Elon Musk claims that Dogecoin can handle more transactions than Bitcoin
In a recent interview with the Full Send Podcast, Elon Musk, the famed billionaire and Tesla CEO, compared Dogecoin and Bitcoin. According to the Dogecoin supporter, the meme coin has more transactional capability than BTC.
Dogecoin transactions, according to Musk, take 60 seconds to complete. Meanwhile, Bitcoin transactions can take up to 10 minutes to complete.
Dogecoin, according to the billionaire, is a better payment instrument than Bitcoin. In addition, he stated that the Dogecoin community is more lighthearted and calm.
"To be honest, the main reason I'm supporting Dogecoin is because it has dogs and memes." It's also entertaining. "Despite the fact that the token was a joke, I am amazed that it has a larger transaction throughput capacity than Bitcoin," Musk continued.
He also noted the meme coin's inflationary factor. This factor enables the annual generation of nearly five billion tokens.
He feels that making it a transactional currency will be beneficial in the long run. Furthermore, this is far more than BTC's maximum supply of only 21 million.
The Musk Effect
One disadvantage of deflation is that it encourages hoarding. This frequently happens when the estimated actual price of a currency grows over time. Meanwhile, more than 60% of BTC generated has not been moved since 2018.
According to research conducted in 2013 by George Mason University and the University of San Diego, this issue may have a negative influence on the BTC economy over time.
Another issue raised by Musk is the recent surge in the number of cryptocurrency scams. The billionaire said that due to his involvement with his followers, scammers have targeted his Twitter page several times.
Meanwhile, Elon Musk's influence on the cryptocurrency field is undeniably significant. Science has even confirmed it. According to Dr Lennart Ante Blockchain Research Lab, the concept of the "Musk effect" exists.
Musk only supports two currencies
Whenever Elon Musk mentions DOGE, the price of this cryptocurrency rises almost immediately. Furthermore, the recent bullish rally in Bitcoin began immediately after Tesla said it was purchasing the digital currency.
Furthermore, after the company declared that it would no longer take Bitcoin as payment, the currency began to fall. Musk, on the other hand, has shown no interest in other digital currencies, no matter how promising they are.
Dogecoin and Shiba Inu are the only cryptocurrencies supported by serial entrepreneur. Furthermore, Musk emphasized that he is not behind or in support of other meme tokens such as "Elon," "Dogelon Mars," or similar names.
