Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Dogecoin is a cryptocurrency based on the popular "Doge" Internet meme and features a Shiba Inu on its logo. Dogecoin is a Litecoin fork. Introduced as a "joke currency" on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014. Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined.
Elon Musk talks about the person behind the ideas that drove Satoshi the smallest unit of bitcoin with a value of 0.00000001 BTC. Nakamoto, plus he says that Dogecoin is fundamentally better than any other cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. I’ve seen.
The CEO of Tesla y SpaceX , Elon Musk, named figure of the year 2021 by the magazine Time , is and has been a die-hard advocate of the cryptocurrency meme Dogecoin . Sometimes there are some doubts about his comments, you don’t know if he’s joking or serious when he is. puppy crypto wonders asserts . But now, in a new interview, he’s said it again: he thinks DOGE is fundamentally better than any other crypto he’s come across.
In a podcast with Russian influencer Lex Fridman, broadcast yesterday, billionaire Elon Musk discussed many topics: SpaceX, Mars, autopilot from Tesla, autonomous driving, robotics and artificial intelligence, among others. There he also took the opportunity to talk about Dogecoin and said it’s fundamentally better than any other crypto he’s seen. In fact, he badmouthed Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. . And, in addition, Elon Musk dedicated a moment to talk about its creator: Satoshi Nakamoto.
About Dogecoin and Bitcoin
He indicated that despite being a coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. born of a joke, Dogecoin has a much higher transaction volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. capability than Bitcoin, plus the transaction fee is lower. “The price of a Bitcoin transaction is very high so it couldn’t be used effectively for most things and couldn’t even scale to high volume.”
He referred to the transaction speed of Bitcoin como “comically low” in 2021. However, in 2008, he admitted, when the speed of Internet connections was much more limited than it is today, the small block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. size of the Bitcoin and the long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. synchronization time made sense.
“It made sense in 2008, but in 2021 or 10 years it’s comically low.”
He also stressed that if a community expects a cryptocurrency to increase in value over a certain period of time due to increasing scarcity, he believes there will surely be reluctance to spend it and people will prefer to “hodl” it.
However, according to him, if there is any dilution of a crypto that occurs over time, it is very likely that this currency currency is a medium of exchange that defines value. will be used as a regular payment method. There are more incentives for it to be used in this way. On this specifically, Musk called Doge “better than anything I’ve ever seen, just by accident.”
Elon Musk y Satoshi
Fridman asked him what has been a social media rumor: Whether Musk is the figure behind Satoshi Nakamoto, which he found amusing. To the CEO of Tesla find it peculiar that there is a human technology, such as the case of the Bitcoin whose creator is anonymous. However, it is clear to him that Bitcoin was not born out of nothing, but is heir to a set of ideas, the fundamental author of which is Nick Szabo:
“You can see the evolution of ideas before the creation of Bitcoin, I don’t know who wrote Bitcon for practical purposes but the evolution of ideas is pretty clear before and it seems like Nick Szabo is more than anyone else responsible for those ideas… from what he says it’s not Nakamoto but he seems to be more responsible for the ideas behind it than anyone else.”
Szabo, as we told here is known as the inventor of one of the predecessors of the Bitcoin, BitGold, and digital digital technologies are these electronic tools that have the ability to generate, store or even process data. smart contracts, which eventually evolved to become a key part of the blockchain Ethereum. Szabo has previously denied that he is Satoshi Nakamoto.
Musk also told Fridman that he doesn’t understand smart contracts based on Ethereum, self-executing contracts based on Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. that are executed when certain preprogrammed conditions are met.
“I never quite understood how all this smart contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. stuff, you know.” dijo Musk, bromeando, “I’m too dumb to understand smart contracts…. “My general approach to any kind of similar deal or whatever is just made sure that there is clarity of understanding.”
You can watch the full interview here:
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