st. Kitts and Nevis will accept Bitcoin Cash (BCH) as legal currency in 2023. In terms of institutional acceptance, cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Shiba Inu (SHIB) have always been at the forefront. However, St. Kitts and Nevis Prime Minister Terrance Drew announced that they plan to adopt BCH as legal currency. He also announced that they are considering mining as a country.
BTC chose BCH, not ETH or SHIB
Koindeks.com As you follow, the FTX collapse and the events that followed have taken the crypto market under its influence. In the midst of this crisis, another important step has been taken in terms of cryptocurrency adoption. st. Kitts and Nevis Prime Minister Terrance Drew, St. He made the remarks during a Bitcoin Cash (BCH) conference in Kitts and Nevis. Accordingly, Drew announced that BCH, not SHIB, will become legal currency in the country by March 2023. The Prime Minister also noted that his country would be interested in BCH mining. Additionally, he stated that he would welcome dialogue and exploration of “future opportunities” with cryptocurrency. In particular, the Kim Dotcom Twitter account shared the following:
st. Kitts and Nevis Prime Minister just announced that Bitcoin Cash will become legal currency in his country by March 2023. It’s a big step forward for BCH as no country will be able to ban other nations’ currencies. Mass use with awesome new apps next.
Why Bitcoin Cash instead of Bitcoin?
The announcement comes at a time when the trend towards mainstream adoption of cryptocurrencies is growing, as demonstrated by the Central African Republic’s adoption of Bitcoin (BTC) as legal tender in April. However, the statement sparked controversy over the country’s choice to adopt Bitcoin Cash instead of Bitcoin. That’s why supporters of the resolution point to the WhyBitcoinCash website for information.
Bitcoin Cash is a peer-to-peer electronic cash system that aims to be a solid global currency with fast payments, micro prices, privacy and high processing capacity (large blocks). Bitcoin Cash payments are sent directly from one person to another, just as physical money is given directly to the paying individual, just like a dollar bill.
Bitcoin Cash is a permissionless, decentralized cryptocurrency. Therefore, it does not need secure third parties and a central bank. Unlike classical prestige money, BCH is not dependent on financial intermediaries such as banks and payment processors. Processes cannot be censored by governments or other centralized companies. In precedent form, financial third parties have no control over the BCH network. Therefore, the funds cannot be confiscated or frozen.