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

The person who had just liquidated his bitcoin holdings and was still steadfastly supporting Dogecoin said, “Doge has memes and dogs.” Yes, that is definitely Elon Musk. Even if he claims that DOGE has assets that his oldest BTC does not, we are unable to take action against him. among other things, a substantially bigger transaction capacity.

30 Dogecoin and 7 Bitcoin transactions can be made every second.

Elon Musk recently made a derogatory remark about bitcoin in an interview.

"I'm mainly supporting Doge, as Doge has memes and dogs. The actual total transaction capability of Dogecoin is much higher than Bitcoin " - @elonmusk pic.twitter.com/yyorXaEB7g

— DogeDesigner (@cb_doge) August 5, 2022

In fact, the Dogecoin blockchain can sustain up to 33 transactions per second, therefore he is not mistaken in his assertion. There are a maximum of 7 transactions per Bitcoin. Additionally, the Cleveland FED brought up this concern during a recent inquiry into Bitcoin and the Lightning Network.

Using the Auxiliary Proof-of-Work consensus algorithm undoubtedly has a role. Add “merged mining,” a process that enables mining at no additional cost, to this.

Elon Musk has always been drawn to the DOGE, as you are aware. His first public displays of support started in 2021 when the American millionaire started tweeting about Dogecoin.

After he promised to send this coin to the moon, enthusiasts were excited.

A dogefather When he appears on television or on social media, Musk doesn’t pass up the chance to promote the DOGE.

His business, Tesla, has made the decision to sell a sizable portion of its bitcoin assets. mentioning that this expert had 42,000 BTC in the past. He must now only hold 10,500 coins or less in his cryptocurrency wallet.

But within the business, no DOGE has been sold. Why would he, too? He said Tesla and SpaceX will take Dogecoin as payment, didn’t he?

Who will prevail in the contest between Bitcoin and Doge?

There are more factors besides transaction volume that separate Bitcoin and Doge (TPS). Additionally, it may show itself in:

1. The DOGE is significantly less volatile than Bitcoin, which accounts for investors’ rising interest in using this coin in daily transactions;
2. The offer’s capitalization: Dogecoin is strong with an infinite capitalization, unlike bitcoin, which has a total supply cap of 21 million;
3. Limiting the total quantity of bitcoins produced helps to gradually raise the value of the currency. The founders of Dogecoin, Palmer and Markus, planned for scarcity to never be attained.
4. The National Security Agency’s (NSA) SHA-256 hashing standard is used for Bitcoin, and Litecoin’s Scrypt hashing standard is used for Dogecoin.