Tesla CEO Elon Musk has adopted Dogecoin as a payment method for Tesla rather than Bitcoin, which is a representative cryptocurrency (virtual currency).
Musk announced on his Twitter on the 14th (local time) that he would adopt Dogecoin as a payment method for purchasing Tesla products.
He said on his Twitter, “Dogecoin has been tested and accepted as a payment method, so we will see what the outcome will be.”
Tesla sells clothing, belts, minicar models, and related items such as electric bikes.
Earlier, Musk announced at the beginning of the year that he would use Bitcoin to pay for Tesla’s electric vehicles, and then abruptly canceled it, causing tremendous backlash from netizens.
Musk abruptly canceled the use of Bitcoin to pay for electric vehicles because “Bitcoin mining takes a lot of electricity.” At the time, he said that if there was a more eco-friendly coin, he would adopt it as a payment method.
Since then, he has claimed to be the ‘dogecoin father’ and has been spreading the love affair of Dogecoin.
In the end, he said that he would use Dogecoin to pay for related goods, although it is not an electric vehicle.
It seems that he chose Dogecoin over Bitcoin because of the ease of trading. Bitcoin takes a lot of time to transact, and the cost is higher than Dogecoin.
After the news broke, Bitcoin proponents are protesting that there is a “lightning network” that enables faster transactions on the Bitcoin blockchain.
Meanwhile, Dogecoin once surged up to 33% thanks to Musk, and as of 10 am (Korean time) on the 15th, it is trading at $0.1826, up 15% from 24 hours ago.
