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Although Doge was only intended to be stupid joke money, Elon finds it odd that it really has a considerably larger overall transaction throughput capacity than bitcoin.
DOGE Being Accepted at SpaceX and Tesla?
Although Dogecoin was intended to be the ultimate cryptocurrency meme, the richest guy in the world takes it extremely seriously. Elon Musk, the richest man in the world and the CEO of Tesla, is a well-known backer of Dogecoin, but he recently claimed during an appearance on a podcast that the Dogecoin blockchain has a considerably higher transactional capacity than Bitcoin.
He also noted that DOGE is currently accepted as payment at other big businesses, such as The Boring Company, which provides subway transit services in Las Vegas, in addition to Tesla and SpaceX. Musk noted that although bitcoin transactions take around 10 minutes to complete, Dogecoin transactions are done in under 60 seconds. This supports the meme coin’s position as a superior medium of exchange, in Musk’s opinion. The friendliness of the inhabitants also seems to be beneficial.
The Memecoin Dominating Bitcoin
Elon says that the major reason he is backing Doge is that he has dogs and memes and seems to have a sense of fun and not take himself too seriously. Although Doge was only intended to be stupid joke money, Elon finds it odd that it really has a considerably larger overall transaction throughput capacity than bitcoin.
In comparison to Bitcoin, which has a maximum supply of 21 million BTC, Dogecoin’s inflationary component, which permits 5 billion coins to be minted annually, may be preferable in the long run for establishing its usage as a transactional currency. The fact that $5 billion is produced annually is advantageous for utilizing it as a medium of exchange.
As the apparent actual worth of the currency rises over time, one drawback of deflation is that it encourages hoarding. Given that more than 60% of all bitcoin created have not changed hands since 2018, research is done in 2013 by the University of San Diego and George Mason University suggests that this issue might have an impact on the bitcoin economy in the future.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
