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Elon Musk Cryptocurrency Dogecoin – Things you Need to Know

Elon Musk Cryptocurrency Dogecoin

Today, we will discuss the topic, “Elon Musk cryptocurrency Dogecoin, what is Dogecoin, what you can buy at Tesla with Dogecoin cryptocurrency and more.

A lot of people ask, Does Elon Musk own Dogecoin cryptocurrency? Did Elon Musk create the Dogecoin Cryptocurrency? What is Elon Musk’s cryptocurrency? Some people even search the phrase, “Elon Musk cryptocurrency Dogecoin.”

All these queries are due to two main reasons.

  • Elon Musk is a Tech celebrity billionaire, with a whooping net worth of more than $230 billion
  • Elon Musk’s Cryptocurrency Dogecoin Tweet.

Elon Musk Tweet on Dogecoin Cryptocurrency

Elon musk has tweeted so many times about cryptocurrency, especially the Dogecoin cryptocurrency.

Elon Musk tweeted on Tuesday January 25 2022, that he would eat a Happy Meal if McDonald’s begins accepting Dogecoin as a form of payment.

Dogecoin’s value shot up about 6.5% as of Tuesday afternoon, starting at $0.127 when the market opened and reaching a high of $0.141, according to the Nasdaq.

Musk has been a longtime champion of the Dogecoin cryptocurrency, tweeting, “Dogecoin is the people’s crypto,” last February. Dogecoin started as a spoof coin featuring the face of a Shiba Inu and has steadily risen in value, reaching over ten cents in April of 2021.

Dogecoin was inspired by the popular Doge meme of a Shiba Inu staring sideways at the camera with raised eyebrows.

When Elon Musk was asked why he supports Dogecoin, Musk responded on Twitter: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Dogecoin cryptocurrency. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”

Elon Musk Dogecoin Cryptocurrency – What you need to know

Elon Musk himself owns Dogecoin cryptocurrency, along with other cryptocurrencies like Bitcoin and Ethereum, according to a tweet he posted in October 2021.

Despite his tweets on cryptocurrency, Elon Musk encouraged building value over investing heavily in cryptocurrencies, saying in an October 2021 tweet, “True value is building products & providing services to your fellow human beings, not money in any form.” 

Elon Musk also cited concerns about how much energy it takes to produce the dogecoin cryptocurrency and many other cryptocurrencies.

Elon Musk’s View of the Dogecoin Cryptocurrency

Elon Musk, CEO of Tesla, SpaceX and several other high-tech companies, has consistently supported dogecoin, a meme-inspired cryptocurrency. He’s invested in it, along with bitcoin and Ethereum.

Nevertheless, to Elon Musk, dogecoin cryptocurrency has an advantage over bitcoin and other cryptocurrencies: He sees dogecoin as the best cryptocurrency to transact with.

He told Time Magazine after being named Time’s 2021 Person of the Year “Fundamentally, bitcoin cryptocurrency is not a good substitute for transactional currency.” “Even though it was created as a silly joke, dogecoin is better suited for transactions” he said.

He continued to say that, ″The transaction volume of bitcoin is low, and the cost per transaction is high,” Elon Musk added that bitcoin is more suitable as a store of value, which is why its investors want to hold onto it and not sell it or use it for transactions.

Dogecoin, on the other hand, is a currency that “encourages people to spend, rather than sort of hoard as a store of value,” he said.

However, while bitcoin supporters would agree that the asset is a store of value, they’d also argue that it’s designed to be a sound peer-to-peer financial system and could be used for transactions, citing situations like El Salvador making bitcoin legal tender.

Although Elon Philip Musk is clearly bullish on cryptocurrency, he doubts that it will replace fiat. “I’m not a huge hater of fiat currency like many in the crypto ­world are,” Musk told Time Magazine.

According to Elon Musk, “there are advantages with cryptocurrency relative to fiat, in that fiat currency tends to get diluted by whatever government it is. It ends up being a pernicious tax on people, especially those who have cash savings with dilution of the money supply.”

Nonetheless, financial experts view cryptocurrency as a volatile, risky and speculative investment. In turn, it’s recommended to only invest what you can afford to lose.

What is Dogecoin Cryptocurrency?

The Dogecoin cryptocurrency (DOGE) is a peer-to-peer, open-source cryptocurrency. It is considered an altcoin and an almost sarcastic meme coin. Launched in December 2013, Dogecoin has the image of a Shiba Inu dog as its logo.

Jackson Palmer, a product manager at the Sydney, Australia, office of Adobe Inc., created Dogecoin in 2013 as a way to satirize the hype surrounding cryptocurrencies. Palmer has been described as a “skeptic-analytic” observer of the emerging technology, and his initial tweets about his new cryptocurrency venture were done tongue-in-cheek. But after getting positive feedback on social media, he bought the domain dogecoin.com.

While it was created seemingly as a joke, Dogecoin’s blockchain still has merit. Its underlying technology is derived from Litecoin. Notable features of Dogecoin, which uses a scrypt algorithm, are its low price and unlimited supply.

Important Points to Note about the Dogecoin Cryptocurrency

  • Dogecoin does not belong to, nor was created by Elon Musk, so, stop calling it Elon Musk cryptocurrency dogecoin
  • Dogecoin is an open-source cryptocurrency started in 2013 by Jackson Palmer and Billy Markus.
  • Dogecoin initially started as a joke based on a popular meme featuring a Shiba Inu (a Japanese breed of dog).
  • It is based on Litecoin and uses the same proof-of-work technology.
  • Dogecoin has a loyal community of supporters who trade it and use it as a tipping currency for social media content.

Dogecoin, which was started in 2013 as a parody of the cryptocurrency craze, was once obscure. But its value climbed about 4,000% last year, driven in part by promotion from Elon Musk; an investor in the token, he has dubbed it the “people’s crypto” and said his space company SpaceX would accept it as payment. During an appearance on the humor show Saturday Night Live, after getting pressed to define it, he called it “a hustle”.

Can I Buy Tesla Products with Dogecoin Cryptocurrency?

Dogecoin is currently the only digital currency Tesla accepts. Items eligible for purchase include Tesla-branded belt buckles (835 Doge or about $162; £118) and children’s all-terrain vehicles (12020 Doge or about $2,280; £1,670), which are currently sold out. The purchases are non-refundable, according to the firm’s website.

Last year, Bitcoin prices jumped after Tesla said it had invested in the currency and would allow customers to buy cars with it. But the company later scrapped that idea. If you want to learn how to make money online with Dogecoin Cryptocurrency or any other cryptocurrency like Bitcoin, Ethereum, etc. check out How to make money online with cryptocurrency.

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