Elon Musk has once more discussed Dogecoin (DOGE) and the reasons why it is superior to Bitcoin (BTC) in a number of areas. These two digital currencies are among the most reputable on the market and are well-known throughout the entire world. Elon Musk, however, believes that Dogecoin, or at least some aspects of DOGE, are superior to Bitcoin.
Speeds of Transactions
The CEO of Tesla recently discussed how, in terms of processing transfers and transaction speeds, Dogecoin outperforms Bitcoin. He clarified on the Full Send Podcast that one benefit of Dogecoin is related to the speed of its transactions.
Transactions on the Dogecoin network happen significantly faster than on the Bitcoin network because blocks are processed every minute. For those who wish to conduct quick and trustworthy transactions, DOGE becomes a faster and more affordable alternative to Bitcoin, which can take 10 to 30 minutes to execute transactions, depending on the level of congestion.
We should be aware that if there are more transactions than there is room to store them, Bitcoin may become clogged. As a result, fees soar and transaction processing is slower on one blockchain network than on others.
Instead, because blocks are rarely fully utilized and transactions are always inexpensive, this does not occur with Dogecoin. Therefore, if Bitcoin becomes overcrowded, Dogecoin may be a trustworthy alternative.
Meme cryptocurrency Dogecoin
Elon Musk also stated that Dogecoin is a cryptocurrency that includes memes and dogs that Bitcoin does not. In fact, it has a sense of humor that surpasses that of Bitcoin.
One of the most well-known online memes is the Shiba Inu dog, and Dogecoin is a cryptocurrency based on this meme. This lighthearted approach allowed Dogecoin to draw in a lot of investors to the market.
In addition to Dogecoin, there is another meme cryptocurrency on the market. We are discussing Shiba Inus (SHIB). This coin, which is currently among the biggest in the world, was also introduced to the market as a meme coin.
Elon Musk also discussed the rate of creation of new DOGE and BTC at the same moment. Dogecoin issues 5 billion new coins every year, whereas Bitcoin’s fresh issues are cut in half roughly every four years. 328,500 BTC are now introduced onto the market per year. It is anticipated that 164,250 BTC will be the total number of new Bitcoins that are placed onto the market in 2024.
Elon Musk claims that a 5 billion increase in the supply of Dogecoin will make the cryptocurrency a more viable alternative to Bitcoin in the long run for use as a transactional currency.
Don’t forget that there are a total of 21 million Bitcoins available to be mined in the twenty-first century. Therefore, those users who desire to store value should view Bitcoin’s maximum supply as a benefit.