Elon Musk explained further why Dogecoin might be better than Bitcoin. In an interview he did with Joe Rogan, Musk said “there’s a lot of complexity” in the blockchain that makes it hard for people to understand how it works and enter into its world. He further explains that Bitcoin and Dogecoin are two different things, which is why the former may not be as good as the latter; it’s not clear if this was on point or just an off-hand comment. That said, he still pointed to the appeal of Dogecoin as something that is popular among those in the tech industry.
Neither of these comments is new or surprising, but they do make sense considering the animosity between Bitcoin and Cryptocurrency communities. Also, they make sense, given his position with both companies and his overall philosophies about cryptocurrencies. So from a technical perspective, if you dig into all of that, you’ll start to see why he is saying what he’s saying about Dogecoin being better than Bitcoin.
That said, it may not be as simple as Musk makes it sound. With the release of Bitcoin Cash, we saw more people from the Cryptocurrency and tech industries pour in and start to adopt Bitcoin. Some of those companies are actively working with the community to add their voice to what is now shaping up to be the next big Cryptocurrency. As a result, you likely see advantages for both that no one could have predicted even a year ago.
Why Does Elon Musk Favour Dogecoin?
As one of the most successful internet pioneers, you might think that Elon Musk has his hands full with SpaceX, Tesla, SolarCity, and his other ventures. But he also has time to be an active observer of cryptomarkets. That is why it’s no wonder that the visionary billionaire favours Dogecoin over all other cryptocurrencies. The cryptocurrency world has a number of billionaires, high-net-worth individuals, and financial experts who have their hands in the industry. You have Warren Buffet, who has spoken about the importance of cryptocurrencies and even purchased bitcoin for his daughter.
At least one person out of these famed investors is actively buying cryptocurrencies: Elon Musk.
Musk is one of the earliest bitcoin investors, and he has spoken about the importance of Bitcoin more than once. In fact, he believes that cryptocurrencies could eventually change our lives. Musk is considered to be the ultimate tech entrepreneur and investor. So, it is not that surprising that he has his eyes on cryptocurrencies. With his expertise in robotics, artificial intelligence, and space travel, it is not impossible to see Musk as a future crypto investor. This is especially considering that he has shown an interest in mining Ethereum at some point in time.
Dogecoin is one of the cryptocurrencies that has captured Musk’s interest. Elon Musk isn’t the only billionaire who is interested in Dogecoin. For instance, the founder of MGT Capital Investments, John McAfee, also favours Dogecoin over other cryptocurrencies. In fact, he believes that it will be the next bitcoin.
Elon Musk says Tesla will accept Dogecoin for merchandise.
Elon Musk has announced that the company will accept Dogecoin for merchandise. Musk recognizes that traffic on cryptocurrency networks can sometimes cause delays and encourages customers to pay in digital currencies. Cryptocurrencies such as Dogecoin, primecoin, and earth coin use algorithms that are thousands of times more efficient per unit of energy than that of bitcoin. Combined with the ability to easily purchase items from a global marketplace, it’s clear to me that Dogecoin will become the dominant currency in the future.
“Dogecoin is a high transaction volume currency, so there’s no chance of our system being overwhelmed like Visa on Black Friday. We’re simply looking for inexpensive and fast ways to convert Dogecoin into wonderful Tesla merchandise. This partnership is a win-win situation for both parties.” Dogecoins can be purchased through an exchange such as CoinMarket and can then be used to purchase products from the Tesla online shop.
Why does Dogecoin win over Bitcoin?
Dogecoin is an alternative cryptocurrency to Bitcoin, and it’s actually far more popular than its better-known counterpart. A lot of people choose Dogecoin because it’s a lot lighter on the environment and consequently easier on your wallet.
Some add their Dogecoins to a savings account for later use, but Dogecoin has a number of other attractive features aside from its low environmental impact. For example, Cryptocurrency has an active community of users who are constantly adding new features to the platform. And it’s because of this that Dogecoin is still popular and doing so well. For all its positive attributes, sometimes it’s best not to move too quickly after making a choice in life.
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