On Wednesday, digital entrepreneur Kim Dotcom took to Twitter to highlight the big difference between bitcoin royalties and bitcoin cash. Echoing Tesla’s Elon Musk, Dotcom explained that more than half of the world’s payments are under $10 and that the Bitcoin Cash network is aimed at the mass market, [not] just the 1%.
Kim Dotcom : Bitcoin Cash serves the mass market
The 24th. In March, the cryptocurrency community was thrilled to hear that Tesla is accepting bitcoin (BTC) as a form of payment. Following the announcement by Elon Musk, founder of defunct file hosting service Megaupload, Kim Dotcom has spoken out on Twitter.
Dotcom has been actively promoting Bitcoin Cash (BCH) recently, believing that the cryptographic asset offers a sustainable peer-to-peer electronic money system. The Bitcoin.com Newsroom interviewed Dotcom in mid-January and talked about his plans to accelerate BCH adoption. After the interview, Dotcom published a descriptive website showing the benefits of using BCH.
After Tesla’s announcement, Dotcom said the charges on the BTC network were unreliable and unsustainable for some payments. Try buying soda in bitcoins, Dotcom said. The median reward is $8.92 [and] bitcoin cash is $0.001. More than half of the world’s cash payments are less than $10. BCH serves the mass market, not just the 1%, Dotcom said, while Tesla’s Elon Musk was also mentioned in the post.
Of course, some BTC maximalists were not happy with Dotcom’s statement, such as bitcoin.org owner Cobra, who insisted that the $8.92 fee is nothing if you buy a car. However, BCH supporter David Bond was quick to respond to Cobra by reminding him that BTC fees are constantly changing.
Today $9, tomorrow $1,000, tweeted David Bond in response to the statement from the owner of bitcoin.org. In 2017, bitcoin (BTC) costs rose to over $50 per transaction during the last bull run.
Elon Musk responds to criticism of dotcoms, Fair Point Tesla executives respond
Dotcom didn’t just tweet and leave his statement to the critics, as he was very responsive in his thread. Furthermore, Tesla’s Elon Musk responded to Dotcom’s statement by saying: Fair point. When critics of Dotcom’s statement asked about the proposed scaling solution, Lightning Network, creator of a content monetization app called K.im, responded further.
Satoshi did not see bitcoin as a new class of banks controlled by the same corrupt power structures as our current financial system, Dotcom said. Mandatory solutions like Lightning don’t change our broken system. Users should manage the keys to their digital currency, not third parties.
Transaction costs, transaction speed and security are important to merchants and users. That’s why I prefer Bitcoin Cash. It could be a store of value or electronic money, as Satoshi suggests.
The digital entrepreneur has responded to several people, and he truly believes BCH can appeal to middle-class fans and value seekers alike. Additionally, Dotcom plans to use Bitcoin Cash (BCH) in his upcoming content monetization app K.im. Dotcom also said that the K.im platform is just one of many flagship applications of the BCH network.
Bitcoin Cash is on its way to mass adoption with new killer apps and large seller networks, Dotcom said. That’s why [the Bitcoin Cash network] is already doing more transactions per day than Bitcoin, he added. Today’s statistics on the bitcoinfees.cash web portal show that the current BTC entry fee for the next block is over $9 per transaction.
What do you think of Kim Dotcom’s recent statements about bitcoin and bitcoin cash? Let us know what you think in the comments below.
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