Dogecoin is better than Bitcoin and Ethereum

Elon Musk tweeted again about Bitcoin, Ethereum and Dogecoin. Through this status line, users can easily see that Musk thinks Dogecoin is better than Bitcoin and Ethereum.

Dogecoin is better than Bitcoin and Ethereum – Comment from Musk

Elon did so with a tweet praising Dogecoin for not requiring a second layer, unlike Bitcoin and Ethereum, to be scalable, which ensures speed and low transaction costs.

In response to Matt Wallace, YouTuber pro Dogecoin, who stated that with DOGE’s new update, it could become one of the most widely used currencies in the world, Elon Musk wrote:

“BTC and ETH are looking for a layered transaction system, but entry-level transaction fees are slow and transaction costs are high.

Doge is credited with maximizing entry transaction rates and minimizing transaction costs, with the exchanges acting as a de facto secondary. “

“BTC and ETH follow a multi-tier transaction system, but the base tier transaction speed is slow and the transaction costs are high.

Imo comes in handy as Doge maximizes base tier transaction rates and minimizes transaction costs, with exchanges acting as de facto secondary tiers. “

– Elon Musk (@elonmusk) July 9, 2021

In fact, Elon Musk complains that Bitcoin and Ethereum only work fine with the second layer. In the case of Bitcoin, the Lightning Network has become indispensable to enable fast transactions and is increasingly used.

Ethereum also takes advantage of second tiers (like Polygon), but with the transition to Proof of Stake, Vitalik Buterin aims to make the first tier also scalable and contain current costs.

Dogecoin is better than Bitcoin and Ethereum – respond to this tweet from Elon Musk

Elon Musk’s tweet significantly moved the price of Dogecoin, which rose 5% on July 10th. Bitcoin, on the other hand, is not particularly affected by the words of the Tesla CEO, on the contrary, it rose 1% to $ 33,000 after falling on July 9th. Meanwhile, Ethereum remains in negative territory, currently still losing 3% and hitting around $ 2,100.

But what stood out even more was the reaction from the community.

Elon Musk’s tweet confirming his support for Dogecoin was met with a barrage of criticism.

Feedback from Peter mcormack is important:

In fact, McCormack advised Elon Musk to venture into space with bespoke vehicles since apparently he wanted it all at once. On the other hand, the structure of Bitcoin, while certainly slow, ensures a high level of security.

Among the many who have noticed the excellent performance of Layer 2, Calvin Ayre He also reviews to emphasize that BSV works very well without the second layer and of course repeats that Bitcoin Satoshi Vision are real Bitcoins.

In doing so, we can easily see that Elon Musk’s tweets may no longer have the same impact on the marketplace.

Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and exchange information about the crypto currency market.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.