Crypto Academy The Strategic Importance of SmartBCH To Bitcoin Cash
Only one use case is not enough to compete effectively in any field.
The cryptocurrency industry is constantly progressing and besides BTC, which is always trending and price-inflating because of powerful marketing, other blockchains are differentiating and innovating.
Product differentiation is an essential marketing term that explains how a product should differ from the competition to maintain an advantage. This can be achieved by introducing a new use case for the product and a great example is Ethereum and how it evolved so far.
Decentralized blockchains are open-source allowing everyone to contribute to the code. They are also permissionless since anyone can build on top of them.
No copyright or patents are involved, no matter how some individuals tried to patent the Bitcoin code in the past.
The crypto field has grown into an industry where innovation flourishes and new ideas materialize in developments constantly.
As usual, some will not adjust soon enough and will be left behind.
Can't Stop Innovation
Looking back at the examples of some blockchain networks such as XRP, XLM, and Dash, we observe no major developments since their inception, while other coins that had some interest years ago have now completely vanished.
Everyone supports merchant adoption, but, you can’t just base your entire strategy on a field that has not developed as a strategic advantage yet.
We hope that BCH will be accepted everywhere and push towards this direction, but drawbacks exist as well. We still don't have that many users of Bitcoin Cash around the world. We need a network of payments, but also need millions more users.
The business focus is moving to e-commerce and the innovative field of smart contracts since it will have a huge impact in the coming years.
SmartBCH is a priority, simply because ten years from now, the digital economy will enjoy exponential growth.
As the internet was not just an e-mail, and the fax machine wasn't a competitor, the Metaverse is not just a Zuckerberg gaming platform, but a whole economy in the making.
The most innovative and progressive blockchains will survive. Those that support progress and those that proceed with facilitating the ease of progress will reach the top.
SmartBCH A Move To The Future
SmartBCH is a network created on top of Bitcoin Cash and while it is not decentralized yet, in due time it will be.
Successful smart contracts networks like Polygon, BSC, Cardano, Solana, have even fewer priorities set for decentralizing their networks than smartBCH.
SmartBCH is not just a sidechain, but works in these ways:
.. As an additional use case to Bitcoin Cash
.. As a backup plan
Bitcoin Cash will soon have to compete with CBDCs.
CBDCs will also be used in the digital economy as official, recognized, and centralized units of exchange. I would expect some (if not all) governments to proceed with a similar approach to China’s blanket ban on crypto, once CBDCs are released, since no Central Bank would want their digital fiat to find competition.
SmartBCH is a key move that brings Bitcoin Cash into a field that will be central in the development of a Metaverse. Smart Contracts are a threat to statism, elitism, maximalism, and unsettling from positions those that profited from control and centralization of the internet (Web1, Web2).
Jack Dorsey for example was expected to oppose Web3 since it doesn't fit the agenda for regulated, KYC-enforced, controllable cryptocurrencies.
Why NFTs Matter
The Metaverse will rise exponentially and new technologies as smart contracts with everything they represent today (DeFi, NFTs, Dapps, Web3) will be central to its development.
NFTs will be a significant part of the next version of the internet.
It is always best not to denounce progress, but try to understand it first.
Imagine the pioneers at the beginning of the millenium, not innovating and not striving to develop a better "fax machine"!
Or the same pioneers listening to weak marketers claiming there is no market for the internet and mentioning some quotes from the business strategies of the previous millennium to express their disapproval.
Not just the technology progresses but businesses also evolve as they keep integrating revolutionary technology in their ecosystems.
The Internet Was Created By Visionaries
Claiming to be contrarian comes with a danger of becoming a conformist.
There is no coercion here either in case you consider yourself a contrarian. This article is a response to the never-ending facade of those downplaying progress and innovation to fit their personal goals.
Take a good look at the possible future. If you can't, then take a look at the recent past.
We had no cell phones or internet 25 years ago.
We have limited VR capabilities today, and no Metaverse.
Everything you knew about everything is going to change by the end of this decade.
The Metaverse is going to be the new normal. Like it or not, you can't stop progress.
NFTs are going to dominate the Metaverse, but there is still time for that. All the articles and comments denouncing this technology today, will not age well in the long run.
It is messing with conformity and the reality some think they've reached, but human nature is about progress, and not stagnation.
In Conclusion:
The Metaverse, won't succeed operating on centralized servers, muting, censoring, and canceling accounts. It needs Web3 and will be less censorable than today.
The era of centralization and privacy abuse is over.
The Metaverse will not be completely decentralized, but with smart contracts, Web3, and NFTs as proof of ownership, it will work for purposes beyond dumbed-down entertainment.
About NFTs and their use case, it is a subject that naysayers need to study more before they embarrass themselves further.
I've previously mentioned some of the potential use cases for NFTs here: The Use Cases of NFTs: A Look Into the Fields NFTs Can Dominate, but this is not even a small sample.
As the internet was not just an upgrade to the fax machine, NFTs are certainly not just jpg files either but part of the future digital economy.
SmartBCH is a strategic move from the Bitcoin Cash side, enabling unlimited opportunities in a field that will expand rapidly during this decade.
No copyrighted images used. (Pixabay Licence)
follow me..... :)