Cryptocurrencies are a new type of money which are sure to revolutionise the world for the better. Using maths or cryptography, allows participants to independently verify the integrity of the system. Any one that desires sound money can purchase or trade in a crypto such as Bitcoin, without fear of a bad actor hijacking and reducing purchasing power via money production manipulation. Bitcoin has similarities to old gold standards before fiat currencies. But more than gold, Bitcoin is much more portable and frictionless transacting over the Internet (or in person), making it a great medium of exchange.
Bitcoin Cash (BCH)
Because Bitcoin, like all good cryptocurrencies, is decentralised, there is no official website, organisation or even software development team. This means the currency has “forked” into separate chains. The most notable fork was caused by a disagreement in 2017 over increasing the transaction capacity. The high capacity network was eventually rebranded as Bitcoin Cash (BCH) to avoid confusion. Whether or not it should keep the Bitcoin brand, one thing is clear: it is the currency that is still peer-to-peer digital cash as described in the founding Bitcoin whitepaper. Today, BCH is ready for businesses and consumers to transact after installing a wallet on any smart phone. Unfortunately, most people only hear about Bitcoin (BTC) which can only process 3-7 transactions per second. The law of supply and demand, causes a fee market with transaction costing $1-50. This prices many businesses out of this market.
Below is a list of useful links. This will serve a reference when giving Bitcoin lectures.
- Bitcoin Cash discussion:
- The Bitcoin Whitepaper: bitcoin.com/bitcoin.pdf
- Cryptocurrency statistics: bitinfocharts.com
- Transaction visualizer: txstreet.com
- Coin Dance – blockchain monitoring: coin.dance
- Accept Bitcoin Cash Initiative: acceptbitcoin.cash
- Bitcoin.com maps: map.bitcoin.com
- Bitcoin.com wallet: wallet.bitcoin.com
- Purchase BCH online: coinspot.com.au
- Detoken – hedge / lock-in value to remove volatility risk for business: detoken.net
- Payment processor – automatically convert POS crypto to AUD – elly.com/crypto
For a quick primer on Bitcoin here is a three-part video series.