create a closed economy loop, and every Bitcoin Cash that leaves the loop and becomes Fiat Currencies isn't helping it.

By cashing out to fiat currencies like USD and PHP, you're letting the banks win by depositing your BCH to someone who doesn't control your public address.

If you guys followed me around in noise.cash and Reddit, you can see why I have a certain distate in things like Coins.ph. They're also good for introducing Bitcoin Cash, but then only in noise.cash, read.cash, BCH.games, lazyfox.io, and other similar sites where we will get true adoption.

Noise.cash's transaction increase is just one of the proofs that shows that we can use BCH in a way that works to onboard new users. Now, we need help in getting Bitcoin Cash permanently in their wallets.

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