Elon Musk says Dogecoin is Better than Bitcoin in Handling Large Transactions


US Citizen Files Lawsuit Against Tesla Elon Musk OverElon Musk, who has famed himself as the “Doge father,” has continued to tout his support for the meme coin despite the meme coin hype dying. In his recent sentiments, Musk said that DOGE was created to serve as the ultimate cryptocurrency meme.

Elon Musk says DOGE is better than Bitcoin

In a recent interview with the Full Send Podcast, Musk said that the Dogecoin blockchain could handle more transactions than the Bitcoin network. He also added that DOGE had already acquired utility on Tesla and SpaceX. It is also accepted as a means of payment at the Boring Company, which provides subway transportation services in Las Vegas.

Musk also said that DOGE transactions could be completed within a minute. On the other hand, the Bitcoin network was slow, as transactions could take around 10 minutes to be completed. The scalability of Dogecoin made it a better option in being a means of payment.

The Dogecoin community’s light-hearted nature was another factor that made the meme coin a better option. He referred to the early days of Dogecoin when the meme coin was created as a joke to make fun of Bitcoin, but it ended up being better than Bitcoin in terms of transaction throughput.

Musk also addressed the inflationary nature of Dogecoin, where five billion coins are created every year. It gave it more long-term value as a transactional currency than Bitcoin, which had a capped supply of 21 million coins.

Bitcoin proponents have usually touted its capped supply as one of the reasons why the coin was bound to gain in the long term. However, deflationary assets tend to encourage hoarding as people anticipate gains in the future. This aspect could harm Bitcoin’s economic future as previous reports show that 60% of all the Bitcoin supply had not been moved since 2018.

Musk discusses crypto scams

The other issue that Musk discussed during the interview was the growing number of scams in the cryptocurrency sector. He warned that his Twitter account had been a victim to many scammers who wanted to take advantage of his many followers.

Musk is a reputable figure in the cryptocurrency space. Moreover, he has also been behind gains in the cryptocurrency space. Last year, Musk rallied the price of DOGE to a new all-time high after appearing in the SNL show where he promoted the meme coin.

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