Elon Musk accepts Kim Dotcom’s claims about Bitcoin Cash (BCH)
- Elon Musk was replying to Kim Dotcom’s assertion that Bitcoin Cash has more benefits as a payment gateway.
- Kim thinks that Bitcoin Cash (BCH) provides an efficient peer-to-peer cash payment system.
- Musk also agrees that BCH is a more viable option for payments due to its lower fees compare to BTC.
Digital entrepreneur Kim Dotcom, on Wednesday, tweeted that there is a major difference between Bitcoin (BTC) and Bitcoin Cash (BCH), a forked version of Bitcoin.
He said Bitcoin Cash is “serving the mass market” more than Bitcoin, tagging Tesla’s Elon Musk in the tweet.
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Fair point— Elon Musk, the 2nd (@elonmusk) March 25, 2021
Dotcom added that over 50% of all payments in the crypto market are under $10, and many users are choosing Bitcoin Cash over Bitcoin in that area.
Dotcom has been promoting more BCH adoption
On March 24, Tesla was in the news again after the electric car manufacturer announced that it has started accepting Bitcoin payments for its products. In the aftermath of this news, Kim Dotcom, founder of defunct file hosting service Megaupload, talked deeply about the situation.
He has been very active in the promotion of Bitcoin Cash. He thinks cryptocurrency provides an efficient peer-to-peer cash payment system. He is also campaigning for the mass adoption of Bitcoin Cash (BCH).
He added that third parties should not control the keys to users’ digital money, but the users themselves.
He also answered questions from other people, but he believes that BCH will serve both as a store of value and as a medium of exchange. Additionally, Dotcom says it has plans to use BCH in the soon-to-be-launched K.im platform.
He also noted that there will be other killer apps like K.im that will leverage the efficiency of BCH as a payment gateway. “Bitcoin Cash is growing into mass adoption with new killer apps and large vendor networks,” he reiterated.
Musk says BTC has lower fees than BTC
Elon Musk responded to his tweets, saying “fair point” to the idea that Bitcoin Cash has many payment advantages. Musk agrees that BCH has lower fees than BTC, which makes it a more viable option for retail traders.
However, some respondents made statements questioning Dotcom’s assertion and particularly asked about the alleged scaling issues within the content monetization platform, K.im. He replied by saying Satoshi’s plan for Bitcoin didn’t include the swarming class of banks controlled by the same system that has bedeviled the current financial system.