Elon Musk has criticized each of today’s main blockchains in terms of processing pace and transaction charges. At the very same time, he also thinks Dogecoin can deal with these two issues.
Elon Musk speaks as soon as once more of cryptocurrencies. This time all-around, Tesla’s CEO targeted each Bitcoin (BTC) and Ethereum (ETH). Notably, on July 9, Matt Wallace, a Dogecoin developer, posted on Twitter that Dogecoin is about to get a new update. This will place DOGE in a great place and it will turn out to be one particular of the most employed coins in the planet.
Being a really supportive DOGE individual, clearly Elon Musk could not enable but comment on this excellent occasion. In a tweet in response to Matt Wallace, Tesla’s CEO advised that each Bitcoin and Ethereum are pursuing a multi-layered scaling model. However, the base class transaction pace is slow and the transaction charges are higher.
At the very same time, he also thinks Dogecoin expands in the direction of maximizing transaction pace on the grassroots degree and minimizing transaction expenses. In it, cryptocurrency exchanges will act as a “secondary layer”.
BTC and ETH are pursuing a multilayer transaction process, but the entry degree transaction charge is slow and the transaction expense is higher.
There is the merit of Doge in maximizing the entry degree transaction charge and minimizing transaction expenses with exchanges acting as a de facto secondary degree.
– Elon Musk (@elonmusk) July 9, 2021
Immediately, the crypto local community responded by rejecting or even criticizing Elon Musk’s feedback. Some individuals are thinking how exchanges will act as a Layer two for Dogecoin. Meanwhile, lots of are urging Elon Musk to get the job done on scalability answers for Bitcoin and Ethereum.
“In a nutshell for everyone: Elon solved the scalability of the blockchain.” – joked Anthony Sassano, a famed Ethereum fan. Additionally, Joel Heyman, a longtime Bitcoin advocate, also stated, “I can’t believe people are listening to this.”
Currently, each Bitcoin and Ethereum are identified for their higher degree of decentralization. This is what can make scalability problematic. However, with Elon Musk, it seems that all of his awareness is on Dogecoin.
For the previous couple of months, Tesla’s CEO has been a supporter of the coin meme motion. But his views on other cryptocurrencies are indeterminate. It’s as straightforward as the reality that Elon Musk generally displays a “love hate” mindset mixed with Bitcoin.
In February 2021, Elon Musk announced that Tesla invested $ one.five billion to purchase Bitcoin. Some time later on, this electrical vehicle organization also announced the acceptance of the payment in BTC.
However, in mid-May 2021, Elon Musk and Tesla have been shocked when they stopped paying out in BTC. The cause provided was concern above the environmental issues induced by Bitcoin mining. Since then, Elon Musk has repeatedly criticized the world’s oldest cryptocurrency.
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