Categories: Finance

Elon Musk: Dogecoin is much faster than the Bitcoin network

Elon Musk: Dogecoin is much faster than the Bitcoin network

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

Speaking to the host of the Full Send Podcast, Elon Musk stated that DOGE coins are becoming more and more popular as a means of payment. Dogecoin can be used to buy goods and services not only on the Tesla and SpaceX websites, but also from other large companies like The Boring Company. Dogecoin is much better than bitcoin for payments – transactions are confirmed in 60 seconds, not 10 minutes, the billionaire described the advantages of the memcurrency.

“To be honest, I mainly support DOGE because this cryptocurrency has memes, dogs, the developers have a sense of humor, they don’t take the project too seriously. And with all this, what is strange, although DOGE was invented just as a joke, but the actual throughput of the Dogecoin network is much higher than the Bitcoin blockchain, ”said the Tesla CEO.

Elon Musk also recalled that the inflationary model of Dogecoin allows the release of 5 billion coins annually, while the number of bitcoins is limited to 21 million. And this makes DOGE much more suitable for use as a payment currency.

Recall that against the background of the fall of the cryptocurrency market, Tesla sold most of its bitcoin reserves.

Source: Bits