3 Reasons Why Dogecoin Is Better Than Bitcoin According To Elon MuskAugust 6, 2022
Elon Musk has again talked about Dogecoin (DOGE) and why this virtual currency is better than Bitcoin (BTC) with regards to different aspects. Both of these digital currencies are known all over the world and they are among the most reliable in the market. But Elon Musk thinks that Dogecoin is better than Bitcoin, at least some things of DOGE are better than BTC.
In a recent interview, the CEO of Tesla explained how Dogecoin is better than Bitcoin when it comes to transaction speeds and processing transfers. During the Full Send Podcast, he explained that one of the positive things about Dogecoin is related to its transaction speeds.
Considering that blocks on the Dogecoin network are processed every minute, transactions are much faster than on the Bitcoin network. While Bitcoin transactions take between 10 and 30 minutes to be processed, depending on the congestion, DOGE becomes a faster and cheaper alternative for people that want to perform fast and reliable transactions.
We should take into consideration that Bitcoin can become congested if the number of transactions exceeds the space available to process them. Therefore, this results in fees skyrocketing and transactions being processed slower compared to other blockchain networks.
Instead, with Dogecoin, this does not happen as blocks rarely get full and transactions remain cheap at all times. Therefore, Dogecoin could be a reliable virtual currency to use if Bitcoin becomes congested.
Dogecoin is a Meme Cryptocurrency
Another thing that Elon Musk said about Dogecoin is that this cryptocurrency has the memes and dogs that Bitcoin does not have. Indeed, it has a sense of humour that Bitcoin is not able to compete with.
Dogecoin is known for being a meme cryptocurrency built around the Shiba Inu dog, one of the most popular memes on the internet. Thanks to this humorous approach, Dogecoin was able to attract a large number of investors to the market.
There is another meme cryptocurrency in the market that is also competing with Dogecoin. We are talking about Shiba Inu (SHIB). This coin was also released to the market as a meme coin and it is nowadays one of the largest in the world.
At the same time, Elon Musk talked about the inflation rate at which new DOGE and BTC are created. While Dogecoin has a new issuance of 5 billion on a yearly basis, Bitcoin’s new issuance is programmed to be cut by half every close to four years. Nowadays, 328,500 BTC are released to the market annually. In 2024, the number of new BTC released to the market is expected to be reduced to 164,250 BTC.
According to Elon Musk, having a 5 billion increase in the supply of Dogecoin makes the cryptocurrency a better solution in the long term to work as a transactional currency compared to Bitcoin. Let’s not forget that Bitcoin has a total supply of 21 million to be mined in the coming century. Therefore, Bitcoin’s maximum supply should be considered an advantage for those users that want to store value.
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