A lot of people are freaking out over the Bitcoin transaction fees. Moreover, the lack of scaling is a pretty big problem as well. According to Kim Dotcom, this will all be a problem of the past once Bitcache launches. That in itself is pretty interesting, to say the very least. His service will create fast transactions and reduce fees beyond belief. Whether or not people can still wait that long, remains to be seen, though.
The current Bitcoin issues should not be overlooked whatsoever. More specifically, the high fees and slow transactions are pretty problematic. Solving these problems will be nigh impossible, although things will improve over time. More specifically, we may see a new scaling solution hit the Bitcoin network over time. Another option is waiting for the Bitcache service to launch in the near future.
Kim Dotcom will Solve all Bitcoin Problems
More specifically, Kim Dotcom has announced this service quite some time ago. Although it will focus on storing data and using Bitcoin payments, there is a lot more to it. More specifically, Kim Dotcom claims the service lets users store their value in BTC and introduces lightning-fast transactions. An interesting concept that will certainly get a lot of people talking. Relying on third-party service to solve Bitcoin’s problems is pretty interesting, to say the least.
Don’t worry about the high transaction fees and scalability issues of Bitcoin. That’s what I’ve created Bitcache for. You store your value in Bitcoin and transact lightning fast and cheap via Bitcache. It’s like turning your gold into cash and back into gold, whenever you want.
— Kim Dotcom (@KimDotcom) December 16, 2017
For the time being, there are still a lot of unknown factors about Bitcache. How it will solve these Bitcoin issues in the future, remains unknown right now. At the same time, we can only hope to see some form of scaling solution for Bitcoin at some point in the future. The Lightning Network is still a long way away, unfortunately. At the same time, so is Bitcache, for all we know. Something will have to give before Bitcoin can effectively reach its proper potential, that much is evident.
The big question is whether or not people will stick around for this solution. More specifically, Bitcoin has had issues a lot of problems for quite some time now. Kim Dotcom may just be the person to solve these problems once and for all. At the same time, Bitcoin Cash is gaining a lot of traction as we speak. How all of this will play out in the long run, remains to be seen. An interesting future lies ahead for cryptocurrency, but it remains to be seen who will take the crown.
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