Why is Musk Wrong About Bitcoin and Dogecoin
We know that the Musk support for Dogecoin is not a new thing anymore while he keeps on reiterating his support for the meme coin time and again.
In one of Musk's interviews back in December 2021, he said that Dogecoin has an edge over Bitcoin. According to him, Dogecoin has much higher transaction volume capability than BTC and that the cost of doing transaction on Dogecoin is very low.
He further said, doing transaction on Bitcoin is expensive and you could not use it effectively for many other things.
Musk indicated with the decrease in the supply of Bitcoin it may lead people to hoard and disincentivize spending while Dogecoin has a flat issuance rate that doesn't change.
Bitcoin with the Lightening Network is now much faster and cheaper as well.
The transactions on Lightening Network are fater and cheaper than the Dogecoin with retaining a high degree of decentralization.
Rather than comparing Dogecoin's low cost payments to Bitcoin’s on chain transactions transactions, it would be best to compare it with the Bitcoin’s Lightening Network as these two are operating in the same niche.
As per Musk's indicating about the benefits of Dogecoin's alternative monetary policy, it's doesn't look like that the market participants may want to prefer to hold a more inflationary asset.
As per data, Bitcoin’s secondary protocol layers which are in the development stage are more active than Dogecoin.
And according to the latest data, Bitcoin’s Lightening Network may have already transcend Dogecoin in terms of payment activity.
What are your thoughts about it? Bold
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