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Elon Musk Thinks Dogecoin Is Superior to Shiba Inu and Bitcoin as Means of Payment

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Fri, 11/12/2021 - 18:56
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Alex Dovbnya
Elon Musk prefers Dogecoin over Bitcoin and Shiba Inu as a means of payment
Elon Musk Thinks Dogecoin Is Superior to Shiba Inu and Bitcoin as Means of Payment
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Elon Musk believes that Dogecoin is a far superior form of payment compared to Bitcoin and Shiba Inu.

The Tesla boss liked a tweet posted by Billy Markus, the co-founder of the original dog-themed coin, that compares the transaction fees of the three above-mentioned cryptocurrencies.

Earlier this week, as reported by U.Today, Dogecoin implemented a hotly-anticipated software update to dramatically reduce the cost of transactions on the network to just 0.01 DOGE (roughly $0.002) per kilobyte.

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Because of the recent performance improvement, it is much cheaper to send Dogecoin than Bitcoin and Ethereum-based Shiba Inu.

Last month, Musk confirmed that he didn’t own any SHIB tokens, but this didn’t prevent the second-largest canine coin from rallying to record highs and briefly surpassing Dogecoin.

In late May, the centibillionaire escalated his spat with Bitcoiners after taking the side of Bitcoin Cash supporters in a debate about transactions fees.

In August, Musk agreed with fellow entrepreneur Mark Cuban on Dogecoin being the strongest cryptocurrency when it comes to commerce.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.