Dogecoin is better than Bitcoin at handling many transactions, says Elon Musk

Dogecoin was created to be the ultimate crypto meme, but the world’s richest man is taking it very seriously.

The world’s richest man and CEO of Tesla, Elon Musk, is a known Dogecoin supporter, but in a recent interview on the Full Send Podcast, he said that the Dogecoin blockchain had a much larger transaction capacity than Bitcoin.

He also pointed out that DOGE can currently not only be used to buy goods at Tesla and SpaceX, but as a means of payment at other large companies such as The Boring Company, which offers subway transport services in Las Vegas.

Dogecoin 1 – Bitcoin 0

Musk explained that Dogecoin transactions complete in 60 seconds, while bitcoin transactions take about 10 minutes to complete. For Musk, this is enough for the meme coin to be considered a better payment system. The fact that it has a light-hearted community also seems to help:

“I basically support Doge honestly, because I think Doge has the memes and the dogs, and it seems to have a sense of humor and doesn’t take itself too seriously. I actually find it strange that even though Doge was only designed to be this ridiculous joke currency, the actual total transaction capacity of Doge is much higher than bitcoin.

He further emphasized that Dogecoin’s inflation factor, which allows 5 billion coins to be created annually, may be better in the long term to establish its use as a transaction currency, far away from Bitcoin and its maximum supply of 21 million BTC.

“The fact that five billion dollars are created every year is actually good for using it as a transaction currency.”

One of the disadvantages of deflation is that it encourages hoarding, as the perceived real value of the currency increases over time. This problem may affect the bitcoin economy in the future, considering that according to studies conducted in 2013 by the University of San Diego and George Mason University, more than 60% of all bitcoins mined have not moved since 2018.

Musk and crypto scams

Another issue the billionaire discussed is the growing number of scams around cryptocurrencies. He warned that his Twitter account is “targeted by many scammers” because of his high level of interaction with his followers.

Elon Musk’s influence on the crypto community is more than proven – scientifically proven, in fact. A study by Dr. Lennart Ante for the Blockchain Research Lab showed that the “Musk effect” is real. Whenever Elon Musk tweets about Dogecoin, it tends to pump up the prices of this cryptocurrency almost immediately.

And in fact, the announcements that Tesla bought Bitcoin and stopped accepting it as a means of payment marked the beginning of the recent strong bullish and bearish trends for Bitcoin.

He also clarified that he has nothing to do with other meme coins like “Elon” and other Elon-themed cryptocurrencies, ranging from Dogelon Mars to more creative names.

Therefore, although Musk supports two meme cryptocurrencies (Shiba Inu and Dogecoin), he has no interest in any other cryptocurrency – whether it is inspired by him or another cute dog breed.