Billionaire and the CEO of Tesla believe that DOGE is proving to be a better transaction medium than bitcoin, an old medium of making transactions today. Even though bitcoin was the first cryptocurrency to be created, the other coins created nowadays are better than that. However, DOGE was a coin that came just for fun, and has now become one of the mainstream tokens in the world. As some of the famous market players, like the CEO of Tesla, have taken up the issue about DOG, it is expected that the coin will experience a massive increase in its prices in the future. The DOGE prediction by the Tesla CEO proved entirely true in the past. Therefore, the same is expected for the future also.
Recently, Times magazine had an interview with the CEO of Tesla. He said that DOGE is far better than any other cryptocurrency globally when making transactions. He made a clear comparison of DOGE with bitcoin and said that the value of transactions for bitcoin is meagre. Apart from that, the course you will incur for making a transaction in bitcoin is higher than the DOGE, making it costly for small investors. Also, when it comes to the bitcoin space, bitcoin is a better store of value, but its performance is terrible when it comes to transactions. He also mentioned that the coin was created as a joke. However, it is now performing better than other coins in the market. Therefore, the transaction flow you will get with DOGE every day holds higher potential than bitcoin.
Back in 2013, cryptocurrencies were trending. The leading cryptocurrency which was very popular among people was bitcoin. Therefore, two software engineers took up a topic about the joke on bitcoin. The names of the software engineers are Billy Markus and Jackson Palmer. They created the DOGE coin to make fun of the digital currencies circulating in cryptocurrency. They had no intention of making their digital currency as popular as it is nowadays across the different countries of the world. However, the DOGE joined the mainstream with other cryptocurrency coins, and a dog inspired the logo. Another one inspired by the name of some dogs is Shiba Inu, and it has become trendy in the past few years.
According to the data available on the internet, the transaction fees incurred on a transaction you make using DOGE remains very low. It is around $0.65, and it is for every transaction you make. On the contrary, whenever you make a transaction using bitcoin Blockchain, you have to pay transaction fees of about $15, which is very high compared to the DODE. It is the main reason because of which the Tesla CEO has brought up the issue of the transactions and the transaction value. The development came after the Tuesday announcement by the CEO of Tesla that the company will accept DOGE in exchange for some merchandise. The company is looking forward to creating some merchandise items for the people to buy with DOGE to test how it goes.
Earlier this year, Tesla was the company that promoted the acceptance of bitcoin as a mode of payment for the car. It was the first company to make luxurious and automatic driving system cars worldwide. However, to promote the cryptocurrencies and the cards made by the company, it promoted the acceptance of bitcoins. Therefore, many people learned about Tesla, which was very high in the news articles. Now, it is in the news amid a recent tweet about the acceptance of DOGE for its merchandise items. To know about this merchandise, bitcoin could make the world better . Here’s why.
A few days earlier, the Tesla CEO had a spat with the CEO of Binance on Twitter. The argument between them was about the problems faced by DOG owners on the platform, and therefore, the Tesla CEO wanted to make it better for them. Therefore, he made a tweet regarding the transactions that people can make using DOGE, making it popular. After the tweet, the value of DOGE significantly increases in the market, providing a profit opportunity to the DOGE owners. However, there was a problem with the Binance platform while making transactions in DOGE. Some users’ accounts were not working while others were facing transaction problems, which was a matter brought up by the CEO of Tesla.