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The Reason Why Elon Musk Supports Dogecoin

The Reason Why Elon Musk Supports Dogecoin

The cryptocurrency market is bigger than you could ever imagine. As a matter of fact, there are more than 6,000 coins in circulation. Among the reasons why coins are attracting the attention of the crowd is that each of them has its own unique features. This includes Dogecoin (DOGE), one of the rising coins in the market. With this, Elon Musk has been long showing his interest in the coin. 

Billionaire Elon Musk, founder and CEO of SpaceX and Tesla, often talks about different coins on his Twitter account. In doing so, the value of the coins mentioned spiked up. When Musk mentioned that Tesla would accept Dogecoin as a form of payment for some of its merchandise, the price of Dogecoin skyrocketed to as much as 23%.

Musk has also frequently talked about the wonders of Dogecoin. He even called it his favourite digital coin during his appearance on NBC’s Saturday Night Live. 

The Features of DOGE

Dogecoin is a meme-based coin developed by Billy Markus and Jackson Palmer in 2013. Unlike other coins released in the market, DOGE has one of the most active and largest crypto communities. DOGE started as crypto used to crowdfund charitable donations and sporting sponsorships. You can also have a great time playing casino games because Dogecoin accepted at Bitcasino.io.

Similar to other coins in the market, DOGE uses blockchain technology wherein all of the transactions are recorded, duplicated, and sent across networks. To secure the network, it is made up of cryptographic codes

DOGE is not just a meme-based coin used in exchange for goods and services online. Its features made it stand out from the rest. Some of its features are:

  • No maximum supply – DOGE has no maximum supply. The miners can also earn up to 10,000 DOGE per block mined. With this huge reward, more than 14 million Dogecoins are created daily. The majority of these coins are sold in the market or stored in the miner’s wallet. The only downside is that it is highly prone to inflation. 
  • Direct – DOGE’s blockchain is created with a less complicated system which makes it easier for miners and users to participate in the market. What’s great is that you can send or receive funds with little to no transactions.
  • Resilience – one of the most notable features of DOGE is that it can stand even if its value, unlike other top coins that fell off the chart.  
  • Greener mining process – mining DOGE can be done individually or through a mining pool. All you need is a computer that functions on Linux, macOS, Windows, and a stable internet connection. If you’re not familiar with the term ‘mining pool’, it is a group of users who share computer resources to improve mining efficiency. When mining with a pool, you just need to pay fees. However, only a small portion of the reward is given to you. When mining alone, you need to wait for the transaction to complete because there are other miners in the market. What’s great is that the reward is wholly yours. 

Since DOGE was released in the market, the coin has been showing impressive growth. Even if there was a massive crypto crackdown in China and lost coins in Australia, Dogecoin continued to thrive. This is probably one of the reasons why Elon Musk is holding onto his DOGE coins. 

Why Dogecoin is Better to Buy Things With?

Ever since Musk discovered DOGE, he has consistently supported the coin and invested in it along with Bitcoin (BTC) and Ethereum (ETH). But according to Musk, there are more advantages when it comes to using DOGE compared to other coins. 

‘Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions. The transaction volume of Bitcoin is low, and the cost per transaction is high ’, Musk stated after being named as the Time’s 2021 Person of the Year.

The billionaire said that Bitcoin is suitable as a store value, which is why the majority of investors want to hold onto it. On the other hand, Dogecoin encourages users to spend rather than store coins. 

Even though Musk highly believes in the advantages of using cryptocurrency, he still doubts that it will replace traditional currency. This is also because cryptocurrency remains volatile and risky to invest in even if several known individuals are participating in the market.

Aside from buying goods and services online, Dogecoin accepted at Bitcasino.io and other casino sites. This simply means that you can place your bets using DOGE. Just set a betting limit and have a great time. The most important of all is to find a trusted crypto wallet where you can store your DOGE coins. 

Also Read:

How High Can Dogecoin Go? – Dogecoin Price Prediction

Dogecoin Price Prediction 2022 – What Will the Dogecoin Price be in 2022 and in Next Years to Come?

How to Mine Dogecoin (DOGE)? – The Definitive Guide 2021

Will Dogecoin Go Up Again? – How High Could DOGE Price Go?

Also read:

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