Elon Musk Says Dogecoin Will Become The Currency of the Internet

Elon Musk is praising Dogecoin again. Check out what he had to say on Twitter about the coin below.

In a recent Twitter conversation, the billionaire, DOGE co-creator Billy Markus and Robinhood CEO Vlad Tenev discuss what it would take for the dog-themed crypto asset to become the currency of the internet.

According to Tenev, DOGE would have to maintain its low transaction fees and speed up its block time, or the time between successive blocks being added to the blockchain.

“Can DOGE truly be the future currency of the Internet and the people? I’ve been thinking about what that would take.”

He also said the following:

“First off, transaction fees have to be vanishingly small. We’re already there, as of last November’s update, typical transaction fees have been ~$0.003…”

He continued and said:

“Ideally, the block time should be fast enough that the transaction can be recorded in the next block in less time than it takes to pay at a point of sale terminal, but it shouldn’t be so fast that miners start building up too many competing chains and waste excessive amounts of energy establishing consensus.”

Tenev also said that DOGE’s currency block time is one minute, and that needs to improve to about 10 seconds.

Check out what Musk had to say about this.

Exactly, block size & time should keep pace with the rest of the Internet

— Elon Musk (@elonmusk) April 14, 2022

Elon Musk is considering buying the whole Twitter company. Check out his price and the latest reports below.

He offered $54.20 a share, saying the social media company needs to be transformed privately.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk wrote in a letter sent to Twitter Chairman Bret Taylor and disclosed in a securities filing.

Check out more reports about this in our previous article.