Tesla’s Elon Musk had earlier this week decried the “insane” quantity of power needed for creating Bitcoin following his choice to suspend the use of Bitcoin to sell his electric vehicles. He had also reiterated his contact for a “Carbon tax” (a charge imposed on the burning of coal, gas, and other carbon-based fuels) amid issues about “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 may not use Bitcoin for transactions unless its mining moves to more sustainable power, it is the Dogecoin that is increasingly getting backed by Musk.
Reasons why Dogecoin “wins hands down” when compared to Bitcoin, according to Musk, integrated: Doge speeds up block time 10X, increases block size 10X & drops charge 100X, he tweeted on Sunday. For Musk, he is “the Dogefather” and “Dogecoin is the people’s crypto”. It is also significantly less harsh on the atmosphere than Bitcoin and is more very affordable due to its higher provide than the crypto king. But does that make it great crypto that Musk would want to stick to forever? Probably no and probably no one can then inform which crypto would be greater than Dogecoin for Musk. If it is not Dogecoin then Musk may go ahead and launch new crypto altogether.
“Only if Doge can’t do it. Big pain in the neck to create another one,” Musk tweeted on Sunday.
His tweet was in response to a suggestion for launching a crypto that does almost everything he desires technically. “Why not just make a crypto from scratch that does everything you want technically and has a lot of dev support and doesn’t have high concentration of ownership at least initially?” a user with a Twitter deal with @lon_elon had stated.
Importantly, Musk had on Friday stated that he is working on Dogecoin improvement to “improve system transaction efficiency.” However, it wasn’t clear if he was referring to greater speed, power usage, or its usability, and more. Dogecoin’s price tag had declined practically 22 per cent for the duration of the early US hours on Sunday just after Musk named Dogecoin a ‘hustle’ on the American late-evening comedy sketch show Saturday Night Live’s (SNL) satirical news programme Weekend Update. The ‘joke’ Dogecoin was trading at 52 Cents just after peaking at 72 Cents on last week’s Saturday, as per Coindesk.