Bitcoin - Is it still Cash or has become a store of value?

in #leofinance10 months ago

I started my crypto journey back in 2015 with Bitcoin, the ++digital++ ++currency++ that powers on the Bitcoin network. I had some $BTC and I sold it all for peanuts, never getting the chance to buy back!

The recent changes and transaction fees made me wonder if Bitcoin is it still Cash or has become a store of value? Is BTC still a "++peer-to-peer++ electronic ++cash++ system" or this legacy is continued by Bitcoin Cash?

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**What is **Bitcoin?

Bitcoin is the first and most widely recognized cryptocurrency. It enables peer-to-peer exchange of value in the digital realm through the use of a decentralized protocol, cryptography, and a mechanism to achieve global consensus on the state of a periodically updated public transactions on the ++blockchain++.

The BTC chain is a system that uses the ++Proof-of-Work++ protocol for ++consensus++,with nodes solving the 64 ++hash++ required to add a ++block++.

What is Bitcoin Cash?

Bitcoin Cash is the result of a hard fork of the Bitcoin ++blockchain++, resulting a new cryptocurrency with a higher capacity for peer2peer transactions.

BCH went live in 2017, and even if it is considered an ++altcoin++ has a better ++peer-to-peer++ electronic ++payment++ system and lower fees than Bitcoin.

Bitcoin History

Launched anonymously in January 2009 to a niche group of crypto wizards or a single person under the mysterious name ++Satoshi Nakamoto++.

Bitcoin is now a globally traded financial asset with daily settled volume measured in the tens of billions of dollars, leading the crypto market.

Bitcoin is most commonly regulated as either a currency or a commodity, and is legal to use in all major economies. In June 2021, El Salvador was the first country to mandate Bitcoin as legal tender.

Before Bitcoin turned into the king of Crypto, it had a small start! ++Satoshi++ released the ++Bitcoin White Paper++ on October 31, 2008, called "Bitcoin: A ++peer-to-peer++ electronic ++cash++ system".

The softer was innovative, fully ++open-source++ code and deployed on January 2009. Satoshi started ++mining++, created the ++genesis block++ and sent the first transaction to Hal Finney. Finney was the receiver received 10 BTC from Nakamoto on January 12, 2009.

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The dilemma!

Nakamoto introduced the world to Bitcoin by releasing the ++Bitcoin White Paper++ on October 31, 2008. It contained an idea for "++peer-to-peer++ electronic ++cash++ system". In fact, the paper was called Bitcoin: A Peer-to-Peer Electronic Cash System.

The Bitcoin ethos of Bitcoin was to be a digital ++medium of exchange++ that allows ++wallets++ to engage in ++peer-to-peer++ transactions. The focus was to work both as a ++currency++ and a virtual accounting system, but the high fees and constant growth made it something else.

Bitcoin was created as a form of digital money that exists independently of any government, state, banks or financial institution. At a deeper level, was intended to be described as a political, philosophical, and economic system.

However, controversy regarding the block size and transaction fees is a hot topic. The BTC-BCH hardfork divided the opinions and two separate groups. The dilemma is if Bitcoin is still a ++peer-to-peer++ electronic ++cash++ system or Bitcoin Cash continued Satoshi's vision!

Why do I think Bitcoin Cash continued Satoshi's idea? Because it works since 2009! It may not be the most trending cryptocurrency but BCH is efficient by design! The low fees and fast transactions make BCH as the perfect peer-to-peer cryptocurrency, a solution that can be used for everyday normal transactions.

All ++transactions++ are logged on a ++blockchain++ quicker, due to the larger block, and the fees are minimal compared with BTC.

Bitcoin Cash is used as sound money in many countries in South America, Africa and Asia, helping the common people to do daily shopping or pay bills.

While BTC has became a store of value instead of a currency, Bitcoin Cash continued Satoshi's dream and an ongoing journey towards the promised decentralization. The number of business adopting Bitcoin Cash as payment solution is constantly growing, and I am happy to see so many places in Romania where I can spend BCH.

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The BCH adoption is going world-wide, and you can have some cocktails in Ibiza and pay with crypto. The future is on the blockchain and even if I am crypto-agnostic... Bitcoin Cash is the smartest choice when is come to easy to use money.

Bitcoin Cash is unique by build and block size, having the potential to become the most important cryptocurrency in my portfolio. It has a 21,000,000 total token supply and is better then Bitcoin at most of the attributes.

Bitcoin Cash is better money for the world as the request for fast, borderless, cheap transactions is growing.

The BTC transaction fees are volatile, going between $5 and $50, making it impractical for casual spending and micro-transactions... while we can buy coffee with Bitcoin Cash and pay less then few cents for the transaction. Just some weeks ago Bitcoin transfers were halted on Binance due to the network blockage!

What is your feedback? Do you agree with Bitcoin Maximalists and believe that Bitcoin is the only coin that has any value and everything else that is created in the ++cryptocurrency++ sector is destined to be worthless?

My Bitcoin Story!

If you entered late in the Cryptoverse ... let me tell you that Bitcoin was £200 in October 2015.

I bought fractions of Bitcoin throughout the year of 2015 and sold for profit! I was selling and trying to buy the dip... but the dip never came! I sold 1.6 BTC for £311 and another 2.1 in the following days.

I had 3.7 Bitcoinand sold them for only £720 over 8 years ago and I am still thinking "what if?" from time to time.

At today's value, my small Bitcoin holding would be valued at a life changing amount ... and sometimes my brain goes in overdrive thinking what I could do with that amount of money... but most of the times I am able to accept that selling them opened new doors and opportunities (not really!)

With the money I got from selling Bitcoin I bought other ++digital++ ++currencies++ such as Ethereum, which I sold again at a low price in 2017. I bought Litecoin and still have them now ... but they are far from being that 100x cryptocurrency.

Bitcoin pumping above $60,000 was sign of strength but how long it will trend? What if Bitcoin will reach $100,000 soon?

It's clear that BCT is a store of value and is clearer that BTC us not affordable for the common crypto investor. It cannot be used as a method of payment due to high fees and buying now will not guarantee a big profit.

The users know that Bitcoin is not a domestic currency but a global currency. Cryptocurrencies are the solution for a financial system not affected by inflation. High inflation is not a problem of less developed countries, it is a global issue.

We are seeing this in the UK, with inflation rates rising towards 10%. These inflation levels can significantly negatively affect people's wealth if extended over prolonged periods. An inflation rate of 10% over five years would mean £1000 of savings would be worth a little over £600. Is it good to have fiat savings? Will let you think about it!

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**Playing the Bitcoin Game! **

One of the biggest news that involves blockchain and football was Peter McCormack buying Bedford FC! The host of the What Bitcoin Did podcast rebranded the club as Real Bedford FC. Bedford’s new head chairman pledged to help Real Bedford to climb to the Premier League!

It is important to separate Bitcoin and Crypto. Firstly, we aren’t some group of crypto bros from America buying a random team, I am from Bedford, my team is from Bedford and we have the goal of doing something great in this town - Peter McCormack

Why does it matter? Because I lived in Bedford and I love both crypto and football! Just call me the crypt referee... as I am now part of Bitcoin's history! I hope one day my story is be as important as the Bitcoin pizza!

The Real Bedford website is one of the best I seen, as it rivals with Premier League clubs. The new club logo includes "est. block 712003", which marks the first Real Bedford trace on the blockchain.

You can buy and merchandise straight from the website, check the fixtures and results and learn about Bitcoin. The Gemini sponsored kit look amazing and it's positive to see the club doesn't encourage people to invest in Bitcoin, just to rise awareness and educate.

However, let's move away from blockchain and go outdoors, on the football pitch. Real Bedford FC started the pre-season training, and friendly matches were arranged to prepare the team. Say hello to McMullen Park, the place where Football League dreams are soon (few years) to become reality!

Real Bedford hosted Shefford & Campton FC, on the 12th of July 2022. This date is important, because something happened as a world premier, something that years from now may be as important as Laszlo's Bitcoin Pizza! I was the first ever match official to be paid in crypto! Told you I am the crypto ref!

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The Real Bedford club is now powered by Bitcoin and the vision is innovative. Same as Peter, I believe that crypto and blockchain solutions are the future, but investing has significant risks.

The bar at Real Bedford FC accepts Bitcoin payments. I wanted to use Bitcoin Cash (BCH) but they don't have that integrated. I wanted to pay with BTC from my Bitcoin.com wallet but that wasn't possible as the payments had to be done through Lightening. After few tries, and several wallets, I managed to pay 1 pound for a bottle of water!

Maybe you didn't figure it out, but being the referee for the above game and being paid in crypto was huge!! Grassroots football and blockchain technology are meeting together, and I had a role to play.

Was a good game, both teams with chances. It ended 0-0 between Real Bedford FC and Shefford, and the best part is yet to come! My referee fee was paid in Bitcoin, and this was a world premier for sport events. I am the first ever football referee to be paid in cryptocurrencies, and this may be another step towards blockchain as day-to-day solutions.

I received $59.73 in my Coinbase Wallet in my few minutes after the payment, and a video was made to mark the occasion. I am now part of blockchain history and proud to be the 1st referee receiving his payment in crypto! It happened on 12th of July 2022 ... is part of history now!

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