Dogecoin Can Handle More Transactions Than Bitcoin, Elon Musk Says

Dogecoin was created as the ultimate cryptocurrency meme, but the richest man in the world takes it very seriously.

Elon Musk, the world’s richest man and CEO of Tesla, is a famous Dogecoin supporter, but recently interview In the Full Send Podcast, I mentioned that the Dogecoin blockchain has a much larger transaction capacity than Bitcoin.

He also points out that DOGE can now be used not only for purchasing goods at Tesla and SpaceX, but also as a means of payment at other large companies such as The Boring Company, which provides subway transportation services in Las Vegas. Did.

Dogecoin 1- Bitcoin 0

Musk explained that a Dogecoin transaction completes in 60 seconds, while a bitcoin transaction takes about 10 minutes to complete. For Musk, this is enough for MemeCoin to be considered a better payment system.

“I’m an outspoken supporter of Doge mostly because he has memes and dogs, he has a great sense of humor and doesn’t seem to take himself too seriously. Doge is like this silly joke currency Even though it was designed for , Doge’s actual aggregate transaction throughput capability is much higher than Bitcoin’s, which I find odd.”

He further added that Dogecoin’s inflation factor, which can create 5 billion coins per year, is a far cry from the maximum supply of Bitcoin or 21 million BTC, making it better in the long run to establish its use as a trading currency. I emphasized that there may be

“The fact that $5 billion is generated each year really makes it a good fit to use it as a trading currency.”

One of the downsides of deflation is that it encourages hoarding as the perceived real value of a currency increases over time. The problem is that he has not moved since 2018, according to a study conducted by the University of San Diego and George Mason University in 2013. It could affect the Bitcoin economy.

Musk and Crypto Fraud

Another issue discussed by billionaires is the rise of fraud around cryptocurrencies. He warned that his Twitter account has been “targeted by many scammers” due to his high interaction with his followers.

Elon Musk’s influence on the cryptocurrency community has been scientifically proven.research by Dr. Renato Ante Blockchain Research Lab Reveals The “Musk Effect” Is Real Whenever Elon Musk tweets about Dogecoin, the price of the cryptocurrency tends to rise almost immediately.

In fact, Tesla’s announcement to buy Bitcoin and stop accepting it as a payment instrument marked the beginning of a recent bull run. strong When bearish Bitcoin trend.

He also has other meme coins such as “Elon” and from Dogelon Mars be more creative name.

So Musk supports two memetic cryptocurrencies (Shiba Inu and Dogecoin), but is not interested in other cryptocurrencies.

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