With the entire world moving towards digital currency and more and more brands like Gucci and Balenciaga making their announcements, along with several schools in UAE and Mumbai accepting payments in crypto, as well as a couple of countries in the process of legislating BitcoinCash as a legal tender, this currency’s opportunities are endless. The event ensured that Indian businesses could keep up with the technological advancements of the world and evolve with them. Each guest was provided with free BitcoinCash which they used to buy drinks and food at the event. The meet-up created the perfect opportunity to learn and implement simultaneously, making it a once-in-a-lifetime offer. The event also had a thrilling element in the form of spin-the-wheel, where the winners given BitcoinCash souvenirs.
BitcoinCash Merchant Meet-up at Estella, Juhu
In 2017, a much-needed step was taken to increase the maximum block size, giving birth to BitcoinCash. Anyone who held Bitcoin at that time (block 478558) became an owner of BitcoinCash (BCH). The network now supports up to 256MB blocks with ongoing research to allow massive future increases.
BitcoinCash brings sound money to the world, fulfilling the original promise of Bitcoin as “Peer-to-Peer Electronic Cash“. Merchants and users have been empowered through low fees and reliable confirmations. With unrestricted growth, global adoption, permissionless innovation, and decentralized development, the future shines brightly. It caters to a wide variety, from booking air tickets, restaurants, cabs and hotel rooms to shopping at 100+ websites and thousands of retail stores. Users can also buy various gift certificates on the app from companies such as Delta Airlines, Adidas, Uber, and many more. Users also avail 15% off on Amazon with BitcoinCash using purse.io. Bitcoin.com already has over 31 million wallets downloaded and 100,000 cash register users around the globe. It aims to be used in day-to-day needs and is more of a utility.
A significant difference between Bitcoin and BitcoinCash is the time it takes to process the transaction. While Bitcoin or other cryptos can take a minimum of 20 minutes to complete a payment, BitcoinCash does it instantly. Additionally, Bitcoin.com Wallet takes under 2 minutes to set up followed by the BitcoinCash Register App which takes under 3 minutes so a merchant can set up his business to accept crypto in under 5 minutes. BitcoinCash is more of a utility and store of value with nearly zero transaction cost than the only store of value like other cryptos. It is also listed in all major exchanges worldwide. BitcoinCash is already being tabled to be legal tender in the country of St. Maarten. In a few countries, businesses have already started to pay salaries to their employees with BitcoinCash. Recently, member of Parliament in St Maarten MP Brison requested his entire salary in BitcoinCash.
With India moving towards digitalization yet having uncertainty around cryptocurrency regulations, the fusion of security provided by cryptocurrency and the reliability of cash fulfils both the purposes the user desires. Lately, the crypto market has been volatile, but so has been the case with the stock and trade market. The USD has brought inflation as they print trillions without gold back up. The merchants have the option to change BCH to a stable coin, and soon with the integration of flexUSD within the app, those who don’t like the volatility can use it to earn a steady interest.
Roger Ver, the CEO of bitcoin.com, is a citizen of St Kitts and Nevis, the Caribbean islands, which were in the news for the vast adoption of BitcoinCash as a reliable payment method. Bitcoin.com is an exchange and a wallet developer which is an assisting mechanism for merchants to accept cryptocurrency. The Indian merchants can always cash it or connect it with their bank account via many exchanges in India at zero cost.
“Once you have used it, you’ll be amazed how easy it is to send and receive payments from anywhere in the world, whether it’s your own town or opposite side of the planet,” Roger Ver.
The driving force behind this reform in the Caribbean, Sunny Gehani, now hosted an invite-only event on May 29th in Mumbai, The BitcoinCash Merchant Meet-up, to familiarise business owners with this ease of payment. Sunny Gehani has onboarded hundreds of merchants in the last four months and is now spreading awareness in many countries about BitcoinCash, India being the recent one. Sunny Gehani, permanent resident of St Kitts & Nevis, owns a next company called Global Link, which assists persons to acquire second citizenship from various countries that offer visa free travel to over 150+ countries, anyone can get a second citizenship for around 100000 USD once they pass through the due diligence process. Roger Ver himself has acquired a citizenship from St. Kitts & Nevis. Lately, owing to his work Sunny was also invited to an event hosted for the President of India in Netherlands.
“People can send money instantly anytime, anywhere. No charges, no queues, which is what the actual white paper of Satoshi Nakamoto stated for Bitcoin, but it is only being used as a store of value. Bitcoin.com and BitcoinCash have made Satoshi Nakamoto’s vision come to reality, making BitcoinCash the real Bitcoin as it’s decentralized and anyone and everyone can use it in their day to day life. For example, you can buy a bottle of water for 20 rupees from a vendor using BCH instantly and with minimum costs (which you can’t with any other crypto as it takes a few minutes and few hundred rupees for each transaction),” Sunny Gehani.
The event proved to be fruitful as many understood the value of BitcoinCash and the ease it provides in daily usage. Countless guests used this opportunity to download and utilize it at the venue itself while having nothing but praises for the app.
This event was a big success with over 200 merchants attending and 100 committing to accept BitcoinCash. The merchants, too, felt that they would only benefit by accepting cryptocurrency and the best way to cycle is to pay their employees on payroll with crypto. Adoption of BitcoinCash/Crypto in India will also invite a lot of foreign tourist, adding to the overall economy.
This event was not about trading or investing. It was to spread awareness on how crypto/BitcoinCash can be used as a mode of payment for merchants. No business is too small or big to start accepting BitcoinCash.