Elon Musk: Dogecoin is more suited to payments than Bitcoin.

Tesla CEO Elon Musk believes Bitcoin is not like the memes-based Dogecoin (DOGE) cryptocurrency in terms of daily payments.

Shortly after being named People of the Year 2021 by “Time,” Musk compared the world's largest cryptocurrency, Bitcoin, to DOGE in an interview with “Time”.

Musk said, "Bitcoin is not a good alternative to currency trading. As a deception, Dogecoin is a viable option. All trading flows using Dogecoin are the same. As a modern market, which is more than the capacity of Bitcoin, ”Musk said. . "

Tesla CEO said that because Bitcoin is more valuable than the stock market, traders can hold it rather than sell it or use it for payments. Musk said that "Bitcoin's market volume is very small, but the cost of each exchange is high," Musk said.

Musk, on the other hand, points out that Dogecoin is not like the market in terms of price, noting that the cryptocurrency "has a certain rate of inflation." But he says it "prompts people to consume more than what is stored as a storehouse of value."

Bitcoin is by far the world's largest cryptocurrency, was launched in 2009 as a "peer-to-peer electronic payment system" with total assets capped at 21 million. On the other hand, DOGE went unlimited after reaching its limit of 100 billion resources in mid-2015.

Insiders like Ripple CEO Brad Garlinghouse have criticized Dogecoin for calling it "inflation momentum" and unlimited rice.

Musk criticized Bitcoin as a payment method, but his electric car maker Tesla briefly accepted Bitcoin as a payment method earlier this year. The main reason for dropping the payment option is that the company is concerned about "an increase in the use of fossil fuels in bitcoin mining and trading." Tesla still has plenty of Bitcoin on its balance sheet after buying $ 1.5 billion worth of Bitcoin in February.

Many international companies such as Twitter have frequently introduced BTC as a payment method using the Lightning Network to reduce exchange rates.

The metal quarter is unlikely to be more than small coins of transaction. Coingecko Data counts for 3.5% of the business value of $ 31 billion in Bitcoin's daily business in this sentence. Dogs dogs for 4.6% of the business value and have $ 971 million packaging.

DOGE has become one of the most successful cryptocurrencies by 2021, and there are clearly many reasons that have been given with Musk's support for the relationship.