Main navigation

Elon Musk Approves of Potential Dogecoin Fee Reduction, Calls It Important Improvement

News
Tue, 06/22/2021 - 07:41
article image
Yuri Molchan
Biggest DOGE supporter Elon Musk has contributed to the discussion about attempts to reduce Dogecoin transaction fees, approving this idea
Elon Musk Approves of Potential Dogecoin Fee Reduction, Calls It Important Improvement
Cover image via www.youtube.com
Read U.TODAY on
Google News

Tesla CEO Elon Musk, who is the biggest and the most influential Dogecoin supporter in the community, has made a contribution to a discussion about attempts to reduce DOGE transaction fees.

One of Dogecoin developers, Ross Nicoll, has tweeted that he intends to convince naysayers about the devs being able to reduce the current DOGE transaction fees.

Elon Musk commented on that, saying that a reduction of fees would be an important improvement.

8064_0
Image via Twitter

Earlier, U.Today reported that the Tesla CEO was working with Dogecoin developers to improve the coin’s transaction efficiency.

Related
Dogecoin Tanks 71 Percent Since Elon Musk's "SNL" Debut, Reaches 60-Day Low

Ross Nicoll is one of those devs. In this discussion started by Nicoll in spring, the community are discussing the best way to reduce Doge fees, so that miners remain motivated.

Back in mid-May, Musk shared his vision of how Doge parameters could be improved to make it a better payment unit than Bitcoin. Among them was reducing the DOGE transaction fees by 100 percent. Ideally, according to Musk, Dogecoin should be quick enough and its transaction fees cheap so as buying a cup of coffee with DOGE would not cost more than the coffee itself.

8064_1
Image via Twitter

MicroStrategy CEO, Michael Saylor, objected to Musk back then, stating that the world needs a decentralized and secure store-of-value (referring to Bitcoin) much more than a centralized, less secure and inflationary medium of exchange (referring to DOGE).

The world needs a decentralized, secure, deflationary store of value like #Bitcoin much more than it needs the more centralized, less secure, inflationary medium of exchange that you describe above.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.