‘Dogefather’ Elon Musk tells when he would create his own cryptocurrency. “Doge speeds up block time 10X, increases block size 10X & drops fee 100X,” Elon Musk had said comparing the ‘joke’ Dogecoin with Bitcoin.
Cryptocurrency markets have been leaping and treading over Tesla Inc. chief Elon Musk’s tweets for months now.
Bitcoin recently suffered a huge dent in its rally after Musk stepped up his criticism of the currency as environmentally unsustainable.
‘Dogefather’ Elon Musk is all set for cryptocurrency.
Tesla’s Elon Musk had earlier this week decried the “insane” amount of energy required for producing Bitcoin following his decision to suspend the use of Bitcoin to sell his electric cars.
As a matter of fact, He had also reiterated his call for a “Carbon tax” (a fee imposed on the burning of coal, gas, and other carbon-based fuels) amid concerns around “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal. Which has the worst emissions of any fuel,” as per a statement tweeted by Musk on Thursday.
While he might not use Bitcoin for transactions anymore until its mining moves to more sustainable energy. It is the Dogecoin that Musk is increasingly backing.
Reasons why Dogecoin “wins hands down” when compared to Bitcoin. In a word, according to Musk, included: Doge speeds up block time 10X, increases block size 10X & drops fee 100X, he tweeted on Sunday. For Musk, he is “the Dogefather” and “Dogecoin is the people’s crypto.”
It is also less harsh on the environment than Bitcoin. By and large, it is more affordable due to its high supply than the crypto king. But does that make it perfect crypto that Musk would want to stick to forever? Probably no, and perhaps nobody can then tell which crypto would be better than Dogecoin for Musk.
However, on the other hand, he signaled his support for Dogecoin.
In another tweet, he said he is working with Dogecoin developers to “improve system transaction efficiency.”
If it is not Dogecoin, then Musk might go ahead and launch new crypto altogether.
The Bottom Line
This means that Musk is currently pinning all his hopes on the currency, which was created as a joke between two engineers.
Dogecoin consumes 0.12-kilowatt hours of electricity per transaction compared with 707 for bitcoin, according to data centre provider TRG.
The token, whose logo features a Shiba Inu dog. It has surged this year to become the fourth-largest cryptocurrency with a total value of $68 billion, according to CoinMarketCap.
Few major companies accept Dogecoin for payment, and its supply is unlimited.