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Elon Musk stirs up the crypto community again when he talks down Bitcoin and holds up Dogecoin in interview – Dogecoin – US Dollars ($ DOGE)

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk troubled the cryptocurrency community after seeing the transaction capabilities of. commented Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE) in a podcast interview with Lex Fridmann.

What happened: Musk discussed the two cryptocurrencies in his conversation with Fridman on Tuesday.

“Part of the reason I think Dogecoin has some advantages, even though it was obviously created as a hoax, is that it actually has a much higher transaction volume than Bitcoin,” Musk said.

The entrepreneur’s comments met with sharp reactions from supporters of the Apex Coin on Twitter.

Bitcoin podcasts Peter McLasso said tweeted that Musk would “talk” [sh*t] about Bitcoin ”in an interview.

Yeah @elonmusk talks shit about #Bitcoin with Lex

– Peter McLasso (@PeterMcCormack) December 29, 2021

Editor of Bitcoin Magazine Netherlands Arnold Hubach noted that Musk knows of Layer 2 solutions like Lightning, which he ignored to emphasize that Bitcoin is slow and expensive.

A clip from today’s podcast by @lexfridman with @elonmusk

A minute earlier he mentioned “Layer Two solutions like Lightning”. So he obviously knows about it.

Even so, he ignores this solution while trying to make a point (since #bitcoin is slow and expensive). Why?

– Arnold Hu₿ach (@ st4rnold) December 28, 2021

Regarding Bitcoin, Musk said it had a “fundamental problem” as the volume of transactions is very limited and the latency for confirmed transactions is long.

“[Bitcoin] isn’t great from a transaction volume or latency standpoint, ”said Musk.

“It’s not useful as everyday currency, but people have suggested various technological solutions [like] Lightning Network and layer two technologies above it. “

See also: How to Buy Dogecoin (DOGE)

Why it matters: Bitcoiner, including Hubach, emphasized that in El Salvador transactions in the Apex-Krypto for a starvation wage can be made with the lightning network.

Because it isn’t. For example, I made over 100 #bitcoin Lightning transactions in El Salvador this year.

Fees? No more than 10 sats (0.005) on average.
Time? No longer than 10 seconds. #Dogecoin? Not required.

– Arnold Hu₿ach (@ st4rnold) December 28, 2021

Why isn’t Tesla using lightening like El Salvador?

– SuperCycleBull (@razorfang) December 29, 2021

Tesla stopped accepting Bitcoin in May of this year, citing the negative environmental impact of mining due to its use of fossil fuels.

Dogecoin bull Musk has called for a reduction in transaction fees in the meme coin network so that it can be used for everyday transactions in the past.

Earlier this month, Musk said Tesla would try DOGE payments on some goods, causing the cryptocurrency’s price to surge that originated in a joke.

Price action: At 24-hour press time, BTC was trading 3.2% lower at $ 48,028.64 while DOGE was trading 2.9% lower at $ 0.175.
Read on: Bitcoin, Ethereum, Dogecoin crash as options market nears expiry – falling below this key level could mean trouble

Photo: Courtesy Steve Jurvetson via Flickr

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