The billionaire Elon Musk of Tesla gave his contribution to the meme cryptocurrency dogecoin , in Bitcoin and Ethereum expenses.
On Friday night, the tech icon criticized Bitcoin and Ethereum for having “slow” processing capabilities and “exorbitant costs”.
Musk responded to a YouTuber on Twitter who posted his enthusiasm for Dogecoin after a new update.
Reminder: dogecoin update coming soon! Posted by dogecoin influencer Matt Wallace.
“It will perfectly position the Doji to become one of the most used currencies in the world.”
Musk couldn’t agree more.
Related: Elon Musk beats the new Dogecoin
“BTC and ETH (Bitcoin and Ethereum) are pursuing a tiered transaction system, but the underlying tier transaction rate is slow and the transaction cost is high,” Musk wrote.
“There is an imo benefit (in my opinion) to maximize the primary-tier transaction rate and minimize transaction costs with exchanges effectively serving as a secondary tier.”
The “layer” in cryptocurrency refers to a system connected to the underlying or core infrastructure of the blockchain network.
This is responsible for the rules and parameters of the blockchain, which in turn affects the transaction time, consensus algorithm, etc., according to Coin Market Cap .
In May, Musk asked Dogecoin for a major update to speed up block times and increase block size.
With the update, it was believed that Dogecoin could easily become the “currency of the earth” and surpass other cryptocurrencies, most notably Bitcoin, “unaided”.
Bitcoin also recently announced an update to its system, called taproot, which will take place in November.
It is expected to improve the privacy and efficiency of the coin and simplify the work of bitcoin miners.
Bitcoin is currently a leader in the cryptocurrency industry, with one coin sold for $ 45,000 at the time of writing.
Dogecoin was first created in 2013 as a joke payment system, but many, including Musk, believe it will make a lot of money in the future.
Musk has previously stated that anything he says about Doji shouldn’t be taken seriously.
Cryptocurrency enthusiasts were quick to criticize Musk’s tweet, with many noting that Dogecoin is still a long way off its competitors.
In fact, despite Musk’s tweet, Bitcoin’s price has continued to rise over the past 24 hours.
“Cryptocurrencies were trading higher on Friday after a volatile week” CoinDesk Books .
“Fan zombi sottilmente affascinante. Fanatico della TV. Creatore devoto. Amico degli animali ovunque. Praticante del caffè.”