CoinGeek’s Becky Liggero caught up with Dr. Craig Wright, chief scientist of nChain, to discuss what Bitcoin Cash (BCH) can bring to developing countries around the world.
For nChain’s chief scientist Dr. Craig Wright, the use of Bitcoin Cash (BCH) as means of payment in Africa should not be confined to within the continent. The potential of a universally accepted currency making instant transactions possible should be explored farther.
“I think trade globally is what matters. Trade forms markets because of an emergent property in markets, all those people interacting without regulations stopping them,” he said.
Goods in one country in Africa are often available elsewhere in region, where trade opportunities are not maximized. “There’s coffee beans in Rwanda, there’s coffee beans in Ethiopia, there’s coffee beans in Kenya. Do you think Rwandans are going to buy Kenyan coffee beans and swap their coffee beans for the other? So what we need is a world market. Right now, that is a very primary market, one where people haven’t opened up and developed. That can be services and other things as it develops more and it can be global. With the internet, with the ability to trade from here to America, from here to Europe, that brings money in and can be used to further develop the country, to build infrastructure,” he said.
Bitcoin BCH might eventually serve as a medium of exchange to a greater capacity than the U.S. dollar and other fiat currencies.
“Bitcoin Cash, first of all, enables a payment system. So that’s going to open up the markets, the ability to trade, not just locally, which is part of it. Within the regions, but [also] globally. A global money becomes trusted because you know it’s liquid everywhere. But we can take that further. With the introduction of smart contracts, we can do things like enabling people to invest here in maybe even coffee plantations, maybe other forms of agriculture, maybe growing plantains that not get sold locally but become sold everywhere so that you can then get more money back and buy more goods and services, maybe educate your children and develop a future,” he said.
Because of BCH’s great exchangeability, the products for which BCH serves as remuneration ought to be something usable on a global scale. “I think the real issue is actually creating something that is going to be globally distributed. We don’t want to localize. This is the whole point of specialization. What are you building here? And there are some new industries that are starting to pop up, and that’s what they need to focus on, whether it’s developing new technology, whether it’s having the agriculture in a way that [you] can sell to the world, whatever else. But to do that, you’re not looking at selling between Africans. You want to sell to the world, you want to sell to Europe, you want to sell to Asia, you want to sell to America. That’s when it really becomes powerful. And having Bitcoin Cash will help and enable that,” Wright said.
If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
The post Dr. Craig Wright on how Bitcoin BCH will open Africa to global trade appeared first on Coingeek.