The introduciton of predictive text in iOS 8 allows for a subtly new way of typing that comes with significant benefits. The trick is to try and avoid using the space bar as much as possible and instead focus on the suggestion bar. The smallest change you can make is to continue to type entire words out, but instead of tapping the space bar to move on to the next word, tap the word in the suggestion bar instead (a space will be inserted automatically). It's the same number of taps as you've been using before but now you are confirming exactly the word you want each time. The only real change is you've moved from tapping at the bottom of the keybord after each word to the top.
Once you’ve made this switch, you can get used to keeping your eyes on the suggestions bar and can tap on the right word whenever it shows up, regardless of how many or which letters you've tapped. Now, you are typing faster and more accurately than the old keyboard allowed.