Who are we?
Satoshiware NQ is a company founded for the purpose of onboarding new businesses and users to Bitcoin Cash. We specialise in the integration of Bitcoin Cash into existing businesses and educating new users.
What is our purpose?
We have an altruistic view for Bitcoin Cash. As such, we offer all our services free of charge. We have been involved with cryptocurrencies for a number of years and want to see the world benefit from this technology. We are doing our part by providing information and business services to the people of North Queensland.
How we make our money?
We offer all our services free of charge to help new users and businesses learn and engage in the technology without hurdles. We will be rolling out 6 Bitcoin Cash ATMs over the coming months where you can purchase Bitcoin Cash using AUD. Our revenue will come from customer interactions with those ATMs.
What is Bitcoin Cash?
Bitcoin Cash is internet money that anyone can send to anyone else, anywhere in the world, instantly, for less than a cent. You can do it without permission from a corporation, bank, or government. Bitcoin Cash is purely peer-to-peer with no middle-man or third-party settlement. It was proposed in a 2008 white paper by an anonymous party called Satoshi Nakamoto in response to the 08/09 GFC. It's ticker name is BCH, and is often used to signify the currency (eg, 1.3234 BCH).
Benefits over fiat currency?
- Instant: whether you’re across the room or across the world, transactions occur instantly through the global decentralised network.
- Cheap: whether you’re transferring $1 or $1 million near or far, you’ll only ever pay less than $0.01.
- Borderless: transfers to other countries will not be affected by currency exchange rates or foreign financial institution transaction fees. As such, it is a global currency that is great for travel and tourism.
- Permissionless: anyone can join the network and become part of the global economy.
- Deflationary: there is a finite amount of Bitcoin Cash in existence. No more can ever be printed, created, doctored or manufactured like government bodies do with fiat.
- Decentralised: the entire network is supported by the participants around the world. There is no controlling entity or central authority to sway the flow of wealth or dictate the use of funds. There is no single part of the network that, if compromised, would cripple it.
- Be your own bank: peer-to-peer transactions means you don’t require a central authority or controlling entity to safeguard your money. You’re in charge of your own wealth.
- Economic freedom: the value of your money is no longer subject to the poor economic policy implemented by governments causing inflation. Your money is no longer subject to the nefarious activities and whims of global financial institutions and markets. Your wealth is no longer exposed to the default risk of banking or business corporations.
How does it work?
Bitcoin Cash operates on a totally transparent decentralised financial ledger called the blockchain. This financial ledger is supported by everyone around the world who participates in the network. The ledger (blockchain) shows the distribution of wealth across the entire Bitcoin Cash network. When transactions occur, they are sent to the network and organised into a block. This block needs to be verified so everyone can update their ledger unilaterally. When a block is verified, it is added to the chain of other blocks and the entire decentralised network updates their financial ledger to reflect that new balance of wealth. This ledger is freely available to anyone who wants to see it.
Is it secure?
The blockchain financial ledger is the most important feature in the security of Bitcoin Cash. Its long chain of verified transactions makes it totally immutable. This means you are unable to change any transaction that has previously been verified. If you try to change the balance of your Bitcoin Cash with sinister intent, the entire network will reject it as it doesn’t reflect the chain of previous transactions.
Current data encryption methods use 228-bit RSA keys to transfer information. To be able to crack that encryption with a computer, it would generate less energy than it takes to heat a teaspoon of water. Bitcoin Cash uses elliptic curve cryptography (ECC). To crack a 228-bit elliptic curve key, you’ll need enough energy to boil all the water on Earth. (https://arstechnica.com/information-technology/2013/10/a-relatively-easy-to-understand-primer-on-elliptic-curve-cryptography/2/)
What are Bitcoin Cash miners?
Miners are people in the network that wish to be part of the verification process. It requires a large amount of work from specialised computers and software to solve complex mathematical equations to verify a block of transactions. Once a miner solves the equation, it is sent to all the other points in the network and everyone updates their financial ledgers simultaneously. Then that block of transactions is placed in the chain with all the others. All miners then start to solve the next block of transactions. Miners receive Bitcoin Cash as an incentive to verify blocks.
If it’s not backed by fiat, what constitutes the price?
Bitcoin Cash is created at a predictable and limited rate as the miners verify blocks of transactions. This incentive will diminish over approximately the next 100 years as the amount of Bitcoin Cash reaches 21 million coins. No more can be created, printed or engineered. This plays to the most fundamental law of economics: supply and demand. As the network grows and more people use Bitcoin Cash the price should increase. The market is volatile at the moment as it is priced by speculators. As the network grows and more people transact everyday with Bitcoin Cash it should improve liquidity and utility, and volatility should decrease.
What incentivises the miners after 100 years?
After 100 years of growth within the network, it is expected that the sub-cent fees paid by people sending Bitcoin Cash will remunerate the miners as there will be millions of transactions occurring per day.
Is there enough Bitcoin Cash to go around if there’s only 21 million coins to be created?
Fortunately, Bitcoin Cash is divisible by up to 8 decimal places. So you can send as little as 0.0000 0001 BCH, a unit called a "Satoshi".
What’s the difference between Bitcoin Core and Bitcoin Cash?
From 2009, adoption grew and more people started participating which created congestion on the network. As this congestion grew, transaction fees rose and transaction times were taking hours or days. It was no longer a functional currency. There were opposing view points within the community on how best to discharge this congestion. So the Bitcoin Cash and Bitcoin Core networks separated in August 2017, in what is called a Hard Fork. Fortunately Bitcoin Cash has solved the congestion issue by following the original roadmap set out by Satoshi Nakamoto in the white paper. This gives us the instant, cheap, peer-to-peer payments that we use today and that had the world excited about Bitcoin.
How do I convert Bitcoin Cash back to fiat?
There are easy ways to convert:
- Sell directly to someone who wants to buy some Bitcoin Cash.
- You can set up an account on an exchange to sell Bitcoin Cash, the same as you would shares. We recommend btcmarkets.net.
- Use https://www.livingroomofsatoshi.com/ to put Bitcoin Cash directly against your credit card, BPAY bills, or deposit straight into a bank account.
- If you are a business, there is a POS available that can be purchased. TravelbyBit can convert your Bitcoin Cash directly into AUD into a bank account of your choosing.
What benefits are there for a business?
- Free: zero setup and ongoing costs. We can provide any staff training free of charge.
- Avoid bank fees: terminal rental fees and 1-3% charges on EFTPOS transactions are no longer an issue.
- User experience: an instant, seamless payment option for your customers will make you look impressive.
- Brand new technology: You’ll gain a small exposure to a new technology that will generate interest in the community.
- Advertising: receive a free plug on our website and media outlets. We also advocate for your business during our community awareness campaigns.