Kim Dotcom Wants to Fund Bitcoin Cash Development
Key Takeaways
- Kim Dotcom plans to fund development on Bitcoin Cash.
- He says that the coin is undervalued based on the amount of transactions that it currently performs.
- The coin will also be used in his upcoming content monetization service, K.im, set to go live in Q4 2021.
Kim Dotcom, founder of the infamous file sharing site Megaupload, has announced plans to fund Bitcoin Cash (BCH) development.
Why Dotcom Favors BCH
Dotcom endorsed Bitcoin Cash during an interview with Bitcoin.com. There, he argued that BCH is undervalued based on the fact that it handles about 10% of Bitcoin’s transaction load but has just 1% of Bitcoin’s market cap. He also alluded to Bitcoin Cash’s lower transaction fees as his reason for favoring the coin.
The move resembles an earlier announcement made by Twitter and Square founder Jack Dorsey. In 2019, Dorsey stated that he would pay people to work on Bitcoin. That eventually led to the creation of Square Crypto, which is currently examining grant proposals.
Dotcom, however, has a more controversial business history. His original file-sharing site, Megaupload, was seized and shut down in 2012 due to copyright infringement. He also cut ties with its replacement site, MEGA, in 2015, though the site is still operational.
In light of Dotcom’s controversial reputation, it will take time to see whether his soon-to-be-recruited Bitcoin Cash developers produce apps of lasting value to the cryptocurrency’s ecosystem.
K.im Will Use BCH
Dotcom also has a more practical reason to support the cryptocurrency. His newest app, K.im, plans to introduce a content monetization service that relies on cryptocurrency. Bitcoin Cash will be integrated directly with the platform as a payment method, according to its current roadmap.
The project originally planned to launch its own KIM token via a Bitfinex IEO in 2019. However, Bitfinex cancelled those plans. Presumably, the site will be able to avoid regulatory blowback by making use of Bitcoin Cash, which is an established cryptocurrency.
It remains to be seen whether K.im will deliver. The project has been in development since 2017 and plans to launch in Q4 of 2021.
At the time of writing this author held less than $50 of Bitcoin, Ethereum, and altcoins.
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