Since the creation of Bitcoin in 2008 Cryptocurrency has grown into a powerhouse. From its humble origins, the rise of Bitcoin
and other cryptocurrencies has attracted the attention of businesses, governments,
investors and entrepreneurs across the globe. Some see cryptocurrency as a get-rich-quick fad, but
others think that it can make currency better and safer. It was created actually after several iterations. So we’ve always tried to have electronic
money on the internet but it failed, and then finally for the first time we have a system
where people who don’t know each other, there’s a technology, and this is blockchain, that allows
for peer-to-peer transactions without a middleman. Without a bank. Without a government. You can sort of see it like a decentralised database, and the point of the blockchain is to make sure that
one consistent state that has been built up over time The system that’s created around Bitcoin
allows that transfer of value to be frictionless and seamless and instant
and really inexpensive. There’s a few key differences between cryptocurrency
and traditional money systems that make it valuable. The traditional banking system is heavily built on trust and that introduces some issues like you go to an ATM
and there’s an ATM withdrawal limit, you try to send money to someone in your family
and there’s like an ACH transaction limit. With cryptocurrency we can do away
with a lot of these problems So if I want to use my own money
I should be able to have access to it. Cryptocurrency is a safer and more
convenient alternative to bills or notes. What future cryptocurrency entrepreneurs want next is
skipping the need for banks and credit card companies. Without the need for intermediaries, financial power
could be put into the hands of consumers. Cryptocurrency are built in such a way that no single entity has the control or the power
over what happens in that cryptocurrency. As a result you don’t have this kind of risk factor
where you rely on someone specifically. You are in control of your own money
instead of relying on someone that controls your money
to do what you want them to do. That’s really what is at the core of it. How we value each other as human beings
I think is the key and Bitcoin has allowed people to share that value
directly without third-party intermediaries Bitcoin Cash is enabling commerce and free trade by putting financial power
back into the hands of consumers. Bitcoin Cash helps by giving people more control in transferring value in an easy-to-use service that is affordable and inclusive In 2014-2015 Bitcoin became much more popular Much more people started using it and it started causing technical problems. A faction of the community didn’t
want to change anything about Bitcoin, and a faction of the community wanted
to change Bitcoin in such a way that it can accommodate more users
and keep having the good user experience. Because these two different
softwares have different rules, they disagree about what’s the state of ledger. So as a result the blockchain split apart. So now Bitcoin Cash and
Bitcoin Core are distinct currencies. For people that work on Bitcoin Cash
the thing that joins us together is not really an organisational structure,
but rather a goal There is a roadmap that is constantly referred to
in the Bitcoin Cash community. That roadmap defines how everyone sees
Bitcoin Cash being a couple years from now. It’s this ability to exchange.
It’s this ability to transact with each other. And that has to be cheap, reliable and fast You know? That’s what we want. Other block chains out there
or other cryptocurrencies I think are not as determined to make that goal possible. Bitcoin Cash is focused on utility and
that is the value that is being provided to its users. Being able to send any amount of money
anywhere in the world for little to no fees very quickly. By combining the safety and reliability of sound money
and the freedom and speed of the Internet, Bitcoin Cash makes purchases and
money transfers fast and with low fees. The biggest hurdle I think is
just for people to learn about this. people just need to use it I think once people start using it and see how easy it is and that it makes sense in their life, for people to trust it, for people to make that switch. So the big problems that are coming up are
going to be the scaling of the network. We want to be able to handle billions of users. I’m hoping that’s when more adoption
starts to come you know, we have the not just the the basic Bitcoin protocol working well, but also have the user friendly
side of things working very nicely. Because If grandma’s gonna use Bitcoin, then you know,
it can’t be like it is right now. It has to be it easier. I think we’re heading in the right direction now,
I think it’s been a rough 10 years getting us to this point It’s pretty obvious that the direction is good now. Everybody is gonna have a different solution in the end
to the world problems that we have today, but Bitcoin Cash is this…
I think it’s just so clear that it’s for people. It’s very clear that it’s just to be used. And I think the developers who are
behind this project are very aware of that. And that is their goal. To learn more visit Bitcoin cash dot org