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Elon Musk Agrees That Bitcoin Cash Has Certain Advantages Over Bitcoin

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Thu, 03/25/2021 - 09:10
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Yuri Molchan
Elon Musk who has announced that Bitcoin is now okay to pay for Tesla cars, agrees that in one particular way Bitcoin Cash is better than Bitcoin – median transaction fee
Elon Musk Agrees That Bitcoin Cash Has Certain Advantages Over Bitcoin
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On Wednesday, March 24, Tesla made history in the crypto community when it announced that it now accepts Bitcoin as payment for its top-level cars.

Now, however, Kim Dotcom is trying to persuade the world's richest man that Bitcoin Cash is a much fairer deal when it comes to payments.

Elon Musk agrees that BCH offers lower fees than BTC

Kim Dotcom, a German-Finnish entrepreneur and political activist (also known as Kimble or Kim Tim Jim Vestor), has commented on Musk's Wednesday tweet about opening a Bitcoin payment option on the Tesla website.

Dotcom pointed out that median transaction fees are much cheaper if you pay in Bitcoin Cash rather than Bitcoin and suggested that Musk should buy soda with BTC. Kim Dotcom stated that BCH serves the mass market, unlike Bitcoin, which is only for the top one percent.

Musk agreed to the point made by the entrepreneur.

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Samson Mow, the CSO of Blockstream, reminded them both that Bitcoin payments via the Lightning network or Liquid Network may help in this case.

Bitcoin plunges despite the Tesla announcement

Curiously, despite Musk's announcement yesterday about Bitcoin and Tesla, the BTC exchange rate did not live up to bullish expectations. After rising about $3,000 (from the $54,000 zone to slightly over $57,000), the flagship cryptocurrency plunged overnight to the $52,500 area.

Earlier this year, Elon Musk announced that he had turned into a Bitcoin supporter and that Tesla allocated a whopping $1.5 billion into Bitcoin. Now, as the company is accepting BTC as payments, it also intends to hold the received BTC and not convert it into fiat.

Related
Peter Schiff Is Silent on Tesla-Bitcoin News But Keeps Shilling Gold Over BTC

Peter Schiff warns against buying Tesla with BTC

Vocal Bitcoin hater Peter Schiff has taken to Twitter to comment on another step Tesla is making toward embracing Bitcoin.

The CEO of Euro Pacific Capital and a gold bug, Schiff tweeted that, in case Bitcoin plunges, the refund made by Tesla in Bitcoin would be lower than in USDthe ultimate account of the sale, according to him.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.