Elon Musk Tells TIME Magazine Why Dogecoin is Better than Bitcoin for Payments By DailyCoin

Elon Musk Tells TIME Magazine Why Dogecoin is Better than Bitcoin for Payments By DailyCoin


Elon Musk Tells TIME Magazine Why Dogecoin is Better than Bitcoin forPayments

On Dec 13, TIME publication called CEO of Tesla/ SpaceX– Elon Musk– as its 2021 Person of theYear During a tape-recorded interview with Musk that TIME published to its Twitter (NYSE:-RRB- channel as part of its Person of the Year statement, the world’s wealthiest individual discussed why he thinks is much better than in some concerns.

Before we take a look at the self-proclaimed “DogeFather’s” fixation with meme tokens, we need to initially analyze what cash does. For fiat cash and cryptocurrencies to be helpful to us, there are 3 main functions that cold difficult money or hot digital funds require to be able to deal with. It’s typically accepted that currencies deal with the following 3 functions:

  • Unit of accoun t: a relative measuring stick for various items or services.
  • Medium of exchange: an accepted technique of payment for settling financial obligations or obtaining items.
  • Store of worth: fundamental capability of a provided possession to keep its payment power in the brief- and long-lasting.
  • With that as context, Elon Musk– who likewise co-founded PayPal (NASDAQ:-RRB— thinks that Dogecoin is much better than Bitcoin in a minimum of among those baseline currency requirements as shared in these transcribed quotes from the Person of the Year interview.

    “My understanding of the money system, at a fundamental level of how it actually works — the detailed mechanics of it — I think there are very few people who understand it better than me. Bitcoin is an interesting example and the prime mover on this [the crypto space], but the transaction volume of Bitcoin is low and the cost per transaction is high. It is at its base level suitable as a store of value. But fundamentally Bitcoin is not a good substitute for transactional currency.”

    However, Musk thinks that Dogecoin is preferably fit to be an extensively utilized technique of exchange.

    “Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow — transactions per day — that you can do with Dogecoin has much higher potential than Bitcoin. It [Dogecoin] is slightly inflationary, but that inflationary number is a fixed number as opposed to a percentage. Which means that over time, its percentage of inflation decreases. That’s actually good because it encourages people to spend it rather than hoard [Dogecoin] as a store of value.”

    The Tesla (NASDAQ:-RRB- company holds the 2nd biggest variety of Bitcoin by a corporation, which is supposedly 38,300 coins. Earlier this year Musk likewise flip tumbled backward and forward regarding whether Tesla would accept Bitcoin as payment for Tesla e-vehicles.

    His preliminary rejection of Bitcoin payments triggered a 50% decrease because crypto. Ironically, his own mercurial social networks actions have both hurt and assisted Tesla’s Bitcoin holdings this year. Perhaps somebody ought to inform the combo-world’s wealthiest individual and Person of the Year that silence is golden.

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