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Elon Musk in conversation with Time: Dogecoin is better suited for payment than Bitcoin

 


In an interview with Time Magazine, which had previously named him "Person of the Year", multibillionaire Elon Musk also commented on one of his many favorite topics: cryptocurrencies.

A few months ago, Elon Musk had confirmed that he personally only held Bitcoin, Ether and Dogecoin. In public, he was particularly noticeable with his enthusiastic support for Dogecoin. Elon Musk even called himself Dogefather at times. His support for the meme coin , which originally started as a fun currency, has apparently not changed to this day.

Dogecoin is more of a coin than Bitcoin

Because in the Time interview, he made it clear that, from his point of view, Dogecoin has a serious advantage over Bitcoin. Dogecoin is the best cryptocurrency for carrying out real transactions, vulgo: to buy things.

"Basically, Bitcoin is not a good substitute for a transaction currency," Musk told Time Magazine. "Even if it was created as a stupid joke, Dogecoin is better suited for transactions."

Bitcoin's transaction volume is low. In addition, the costs per transaction are high. Therefore, Bitcoin is more suitable as a store of value, which is why its investors want to keep it and not sell it or use it for transactions.

Dogecoin, on the other hand, is a currency that “encourages people to spend money instead of hoarding it as a store of value.” This is also due to the integrated, albeit minimal, inflation programmed into Dogecoin.

Crypto is no substitute for paper money

However, Musk does not believe that cryptocurrencies will replace the existing financial system with its fiat currencies. This is one of the most cherished wishes of crypto enthusiasts. "I'm not a big opponent of fiat currencies like many in the crypto world," Musk told Time. Nevertheless, crypto would have advantages over "paper money" because traditional currencies "tend to be watered down by the respective government." By this, Musk means the fact that the money supply can be freely changed in terms of financial policy, while cryptocurrencies are more strict, at least more transparent in this regard.

Musk's statements will only have partially pleased Bitcoin enthusiasts. Because they don't like to hear that the world's most important and most valuable coin is unsuitable for payment. In fact, Bitcoin was originally designed as a solid, peer-to-peer financial system for transactions. The Central American state of El Salvador, in which Bitcoin has been legal tender since September, is often cited as a living example of how this can work.

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