Elon Musk gives Dogecoin an edge over Bitcoin

The world’s richest man and CEO of Tesla, Elon Musk, is a well-known Dogecoin supporter, but in a recent interview, he mentions that the Dogecoin blockchain has a much greater transactional capability than Bitcoin.

He also pointed out that DOGE can presently be used not only to purchase merchandise at Tesla and SpaceX but as a means of payment at other big companies such as The Boring Company, which delivers subway transportation services in Las Vegas.

Also read, Tesla sells 75% of bitcoin holdings, musks reveals they still hold dogecoin

Dogecoin is better than Bitcoin

Elon Musk

Musk clarified that Dogecoin transactions are finished in 60 seconds while bitcoin transactions take roughly 10 minutes to be concluded. For Musk, this is adequate to give the meme coin an edge over BTC, hence, a better payment system. The fact that it has a light-hearted community also seems to benefit, Musk mentions that is mainly supporting Doge because he thinks Doge has the memes and dogs and it seems to have a sense of humor and doesn’t take himself too seriously. He also adds that even though Doge was just designed to be like this ridiculous joke currency, the actual total transactional throughput capacity of Doge is much higher than bitcoin.

He further highlighted that Dogecoin’s inflationary factor, which permits 5 billion coins to be formed annually, may be better in the long term to prove its use as a transactional currency, a far cry from Bitcoin and its highest supply of 21 million BTC.

Another matter the billionaire talks about is the growing number of scams around cryptocurrencies. He cautioned that his Twitter account is being targeted by a lot of scammers because of high interaction with his followers.

He also clarifies that he has nothing to do with other meme coins such as “Elon” or any other Elon-themed cryptocurrencies ranging from Dogelon Mars to more additional creative names.

Hence, Musk only supports two meme cryptocurrencies i.e Shiba Inu and Dogecoin. He has no interest in any other cryptocurrency.

Hungry for more information?

NFT Calendar from NFTHi

Check out the Latest NFT News!

For more interesting updates on NFTs, connect with NFTHI on Twitter and Instagram.

Join us on Telegram!

NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFTs

Share This Post

Related Posts

Regulations on Metaverse revealed by South Korea

South Korea's Ministry of Science and ICT (MSIT) reported...

US Senatorial Candidate Bruce Fenton Shows Support for Bitcoin

United States senatorial candidate for New Hampshire Bruce Fenton...

Cricket NFT Platform Rario Investment Round Generates $120 Million 

Normally, crypto is used to transact on major NFT...

Multicoin Capital reveals $430 Million in Venture funds despite market slump and hit by a lawsuit

Crypto venture capital giant Multicoin Capital stands strong despite the market...

FTX wins the Auction to acquire Voyager

FTX US is designated as the highest and the...