In a recent Lex Fridman podcast, Centibillionaire Elon Musk said that crypto Dogecoin is inherently better than anything he’s ever seen.
“Bitcoin is comically slow in 2021”
Musk compared Bitcoin and Doge, favoring the latter. He reminded Fridman that, compared to the world’s flagship crypto, Dogecoin has higher transaction volume and much lower transaction fees than BTC.
“You can’t use it [Bitcoin] efficiently for most things, ”he said, due to the very high transaction cost. And you can’t even adapt it to a higher volume, he added.
The Tesla and SpaceX chief called Bitcoin’s transaction speed “comically weak” in 2021 or if you’re moving fast in 10 years.
However, in 2008, the billionaire admitted – when the speed of internet connections was much worse than today – the small size of the Bitcoin block and the long sync time made sense.
“There is reluctance to spend Bitcoin”
If a community expects an encrypted coin to increase in value over a period of time due to increasing scarcity, Musk believes, there will certainly be reluctance to spend it and people would prefer to “hodl” it. .
However, if there is a dilution of a crypto asset that occurs over time, there is a good chance that that currency will be used as a regular payment method. There are more incentives for it to be used in this way.
Musk went on to call Doge “better than anything I’ve seen, just by accident.”
On December 13, when Musk was named Person of the Year by Time Magazine, he also said that Dogecoin was much better suited for transactions than Bitcoin.