![\"Tesla](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/12\/musk1.jpg\")
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Tesla and Spacex CEO Elon Musk says dogecoin is \u201cfundamentally better than anything else\u201d he has seen while he criticizes bitcoin. He also discussed the identity of Bitcoin\u2019s pseudonymous creator, Satoshi Nakamoto, and the official currency of Mars.<\/strong><\/p>\n Elon Musk shared his thoughts on cryptocurrency, dogecoin, bitcoin, and the identity of Bitcoin\u2019s pseudonymous creator, Satoshi Nakamoto, in an interview<\/a> with Lex Fridman, published Tuesday.<\/p>\n Musk, who has long been a supporter <\/a>of the meme cryptocurrency dogecoin (DOGE), revealed:<\/p>\n Part of the reason why I think there is some merit to dogecoin, even though it was obviously created as a joke, is that it actually does have a much higher transaction volume capability than bitcoin.<\/p>\n<\/blockquote>\n \u201cThe cost of doing a transaction, the dogecoin fees are very low,\u201d the Tesla executive added.<\/p>\n In contrast, he said: \u201cRight now, if you want to do a Bitcoin transaction, the price of doing that transaction is very high, so you could not use it effectively for most things, and nor could it even scale to a high volume.\u201d Following the publication of this interview, many people took to Twitter to remind Musk of the Lightning network.<\/p>\n This is not the first time Musk said that dogecoin is better than bitcoin for transactions. During his \u201cPerson of the Year\u201d interview with Time Magazine, he noted that bitcoin is better as a store of value<\/a> while dogecoin is better suited for payments. He also recently announced that his electric car company, Tesla, will start accepting<\/a> DOGE.<\/p>\n The Tesla CEO, who is sometimes known in the crypto community as the Dogefather, further opined:<\/p>\n I\u2019m not saying that it\u2019s the ideal system for a currency but I think it actually is just fundamentally better than anything else I\u2019ve seen, just by accident.<\/p>\n<\/blockquote>\n Musk was also asked if he is still considering making dogecoin the official currency of Mars. He replied: \u201cI think Mars itself will need to have a different currency because you can\u2019t synchronize due to the speed of light, or not easily.\u201d<\/p>\n He explained: \u201cMars is, at closest approach, it\u2019s four light minutes away roughly, and then at furthest approach, it\u2019s roughly 20 light-minutes away, maybe a little more. So you can\u2019t really have something synchronizing if you\u2019ve got a 20-minute speed of light issue if it\u2019s got a one-minute blockchain. It\u2019s not going to synchronize properly.\u201d The Tesla boss continued:<\/p>\n I don\u2019t know if Mars would have a cryptocurrency as a thing, but probably, seems likely. But it would be kind of localized thing on Mars.<\/p>\n<\/blockquote>\nElon Musk Discusses Crypto, Dogecoin, Bitcoin, Mars\u2019 Currency, and Who Satoshi Nakamoto Is<\/h2>\n
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