This week news.Bitcoin.com had a chat with Kim Dotcom, founder of the now defunct file hosting service Megaupload and developer of the content monetization application called K.im. Internet entrepreneur Dotcom is a big fan of the crypto economy. During the conversation we discussed topics like bitcoin cash, the recent big tech censorship, and how cryptocurrencies promote financial freedom.
Kim Dotcom is a well-known internet entrepreneur and political activist who believes the crypto-economy will continue to grow in value. Dotcom is best known as the former CEO of the now defunct file hosting platform Megaupload. The website was removed by the US government in 2012, but before Megaupload was phased out, it served 180,000,000 registered members and had 50,000,000 visits per day.
Currently, Dotcom is working on a content monetization application called K.im that combines the benefits of cryptocurrency solutions and file hosting. News.Bitcoin.com reported on the application in the summer of 2017, and the K.im platform is expected to launch in the fourth quarter of 2021.
Additionally, Dotcom announced that the next-generation content monetization app will see bitcoin cash (BCH) Integration. During our phone conversation, Dotcom talked about the recent demand for digital assets BCH has a lot of upside potential, the recent big tech censorship and how decentralized platforms will enliven our future.
Bitcoin.com (BC): While the global economy has been extremely bleak, cryptocurrencies like Bitcoin have seen significant demand. Do you think cryptocurrencies will continue to shine in 2021?
Kim Dotcom: What we have seen with the global economy due to the pandemic is, in my view, just the beginning of a major global emergency for the economy and currencies. Simply because governments print money to finance debt. In the US alone, over 30% of all existing US dollars were created during the year in 2020. It’s just not sustainable, you can’t keep printing money to pay for what is needed.
I think there is a significant depreciation of the US dollar which is driving demand for cryptocurrencies. Digital currencies are now considered to be more stable than fiat currencies. If this trend continues, which I believe it will, it will accelerate the devaluation of fiat currencies. This also leads to significant market disruptions.
Kim Dotcom: There are several factors. One factor is the bitcoin cash (BCH) already accounts for around 10% of the transaction volume of this Bitcoin (BTC) does. But BCH is only rated at 1% of the current rating of BTC. So that’s a small discrepancy. It’s a very easy way to understand why it’s undervalued. Another reason is that bitcoin cash, unlike bitcoin, is electronic cash where bitcoin wants to be electronic gold. Bitcoin is not what you use to pay online. If you are buying an apple and the transaction fees cost more than the fruit, this is not a viable e-cash solution.
Now if you look at the transaction volume potential for Bitcoin cash, it is significantly higher than Bitcoin because of the parameters of BCH. It currently has very low fees txstreet.com It is said that the average media fee for Bitcoin cash is $ 0.001 per transaction.
Kim Dotcom: So global credit card transactions are around 1.01 billion per day. I think bitcoin cash can compete with it for the next decade. More and more vendors are accepting bitcoin cash at their point of sale and we will accelerate this through partnerships. Getting large retail chains to accept bitcoin cash like grocery stores and really anything that does large volumes of transactions. Then of course online transactions too, because nothing works better and more smoothly than Bitcoin cash. It is already a proven system with over 100,000 vendors that have implemented BCHSo you can see that a solution is needed that is cheaper and better than conventional credit cards.
BC: Can you tell our readers the progress of the K.im application that you have been working on?
Kim Dotcom: It’s going well and we’ve been working on it for several years. We turn files into stores. For example, if you’re a music artist and you’ve created an MP3 file, you can embed it in a file K.im File shop and then the file becomes the shop. You can unlock the contents in the file with a crypto payment. This is a new way for users to conduct transactions. You can also set up an area in the file shop for commissions so that you can have a field service across the internet.
Anyone who wants to sell their content can get whatever share the artist or creator wants, so you can basically turn the entire internet into a massive sales team. We anticipate that K.im will have several hundred million users within five years of launch, and much of that transaction volume will be bitcoin cash related. Simply because it’s the cheapest and fastest way to trade crypto.
BC: How do you think the world’s governments will respond to the growing crypto economy and permissionless innovation?
Kim Dotcom: I think cryptocurrencies will be a target for governments as crypto is actually competing with money printing systems. Governments want to keep printing money to pay their bills. To pay for his military, to pay for everything the government needs. As cryptography continues to grow, the government’s ability to do so and operate these legacy systems will continue to be undermined. I think we’re going to see governments create trouble for cryptocurrencies, and I expect that.
BC: Just recently, Big Tech censored the incumbent US president and a number of other voices and even applications like Parler. Why do you think this is happening?
Kim Dotcom: You can see that Big Tech is getting more involved in politics. One has to wonder what these companies want to do with it. They are not doing this out of their good hearts, they are doing this for a purpose and one has to wonder what that purpose is.
BC: Do you think that given the global government encroachments on freedoms, do you think cryptocurrency networks will help protect financial freedoms around the world?
Kim Dotcom: Cryptocurrencies are absolutely the trailblazer. You will definitely unlock more freedoms for people all over the world. It’s just one of many components. What the big tech companies have done has very little to do with crypto as they run the infrastructure that we all use. You can basically control what we see, what we hear now, and that’s terrifying. Blockchain is just as interesting as the internet and the possibilities are endless. I think it’s important that we have more decentralized networks outside of the company to communicate.
We don’t want a single entity to be able to change the way we communicate. It should be a network for the people, by the people, open source, decentralized, and I think that’s the future. I think the tech giants are making a huge mistake by underestimating the power of open source and people’s willingness to move on to something else.
BC: When do you think the masses will use cryptocurrency solutions?
Kim Dotcom: We will see a steady increase in people adopting cryptocurrencies. It is only around 3% of internet users who have had contact with crypto. The upside potential is enormous. The more people learn about the benefits of cryptocurrencies, the easier it becomes to use and the more secure it becomes to use. With these improvements, more people will get involved, and that’s part of my mission. We need to market crypto better.
The crypto community also needs to come together and work towards that endeavor because the sooner we have critical mass, the better for everyone involved in the crypto space. I see a lot of fights, I see a lot of negative tribal arguments, and they are counterproductive. We should all just be working together to make sure users feel safe when they get into this area. The first thing you see isn’t all of these arguments and arguments about the best cryptocurrency.
BC: Do you think applications like K.im will help boost the crypto economy and peer-to-peer electronic money solutions?
Kim Dotcom: Yes, big time. K.im will have hundreds of millions of users and they will undoubtedly fuel the crypto economy. It will be a part of the mass adoption and there will be some killer apps like K.im doing the same thing and taken together we will get more and more people to accept cryptocurrencies.
What do you think of our conversation with Kim Dotcom? Let us know what you think on this matter in the comments section below.
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