Elon Musk talked about what he is not satisfied with Bitcoin and Ethereum. With regard to Bitcoin, the head of Tesla has already spoken out, but then it was about the fact that a lot of energy obtained from non-renewable resources is used for its production. And now Musk has touched on the topic of transactions in the networks of the two main cryptocurrencies in the world.
Actually, Mask is not satisfied with the low transaction speed of the basic level and the high fees for them. At the same time, he notes that the developers of Dogecoin are striving to increase the speed of transactions and reduce their cost, and this is the advantage of Dogecoin over Bitcoin and Ethereum. At the end of June, Musk supported a proposal to reduce the transaction fees on the Dogecoin blockchain by 100 times, and, apparently, this is what he meant, they talk about the desire of developers to reduce the cost of transactions.
BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high. There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.
– Elon Musk (@elonmusk) July 9, 2021
Interestingly, this time, cryptocurrencies did not react much to Musk’s words. Dogecoin is currently trading at $ 0.217, although it rose to $ 0.246 on July 4.