A few days ago, it emerged that WeChat had added a Bitcoin cash (BCH) wallet, as a third party application. This is huge because it entrenches cryptocurrencies as a payment method, for the young generation. In the case of WeChat, it means that the platforms 1 billion users, now have access to crypto.
For bitcoin cash investors, this is yet another big step towards the adoption of this crypto, one that gives it a footing as the digital currency of the future. However, many people didn’t receive this news well. On most platforms including Twitter and Reddit, the debate revolved around whether the wallet was native to WeChat or it’s a third party application. The reason why many are afraid of a third party application is because, it can be used by governments to spy on their spending habits. Take a look at this reply as an example.
While such a line of thought may be credible, it ignores the fact that a government can always spy on you if they want to, even from a native crypto wallet. That’s why governments are against privacy coins. Therefore, crypto users should really not be so much concerned about being tracked by the government, but about the utility that they can get from crypto. For instance, the ability to send money instantly, at almost zero cost anywhere in the world, is in itself a huge reap forward. It out shadows any snooping around by the government, unless you are doing something wrong.
The debate also took the old angle of bitcoin (BTC) versus Bitcoin Cash (BCH) that always comes up whenever any of these two cryptos is mentioned anywhere. But the whole issue of bitcoin v bitcoin cash is nothing but a distraction from the huge moves that cryptocurrencies are making lately. That’s because bitcoin cash being used by WeChat for payments doesn’t in any way, threaten bitcoin or the rest of the crypto market. If anything, it creates new frontiers for crypto. Other social media platforms could possibly adopt cryptocurrencies too, thereby bring crypto to the masses. This will create the mass adoption that crypto investors are yearning for. The whole point is for the space to grow, such moves like the ones bitcoin cash has made are important for creating awareness about the power of crypto in giving the masses more financial freedom.
Back to bitcoin cash (BCH), this crypto seems to be making huge strides in terms of adoption and growth. It has recently been added on Robinhood, a platform that makes it more accessible to investors who are new to crypto, and may not have the knowledge or the time to do things through traditional exchanges.
As such, once the market rebounds, BCH stands to be one of the cryptos that will gain the most. It has the use-case, a growing adoption rate, and an aggressive team behind it. Roger Ver is probably one of the most outspoken people in crypto. But it still needs bitcoin (BTC) for the price to rise. Everything is connected, and there is no need for the hate.