Better Money For a Better World
Money in the internet age has become heavily reliant on trusted custodians and intermediaries. This trust-based money system has been continually failing us. A new form of money needs to be invented that should eliminate the need for trusted institutions. It is for this purpose that Satoshi Nakamoto invented Bitcoin -- a peer-to-peer electronic cash system in 2009. For the first time, the world experienced a form of money that is electronic but decentralized -- purely peer-to-peer, permissionless, and uncensorable. Bitcoin was poised to revolutionize the world of finance and commerce.
In 2017 though, a contentious split in the Bitcoin community ensued over the issue of on-chain scaling. On one hand, the "small blockers" camp insisted on keeping the block size small, which resulted to skyrocketing transaction fees. In effect, this also meant that payments and self-custody of small Bitcoin amounts becomes prohibitively expensive leading its holders to adopt custodial payment solutions. The narrative has also changed to Bitcoin becoming digital gold, instead of digital cash. On the other hand, the "big blockers" camp opted for increasing the block size so Bitcoin can remain usable as peer-to-peer cash on-chain. The latter forked off to become Bitcoin Cash (BCH).
At Paytaca, we believe in Bitcoin's original intention and we made it our mission to spread its use globally. We build the tools to make it easy for anyone to use BCH, specially in real world commerce. The goal is to build, not only a powerful yet user-friendly open source BCH wallet app but also develop widely useful applications on top that will provide a lot of value to customers and merchants alike. At the same time, we are also at the forefront of localized merchant onboarding efforts trying to champion a bottom-up model of BCH adoption that has the potential to scale and become self-sustaining.
With the gradual collapse of traditional monetary systems, we need better money now more than ever. The world needs peer-to-peer electronic cash now!