Dogecoin is better than Bitcoin, says Elon Musk, the world’s richest man. Elon now favors Dogecoin, a blockchain that was initially created as a joke. He recently clarified two of the causes for this.
Although Dogecoin was intended to be the ultimate cryptocurrency meme, the richest man in the world takes it very seriously.
Elon Musk, the richest man in the world and the CEO of Tesla, is a well-known supporter of Dogecoin, but he recently claimed during an interview on the Full Send Podcast that the Dogecoin blockchain had a much higher transactional capacity than Bitcoin.
He also noted that DOGE is currently accepted as payment at other sizable businesses, such as The Boring Company, which provides subway transportation services in Las Vegas, in addition to Tesla and SpaceX.
Musk explained that while Bitcoin transactions take around 10 minutes to complete, Dogecoin transactions are completed in just 60 seconds. According to Musk, this justifies the meme coin as a superior form of payment. It also appears to help that it has a lighthearted community:
“I’m mainly supporting Doge frankly, because I think Doge has the memes and dogs and it seems to have a sense of humor and doesn’t take himself too seriously. I think actually weirdly even though Doge was just designed to be like this ridiculous joke currency, but the actual total transactional throughput capability of Doge is much higher than Bitcoin.”
In comparison to Bitcoin, which has a maximum supply of 21 million BTC, Dogecoin’s inflationary factor, which allows 5 billion coins to be created annually, may be better in the long term for establishing its use as a transactional currency.
“The fact that there’s five billion dollars created every year is actually good for using it as a transactional currency.”
As the perceived real value of the currency rises over time, one drawback of deflation is that it encourages hoarding. Given that more than 60% of all Bitcoin mined have not changed hands since 2018, studies conducted in 2013 by the University of San Diego and George Mason University suggest that this issue could have an impact on the Bitcoin economy in the future.
It would appear that he has a point i.e. that Dogecoin is better than Bitcoin in its transactional throughput capacity.
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