Bitcoin (BTC)Crypto NewsDogecoin (DOGE)

Dogecoin is better than Bitcoin at handling many transactions, says Elon Musk

                                                            Dogecoin wurde geschaffen, um das ultimative Crypto-Mem zu sein, aber der reichste Mann der Welt nimmt es sehr ernst.

The world’s richest man and Tesla CEO, Elon Musk, is a well-known Dogecoin supporter, but only recently interview The Full Send Podcast stated that the DogecoinBlockchain a much larger transaction capacity than Bitcoin have.

He also pointed out that DOGE can currently be used not only to buy 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.

Dogecoin 1 – Bitcoin 0

Musk explained that Dogecoin transactions complete in 60 seconds, while Bitcoin transactions take approximately 10 minutes to complete. For Musk, that’s enough for the meme coin to be seen as a better payment system. The fact that there is an easygoing community also seems to help:

“I support Doge mostly frankly because I think Doge has the memes and dogs and seems to have a sense of humor and doesn’t take himself too seriously. I think weird actually, even though Doge was only designed as this ridiculous joke currency, but Doge’s actual total transaction throughput capacity is much higher than Bitcoin’s.”

investment tip Dogecoin is better than Bitcoin at handling many transactions, says Elon Musk, Crypto Trading News

He further emphasized that Dogecoin’s inflation factor, allowing it to create 5 billion coins annually, could be better in the long term to establish its use as a transaction currency, far from Bitcoin and its maximum supply of 21 million BTC.

“The fact that $5 billion is created every year is actually good to use as transaction currency.”

One of the downsides of deflation is that it encourages hoarding as the perceived real value of the currency increases over time. This issue could impact the Bitcoin economy in the future considering that according to studies conducted in 2013 by the University of San Diego and George Mason University, more than 60% of all Bitcoins mined have not been moved since 2018 .

Musk and the Crypto Scams

Another topic the billionaire discussed is the growing number of scams all around cryptocurrencies. He warned that his Twitter account was “targeted by many scammers” due to its high engagement with his followers.

Elon Musk’s influence on the crypto community is more than proven – even scientifically proven. A study by dr Lennart Ante for the Blockchain Research Lab revealed that the “musk effect” is real. Every time Elon Musk tweets about Dogecoin, he tends to pump up the prices of this cryptocurrency almost immediately.

Dogecoin is better than Bitcoin at handling many transactions, says Elon Musk, Crypto Trading News

Indeed, Tesla’s announcements that it would be buying Bitcoin and ending its acceptance as a form of payment marked the start of recent strength bullish and bearish Trending for bitcoin.

He also clarified that he has nothing to do with other meme coins like “Elon” and other Elon cryptocurrencies ranging from Dogelon Mars to more creative names.

Although Musk has two meme cryptocurrencies (Shiba Inu and Dogecoin), so he has no interest in any other cryptocurrency – whether it’s inspired by him or some other cute dog breed.

Source: Crypto News Deutsch

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