Elon Musk: “Buy Dogecoin With 0 FEES”
Elon Musk, who has grown to become one of the biggest backers of Dogecoin following his years of support, has continuously endorsed the meme based Bitcoin rival, which had attracted the anger of the Bitcoin community a couple of months ago during a live discussion with Jack Dorsey and Cathie Wood.
The idea to using Dogecoin to maximize transaction rates and reduce the cost of transactions
Musk spoke more on ideas that he had previously presented about using Dogecoin and Ethereum to maximize transaction rates and reduce the cost of transactions. Dogecoin has been very exceptional over the course of the year, and this is not because the token is useful. The meme coin reached new highs at the beginning of the year, with the bulk of the price surge coming from Elon Musk.
Many have criticized Elon Musk for his approach to Bitcoin and Dogecoin trading. Some have claimed that Musk has been manipulating the prices of crypto simply to meet his personal goals. Tesla bought some Bitcoin at the start of the year and accepted Bitcoin payments for car purchases for a short period. However, the company has now stopped its support for Bitcoin, with Musk stating that the mining process of Bitcoin is harmful to the environment.
DOGE as a means of payment for goods
When it comes to online payments, Musk has a bit of expertise as one of the co-founders of PayPal. Like Adam Aron, Musk also sees DOGE as a means of payment for goods, as it now appears that the chief executive of AMC has welcomed the idea of accepting Dogecoin payments.
According to Tyler Winklevoss, one of the Winklevoss brothers, DOGE and AMC are a match made in heaven. It seems the company does not intend to stop at just accepting select cryptocurrencies, but plans to also try their hands at nonfungible tokens. While speaking to CNBC some weeks ago, Aron revealed that the company was considering NFT as a possible new stream of revenue. He stated that the idea being considered at the company was to release commemorative movie tickets as NFT.
Despite the transaction levels of Dogecoin hurting the lowest since 2017. The power of the popular meme coin still remains strong. Several companies have adopted the use of Dogecoin over the past couple of weeks. For instance, the popular trading app Robinhood has confirmed that it would roll out a new crypto wallet feature that will support DOGE deposits and withdrawals on the app over the coming months. Robinhood wallets is huge news for Dogecoin. It opens up so many users to the real utility of cryptocurrency.