Elon Musk has yet again spat his criticism against the two of the top leading cryptocurrencies, Bitcoin and Ethereum. The billionaire pinpointed the issue with their transaction systems.
The Tesla CEO/SpaceX founder has been tweeting his two cents about cryptos every now and then. This time around, he focused and warned against Bitcoin and Ethereum, precisely highlighting its scalability issues.
Elon Musk Warns Against BTC and ETH
Musk tweeted that Bitcoin and Ethereum's transaction system has two issues to look into. The billionaire revealed it as he responded to YouTuber/Dogecoin investor, Matt Wallace.
Wallace was then reminding folks that there is an upcoming update to Dogecoin. The YouTube influencer further suggested that the move will help propel the meme-coin for transactions globally.
Musk replied to reveal that both Ethereum and Bitcoin are working to welcome a multilayer transaction system in the future.
As per Forbes, the latest upgrade of Bitcoin is hoped to answer the scalability issues of the coin. Plus, the lightning network, which is primarily payment-focused could help as well.
On the other hand, Etherueum is still scrambling to move forward to another upgrade. The outlet further suggested that it will not be occurring in the recent years to come.
Nevertheless, the billionaire further opined that the rate of the transaction for the two top cryptos remains slow due to its base layer. He added that it is expensive as well.
Elon Musk Touts Dogecoin Usage
Musk has been the face of the meme-coin that started as a mere jest. And now, he touted others to use Dogecoin instead as the focus on "maximizing the base layer transaction rate & minimizing transaction cost."
BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high.— Elon Musk (@elonmusk) July 9, 2021
There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.
Interestingly the billionaire started his fascination with Dogecoin when he first tweeted about the meme-coin on April 19, 2019, saying that it is perhaps his "fav cryptocurrency."
However, his obsession with it must have begun when he wrote on the bio section of his Twitter account that he is the "former CEO of DogeCoin" on December 21, 2020.
Tesla vs. Bitcoin
The Tesla CEO changed his tune with the top cryptocurrency after he promptly suspended the use of Bitcoin for purchasing the products of his electric vehicle company. He cited the environmental impact of its mining process, which he says is not friendly to Mother Earth.
Later on, on June 13, Musk stated that his company could only resume accepting Bitcoin if its mining has already transitioned to at least 50% clean energy.
This article is owned by Tech Times
Written by Teejay Boris