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
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.
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