Tesla’s boss, Elon Musk, said yesterday that Dogecoin (DOGE) is superior to Bitcoin in terms of transaction volume. He made this known on Friday (5/8/2022) on the “Full Send Podcast”.
The world’s richest man and Tesla CEO, Elon Musk, is a well-known supporter of Dogecoin. in a recent interview send full podcast Said that the Dogecoin blockchain has much higher transaction capacity than Bitcoin.
Elon Musk and Dogecoin
He also pointed out that today’s DOGE can be used not only to buy stuff at Tesla and SpaceX, but as a means of payment at other large companies such as The Boring Company, which runs the Metro in Las Vegas. Provides transportation services.
Musk explained that Dogecoin transactions can be completed in 60 seconds, while bitcoin transactions take about 10 minutes to complete.
For Musk, that’s enough to make DOGE a better payment system. The fact that it has a large community helps too.
“Frankly I’m a major supporter, because I think Doge is unique, both as a meme and a dog and doesn’t take itself too seriously. I think it’s really weird that even though Doge was designed just like this ridiculous joke currency, Doge’s total transaction capacity is actually higher than Bitcoin.”
https://www.youtube.com/watch?v=fXS_gkWAIs0?feature=oembed
He further emphasized that Dogecoin’s inflation factor, which allows it to generate 5 billion units a year, may be preferable to establishing its use as a transactional currency, away from bitcoin in the long run, and its maximum supply only. 21 million BTC,
“The fact that five billion dollars are being created every year is really cool to use as a transaction currency,” he said.
Tesla Sells Bitcoin, This Trader Reminds Trader of the Next Major Level of BTC’s Fate
Musk and Crypto Fraud
Another issue that Elon addresses is the increasing number of crypto-related scams. He warned that due to his high engagement with his followers, his Twitter account is being targeted by several scammers. No wonder what Elon said about Doge or BTC could have an impact on the crypto market.
Tesla Sells BTC
Previously Tesla announced it had sold its BTC counterpart US$936 million equivalent to 75 percent of your savings in the second quarter of 2022.
Tesla CEO Elon Musk said the decision to sell BTC was made to pocket cash due to the precarious economic conditions due to COVID policies in China, which were reimposed. lockdown and affect Tesla’s production capacity.
The electric car maker reported selling $936 million worth of BTC in the second quarter of 2022, equivalent to 75 percent of its savings.