Elon Musk Called the Advantages of Dogecoin over Bitcoin and Ethereum

Author & Guarantor: Anton Yurchenko

After a tweet from the head of Tesla and SpaceX, the cost of Dogecoin in two hours increased by 14%, to $0.22.

Source: foxbusiness.com

As Crypto-Auditor notes, Dogecoin’s price jumped 14% in two hours to reach $0.22 after the altcoin was mentioned on Twitter by Tesla and SpaceX CEO Elon Musk. He commented on a post by Dogecoin co-developer Matt Wallace, which stated that altcoin will become one of the most popular digital coins after the upcoming update. Musk argues that this will be Dogecoin’s advantage as developers strive to increase the speed of basic transactions and reduce transaction costs.

The businessman also criticized Bitcoin and Ethereum. According to him, the transaction speed of these cryptocurrencies is low and the transaction fees are high. Not all Twitter users agreed with Musk’s opinion.

For example, Peter McCormack, a well-known presenter of the podcast What Bitcoin Did in the crypto community, drew an analogy with the space industry and suggested that a businessman create space rockets out of cardboard, thus reducing assembly speed and costs. McCormack noted that the process of creating space transport is slow and expensive.

At the end of June, Musk supported the proposal to update the Dogecoin network. It states that the average transaction fee on the altcoin blockchain should be reduced by 100 times. The businessman also explained why Dogecoin cannot be mined on the Tesla supercomputer.

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