Dogecoin as the official currency of Mars? Elon Musk reflects

Posted note: 2022-01-01

Elon Musk has continued to express his fascination with the meme currency sensation Dogecoin. In a recent interview with Lex Fridman, Musk explained the reason for his preference for DOGE over Bitcoin.

Dogecoin is the best version of money you have ever seen

Former PayPal executive Elon Musk has voiced his opinion that Dogecoin was ahead of the group as a medium of exchange. It is not the first time that the Tesla boss has expressed this opinion. He did so recently in an interview with Times magazine as the magazine’s person of the year.

The Tesla boss told Lex Fridman of his belief that Mars would trade a cryptocurrency, and praised Dogecoin as a possible option. He said this after stating his optimism about landing humans on Mars by 2026. However, Musk emphasized that the choice of a currency would be left to the inhabitants of Mars, adding that “it would be kind of a localized thing on Mars.” .

The conversation prompted Musk to talk about the poor state of the financial system and how cryptocurrency fixes “government-augmented mistakes.” The billionaire said this, citing the difficulty of maintaining the database, as well as the arbitrary power of the government to increase supply.

Musk went on to explain that while Bitcoin improves on this system, its low transaction volume and high fees make it impractical as a currency and more as a store of value. Dogecoin, on the other hand, he said, was more scalable in terms of volume and had very low fees.

Musk acknowledged that Layer 2 solutions like the Lightning Network, which have been implemented in places like El Salvador, address the issues raised. However, he further explained that the deflationary nature of Bitcoin encouraged people to “save” it and not spend it, stating that that was not a trait a currency should have. Musk added that Dogecoin’s design of a fixed number for inflation solved this problem without necessarily making it inflationary.

Musk is still on the DOGE team

Elon Musk has remained a vocal advocate for Dogecoin this year. He has used platforms from Twitter to recent interviews to promote the coin. Many have attributed the surge in interest in the token to the billionaire.

In a tweet nearly two weeks ago, the Tesla boss, who had conducted a poll on Twitter earlier this year to ask if his fanbase would like to use DOGE for payments at Tesla, revealed that the company would start accepting the token for certain Tesla products. in a tweet over two weeks ago.

“Tesla will be able to buy some products with Doge and see how it goes.”

Elon Musk’s support for DOGE shows no signs of abating. In May, the billionaire revealed in a tweet that he was working with developers on the project.

“Work with Doge developers to improve the efficiency of the system’s transactions. Potentially promising. ”

Source: https://zycrypto.com

We would love to say thanks to the author of this write-up for this outstanding material

Dogecoin as the official currency of Mars? Elon Musk reflects

Dispensary Business News