Kim Dotcom Insists 'Bitcoin Cash Will Serve the Mass Market,' Criticizes BTC Fees, Elon Musk Responds
On Wednesday, the digital entrepreneur Kim Dotcom took to Twitter and talked an awful lot about the stark differences between bitcoin fees and bitcoin cash fees. While tagging Tesla’s Elon Musk in the thread, Dotcom explained that more than half the payments in the world are under $10 and the Bitcoin Cash network is “serving the mass market, [and] not just the 1%.”
Kim Dotcom: Bitcoin Cash Serves the Mass Market
On March 24, the cryptocurrency community was ecstatic to hear about Tesla accepting bitcoin (BTC) for payments. Following the announcement from Tesla’s Elon Musk, the founder of the now-defunct file hosting service Megaupload, Kim Dotcom took to Twitter to discuss the situation.
Dotcom has recently been promoting bitcoin cash (BCH) a great deal, as he believes the crypto asset offers a sustainable peer-to-peer electronic cash system. Bitcoin.com’s newsdesk interviewed Dotcom in mid-January and he told us his plans to “accelerate” BCH adoption. After the interview, Dotcom published a descriptive website that shows the benefits of leveraging BCH.
After the Tesla announcement, Dotcom explained how fees on the BTC network are both unreliable and unsustainable for certain payments. “Try and buy a Soda with bitcoin,” Dotcom said. “[The] median fee $8.92 [and the] bitcoin cash median fee is $0.001. Over half of all cash payments worldwide are under $10. BCH is serving the mass market, not just the 1%,” Dotcom said, while also tagging Tesla’s Elon Musk in the post.
Of course, a number of BTC maximalists disliked Dotcom’s statement, like the owner of bitcoin.org, Cobra who insisted that an $8.92 fee is negligible when you’re buying a car. However, the BCH proponent David Bond quickly responded to Cobra reminding him that BTC fees are always changing.
“$9 today, $1,000 tomorrow,” David Bond tweeted in response to the owner of bitcoin.org’s statement. In 2017, bitcoin (BTC) fees jumped over the $50 per transaction handle during the last bull run.
Elon Musk Responds to Dotcom’s Criticism, ‘Fair Point’ the Tesla Exec Replied
Dotcom also did not just tweet and leave his statement to the critics, as he has been very responsive throughout his entire thread. Furthermore, Tesla’s Elon Musk replied to Dotcom’s statement and said “Fair point.” When critics of Dotcom’s statement asked about the alleged scaling solution, the Lightning Network, the creator of the content monetization application called K.im responded further.
“Satoshi didn’t envision bitcoin as a new class of bank controlled by the same corrupt power structures as our current financial system,” Dotcom said. “Custodial solutions like Lightning are not changing our broken system. Users must control the keys to their digital money, not third parties.”
Transaction fees, transaction speed, and security matter most to vendors and users. That’s why I prefer Bitcoin Cash. It can be both a store of value and electronic cash as envisioned by Satoshi.
The digital entrepreneur responded to a number of people, and he wholeheartedly believes that BCH can serve both medium exchange fans and store of value fans. Moreover, Dotcom has plans to leverage bitcoin cash (BCH) in his upcoming content monetization application K.im. Dotcom also noted that the platform K.im was just one of the myriad of killer apps coming to the BCH network.
“Bitcoin Cash is growing into mass adoption with new killer apps and large vendor networks,” Dotcom insisted. “That’s why [the Bitcoin Cash network] is already doing more transactions per day than Bitcoin,” he added. Today’s stats on the web portal bitcoinfees.cash shows current BTC fees to get into the next block is over $9 per transaction.
What do you think about Kim Dotcom’s recent statements about bitcoin and bitcoin cash? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.