Tesla CEO Elon Musk praises Dogecoin, criticizes Bitcoin, guesses the identity of Satoshi Nakamoto – Featured Bitcoin News

Tesla and Spacex CEO Elon Musk says dogecoin is “fundamentally better than anything else” he has seen while criticizing bitcoin. He also discussed the identity of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, and the official currency of Mars.

Elon Musk discusses Crypto, Dogecoin, Bitcoin, Mars’ currency and who Satoshi Nakamoto is

Elon Musk shared his thoughts on cryptocurrency, dogecoin, bitcoin and the identity of Bitcoin̵[ads1]7;s pseudonymous creator, Satoshi Nakamoto, in an interview with Lex Fridman, published on Tuesday.

Musk, a longtime supporter of the meme cryptocurrency dogecoin (DOGE), revealed:

Part of the reason I think there are some benefits to dogecoin, even though it was obviously made as a joke, is that it actually has a much higher transaction volume capacity than bitcoin.

“The cost of making a transaction, the dogecoin fees are very low,” the Tesla boss added.

In contrast, he said: “Right now, if you want to make a Bitcoin transaction, the cost of making that transaction is very high, so you can not use it efficiently for most things, nor can it be scaled to a high volume. . ” Following the publication of this interview, many people took to Twitter to remind Musk of the Lightning network.

This is not the first time Musk has said that dogecoin is better than bitcoin for transactions. During his “Person of the Year” interview with Time Magazine, he noted that bitcoin is better as a value store while dogecoin is better suited for payments. He also recently announced that his electric car company, Tesla, will start accepting DOGE.

Tesla’s CEO, who is sometimes known in the crypto community as Dogefather, further said:

I’m not saying it’s the ideal system for a currency, but I think it’s actually just fundamentally better than anything else I’ve seen, just by accident.

Musk was also asked if he is still considering making dogecoin the official currency of Mars. He replied: “I think Mars itself must have a different currency because you can not synchronize due to the speed of light, or not easily.”

He explained: “Mars is, at the nearest approximation, it is about four light-minutes away, and then at the longest approximation it is about 20 light-minutes away, maybe a little more. So you can not really have anything that syncs if you have a 20 minute light speed problem if it has a one minute blockchain. It’s not going to sync properly. ” The Tesla boss continued:

I do not know if Mars would have a cryptocurrency as a thing, but it probably seems likely. But it would be some kind of localized thing on Mars.

The Spacex boss was asked if he is Satoshi Nakamoto as someone thinks he is. “I am not,” he replied quickly. “Would you tell us if you were?” he was asked. “Yes,” he confirmed.

He went on to share his theory of who Satoshi Nakamoto, Bitcoin’s pseudonymous creator, might be.

“You can look at the development of ideas before the launch of Bitcoin and see who wrote about these ideas,” he began. While emphasizing, “Of course I do not know who made bitcoin for practical purposes,” he said in detail:

The evolution of ideas is quite clear for that, and it seems that Nick Szabo is probably more than anyone else responsible for the development of these ideas.

“He claims not to be Nakamoto, but I’m not sure it’s either here or there, but he seems to be the one who is more responsible for the ideas behind Bitcoin than anyone else,” Musk concluded.

What do you think of Elon Musk’s comments? Let us know in the comments section below.

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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