Dogecoin is Better Than Bitcoin At Handling Lots of Transactions, Elon Musk Says

Dogecoin was designed to be the ultimate crypto meme. But the richest man in the world takes it seriously.

Elon Musk is the world’s richest man, and Tesla CEO, is a well-known Dogecoin fan. However, he stated that the Dogecoin Blockchain had a greater transactional capability than Bitcoin in a recent interview with the Full Send Podcast.

He also mentioned that DOGE can be used to purchase merchandise from SpaceX and Tesla, as well as for payment at large companies like The Boring Company which provides subway transportation in Las Vegas.

Dogecoin 1 Bitcoin 0

Musk stated that Dogecoin transactions can be done in just 60 seconds, while bitcoin transactions can take around 10 minutes. Musk believes this is sufficient to make the meme coin a better payment method. It seems that the meme coin has a friendly community.

“I support Doge because it has the memes and dogs, and it seems to have an innate sense of humor that doesn’t take itself too seriously.” Even though Doge was designed as a joke currency, I find it strange that Doge has a much greater transactional throughput than bitcoin.

He also stated that Dogecoin’s inflationary function, which allows for 5 billion coins per year, might be more effective in the long-term to establish its use of Dogecoin as a transactional cryptocurrency. This is far from Bitcoin with its maximum supply at 21 million BTC.

“The fact that five billion dollars are created each year is actually a good thing for using it to transact currency.”

Deflation encourages hoarding as the currency’s perceived value increases over time. This could have a negative impact on the bitcoin economy, as more than 60% of bitcoin mined since 2018 has not moved, according to George Mason University and University of San Diego.

Musk and the Crypto Scams

The growing number of scams surrounding cryptocurrency was another topic the billionaire addressed. Due to his high level of interaction with his followers, he warned that his Twitter account was “targeted” by scammers.

Elon Musk’s influence over the crypto community has been scientifically confirmed. The “Musk Effect” was confirmed by Dr. Lennart Antes for Blockchain Research Lab. It seems that Dogecoin prices tend to rise almost instantly when Elon Musk tweets about it.

In fact, Tesla’s announcement of buying Bitcoin and ceasing to accept it as a payment method marked the start of strong bullish and bearish Bitcoin trends.

He clarified that he does not have any connection to other meme coins like “Elon” or other Elon-themed cryptocurrency cryptocurrencies, ranging from Dogelon Mars and more creative names.

Musk is a strong supporter of two meme cryptocurrency (Shiba Inu, Dogecoin) but he doesn’t care about any other cryptocurrency, whether it’s inspired by him or any other adorable dog breed.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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