By Solomon Odunayo
Elon Musk, the CEO of Tesla and founder of SpaceX, has recently stated that the meme token Dogecoin (DOGE) will receive a boost to become the currency of earth once it gains 100x more transaction volume and 100x lower fees.
A Dogecoin community member started the conversation with a tweet that highlighted the reasons why the meme token is better than the flagship cryptocurrency, Bitcoin (BTC).
Read Also: Elon Musk’s Tesla Suspends Vehicle Purchase with Bitcoin. Is DOGE Replacing BTC?
The user claims that DOGE is faster than BTC with less environmental impact, adding that Dogecoin is more affordable than Bitcoin due to its high supply.
The user tweeted, “Elon is choosing DOGE because Dogecoin is better than Bitcoin in many fundamental ways Dogecoin has faster transaction speeds, lower fees, and less environmental impact than BTC. DOGE is affordable for regular folks because of its high supply “People’s Crypto” – Elon Musk.”
In response to the tweet, Elon Musk stated that if Dogecoin speeds up block time 10x, increases block size 10X, and drops fee 100X, it will win without controversy.
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Elon Musk wrote, “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.
— Elon Musk (@elonmusk) May 16, 2021
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Elon Musk’s opinion wasn’t without criticism. Loshan, a Litecoin (LTC) developer, argued that the points mentioned by the billionaire tech expert will only open Dogecoin (DOGE) to unnecessary security issues.
Loshan tweeted, “10MB blocks every 6 seconds, with fees so low that anyone can spam attack the network with very little spent on fees?”
10MB blocks every 6 seconds, with fees so low that anyone can spam attack the network with very little spent on fees?
— Loshan (@loshan1212) May 16, 2021
Read Also: Elon Musk Asks His Fans If Dogecoin (DOGE) Is Their Number One Choice
In order to make himself clearer, Elon Musk pointed out that low fees and high transaction volume is capable of making Dogecoin (DOGE) become the currency of earth:
“For those bad at math, 100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees & high volume are needed to become currency of Earth.”
For those bad at math 👆, 100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees & high volume are needed to become currency of Earth.
— Elon Musk (@elonmusk) May 16, 2021
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