Musk dismissed the accusations that he was Satoshi Nakamoto during his most recent participation on a podcast with Lex Fridman.
He claims that Nick Szabo, a computer scientist and cryptographer who has also denied developing Bitcoin, is primarily responsible for advancing the ideas that led to the establishment of the world’s first cryptocurrency:
“He claims not to be Nakamoto, but I’m not sure. That’s neither here nor there, but he seems to be more responsible for the ideas behind Bitcoin than anyone else.”
Musk claims that Bitcoin cryptocurrency is good as a store of wealth. However, ineffective as a payment currency due to its excessive latency.
In comparison to the crypto king, Musk claims that Dogecoin has a considerably better transaction volume capabilities and lower fees:
“Right now, if you want to do a Bitcoin transaction, the price of doing that transaction is very high”
“so you could not use it effectively for most things, and nor could it even scale to high volume.”
Because of the relatively inadequate internet infrastructure in 2008, having a small block size makes sense. Then, having a long synchronization period was suitable, but Bitcoin’s performance is now “comically low,” according to Musk.
The Tesla CEO also lauded Dogecoin’s inflationary tendencies, claiming that it provides more motivation to utilize it:
“If a currency is too deflationary…if a currency is expected to increase in value over time, there’s a reluctance to spend it.”