March 29, 2024

Elon Musk: Dogecoin is much faster than the Bitcoin network

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Elon Musk: Dogecoin is much faster than the Bitcoin network

Tesla CEO has once again spoken out in support of Dogecoin. He emphasized that the “meme cryptocurrency” network can process significantly more transactions than the Bitcoin network.

In conversation with the host of the Full Send podcastPodcast Elon Musk said that DOGE coins are becoming increasingly popular as a means of payment. For Dogecoin, you can buy goods and services not only on the websites of Tesla and SpaceX, but also from other large companies, like The Boring Company. Dogecoin is much better suited for payments than Bitcoin - transactions are confirmed in 60 seconds, not 10 minutes, the billionaire described the advantages of memecurrency.

“Honestly, I mostly support DOGEbecause this cryptocurrency has memes, dogs, the developers have a sense of humor, they do not take the project too seriously. And with all this, what’s strange is that although DOGE was invented just as a joke, the real throughput of the Dogecoin network is much higher than the Bitcoin blockchain,” said the Tesla CEO.

Elon Musk also recalled that inflationThe Dogecoin model allows for the issuance of 5 billion coins annually, while the number of Bitcoins is limited to 21 million. This makes DOGE much more suitable for use as a payment currency.

Let us remind you that against the backdrop of the fall in the cryptocurrency market, Tesla sold
most of the bitcoin supply.