On Lex Fridman’s podcast, Tesla CEO Elon Musk stated that the popular altcoin Dogecoin (DOGE) is basically better than anything he’s ever seen. cryptocoin.com We are giving the details as…
Elon Musk praising DOGE calls BTC “slow”
Musk preferred the popular meme coin by comparing Bitcoin and DOGE. He reminded Fridman that compared to the world’s largest crypto, Dogecoin has a higher transaction volume than BTC and a much lower transaction fee. “You can’t use Bitcoin effectively for most things,” he said, due to the very high transaction cost. “You can’t even scale it to a higher volume,” he added.
The head of Tesla and SpaceX described Bitcoin’s transaction speed as “hilariously low”. However, he admitted back in 2008 that the speed makes sense, given the small Bitcoin block size and long sync time. Elon Musk believes that if a community expects a cryptocurrency to increase in value over a period of time due to increasing scarcity, there will definitely be a reluctance to spend it and people will choose to “hodl” it.
However, according to him, if there is a cryptocurrency that has become lifeless over time, there is a good chance that this currency will be used as a regular payment method. There are more incentives to use it this way. Musk described the Doge as “better than anything I’ve seen, incidentally,” at this point. On December 13, when Musk was named Person of the Year by Time Magazine, he also stated that Dogecoin is much more suitable for transactions than Bitcoin.
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