In 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 conveying the details…
Elon Musk, who praised DOGE, called 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 higher transaction volume and much lower transaction fees than BTC. “You cannot effectively use Bitcoin 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 has described Bitcoin’s transaction speed as “hideously slow”. However, in 2008 he admitted that speed makes sense, given the small Bitcoin block size and long synchronization 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.