THELOGICALINDIAN - Elon Musk has criticized the two arch blockchains for their transaction ante and fees He additionally said that he anticipation there was arete to application Dogecoin as a abject band blockchain
Elon Musk has advised in on crypto already again. This time, he’s taken aim at Bitcoin and Ethereum.
Elon Musk Shares Crypto Views
Elon Musk has denounced Bitcoin and Ethereum.
In a Twitter column beforehand this morning, the Tesla and SpaceX architect aggregate his thoughts on the two arch cryptocurrencies, authoritative specific advertence to scalability.
Writing to Dogecoin influencer Matt Wallace, Musk said that Bitcoin and Ethereum are “pursuing a multilayer transaction system, but abject band transaction amount is apathetic & transaction amount is high.”
He added that he anticipation there was “merit” to application Dogecoin as a adjustment of “maximizing abject band transaction amount & aspersing transaction cost,” with cryptocurrency exchanges demography on the role of a “de facto accessory layer.”
Numerous crypto enthusiasts responded to Musk to criticize his takes. Some aloft questions over how exchanges would act as a Layer 2 for Dogecoin, while others apprenticed Musk to analysis scalability solutions for Bitcoin and Ethereum. “Pack it up anybody – Elon apparent blockchain scalability,” Anthony Sassano, a arresting Ethereum supporter, joked. “I can’t accept bodies accept to this,” Joel Heyman, a longtime Bitcoin supporter, added.
While application the Bitcoin blockchain can be almost apathetic and expensive, the Lightning Network has brought big improvements to transaction times and costs. Similarly, several Layer 2 solutions are currently in development to advice Ethereum scale. Many of Ethereum’s arch DeFi protocols accept categorical their affairs to barrage on Arbitrum and Optimism, two awful advancing Optimistic Rollup solutions due to barrage this year.
Both Bitcoin and Ethereum are accepted for their aerial amount of decentralization, which is what makes scalability problematic. Nonetheless, for Musk, it seems that his focus is primarily on Dogecoin. Musk has been the meme currency’s leading proponent over the aftermost few months, admitting his angle on added cryptocurrencies accept been harder to ascertain. He abashed the crypto association in May by absolute that Tesla would arrest Bitcoin payments due to ecology apropos and has criticized the arch blockchain on several occasions back then. Despite Musk’s contempo stance, Tesla still holds Bitcoin on its antithesis area afterwards advance $1.5 billion beforehand this year. In February, Musk was filmed saying that crypto was acceptable “the approaching bill of earth.”
Disclosure: At the time of writing, the columnist of this affection endemic ETH, ETH2X-FLI, and several added cryptocurrencies.
