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Elon Musk says dogecoin is better to buy things with than bitcoin


Elon Musk is the CEO of Tesla, SpaceX and has supported them all. dogecoinPlease see: meme-inspired cryptocurrency. It is his investment, as well as bitcoin and ether. he said in October.

Musk believes that dogecoin is superior to bitcoin and other cryptocurrency because he considers it the most convenient way to transact.

Musk: “Fundamentally Bitcoin is not a substitute for transactional money.” told Time MagazineAfter being named Time’s 2021 Person Of The Year. “Even though it was created as a silly jokeDogecoin works better for transactions

“[T]He stated that bitcoin’s transaction volume is small and its cost per transaction high. Musk stated that bitcoin was more appropriate as a store value. This is why investors prefer to retain it, rather than sell or transfer it.

Dogecoin on the other side is a currency which “encourages people spend, rather than kind of hoard, as a storage of value,” he explained.

Bitcoin supporters will agree, however. the asset is a store of valueHowever, they would also say that it was designed to be. a sound peer-to-peer financial systemThis could be used in transactions for citing such situations as El Salvador making bitcoin legal tender.

Musk has been a strong advocate for cryptocurrency. doubts that it will replace fiat. “I’m not a huge hater of fiat currency like many in the crypto ­world are,” Musk told Time.

Musk says that crypto has some advantages over fiat because fiat currency is more likely to be diluted by the government. People who are cash-savable with the dilution money supply end up paying a terrible tax.

Financial experts consider cryptocurrency a risky, volatile and speculative form of investment. It is recommended that you only lose what you are able to afford.

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