Skip to main content

Musk: Dogecoin beats Bitcoin in transaction throughput

 


The “DoGFather” strikes again, speaking out in favor of Dogecoin during a podcast. He particularly likes the fact that DOGE doesn't take itself seriously. The humor and the memes are important to him, says Musk. He is surprised that Bitcoin has the lower transaction throughput, although Dogecoin was only intended as a joke.


Also important is the fact that Dogecoin has an inflation rate that would make DOGE a more suitable currency for everyday transactions than Bitcoin. Around 5 billion DOGE are produced every year. Bitcoin, on the other hand, has a fixed upper limit of 21 million BTC, most of which are already in circulation. The rest will be generated extremely slowly over the next 120 years.


With the comparison and his commitment, Musk once again disappointed the Bitcoin community. Tesla backed out last year and stopped accepting Bitcoin as payment over environmental concerns. In the second quarter of 2022, it also sold the lion's share of the bitcoin reserve that was in the company.


Dogecoin is the future

Dogecoin, on the other hand, is still accepted in Tesla's online shops. Although you can only buy merchandise with it, this circumstance at least puts the Dogecoin on a pedestal. Musk seems to be more serious about the meme coin than some people think.


He supports the development of the cryptocurrency through the Dogecoin Foundation and sent Jared Birchall as an advisor last year. Among other things, Birchall heads Musk's family office and is considered his right-hand man. Since the Foundation resumed its work, Dogecoin has a roadmap again .


Whether Musk wants to end up trolling Bitcoin with these decisions or whether he actually sees value in BTC is not entirely clear. Finally, Tesla announced that Bitcoin could definitely be bought again in the future.


Lightning is still being ignored

The fact that Bitcoin can scale very well on a second layer without leaving the security of the proof of work is studiously overlooked. Not only Elon Musk is willing to ignore this development.


In the end you are in a quandary in relation to your person. While his opinion doesn't change the technology or the facts, without his endorsement fewer people will be excited about the possibilities Bitcoin offers.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more