Elon Musk: Dogecoin (DOGE) is better than Bitcoin (BTC)!

Sat 06 August 2022 ▪ 2:00 p.m. ▪

5
min read – by
Mikaia ANDRIAMAHAZOARIMANANA

Doge has memes and dogs Says the man who had just sold his bitcoin holdings and who continues to give his unwavering support to Dogecoin. Yes, that’s 100% Elon Musk. And we can’t do anything against him, even if he says that DOGE has assets that his eldest BTC does not have. A much higher transaction capacity, among others.

Transaction capacity: Dogecoin 30 and Bitcoin 7 per second

In a recent interview, Elon Musk made an unflattering statement about bitcoin.

I mainly support Doge, because Doge has memes and dogs. The current total transaction capacity of Dogecoin is much higher than that of Bitcoin. »

And he is not wrong in saying this: the Dogecoin blockchain can indeed support up to 33 transactions per second. For Bitcoin, it is limited to 7 transactions. Moreover, this is one of the issues raised by the Cleveland FED in a recent investigation of Bitcoin and the Lightning Network.

Certainly, the use of the consensus algorithm ofAuxiliary Proof-of-Work is there for something. Add to this the process of merged mining which allows mining free of additional cost.

But you are not unaware that Elon Musk has always been seduced by the DOGE. His first demonstrations of support date back to 2021, when the American centibillionaire began tweeting messages promoting Dogecoin.

Enthusiasts were ecstatic after his promise to send this cryptocurrency to the moon.

The DogeFather Musk does not miss opportunities to highlight the DOGE, both on social networks and during his appearances on television shows.

Recently, his company Tesla decided to get rid of a large part of its bitcoin holdings. To say that this electric car specialist previously had 42,000 BTC. Now he should not have more than 10,500 coins in his crypto wallet.

However, no DOGE has been sold within the company. And why would he? Didn’t he announce that Tesla and SpaceX will accept Dogecoin as payment?

Duel Bitcoin VS Doge, who wins?

The difference between Bitcoin and Doge is not only in the number of transactions per second (TPS). It can also manifest itself in:

  • the level of volatility: the DOGE is much less volatile than the BTC, hence the increase in investor interest in this memecoin in day-to-day transactions;
  • supply capitalization: while bitcoin has a total supply capped at 21 million, Dogecoin has unlimited capitalization;
  • scarcity: this cap on the maximum number of bitcoins contributes to a gradual increase in its value. For Dogecoin, scarcity will never be acquired, and that is what its founders Palmer and Markus intended.
  • the hashing standard: for Bitcoin, it is the SHA-256 of the National Security Agency (NSA) and for Dogecoin, the Scrypt hashing standard of Litecoin.
  • etc
Source: Cointelegraph

In short, the points of divergence do not stop at the TPS. And if you want to know which is the best between the two cryptocurrencies, know that there is no definitive answer to this. If you take returns for example, Dogecoin generates a lot of returns to its investors. Note, however, that this memecoin seems more suitable for a short-term investment. Its rival Bitcoin, if we can call it that, nevertheless adapts to a long-term investment. That’s what the hodlers are doing right now bear run.

Sources: Economics Observatory; Cointelegraph; CoinDCX Blog; The Crypto Basic; Tech Crunch

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Mikaia ANDRIAMAHAZOARIMANANA avatar

Mikaia ANDRIAMAHAZOARIMANANA

The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it

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