By Aaron – Cryptocurrency Specialist - 29/12/2021
TIME magazine chose Elon Musk, the CEO of Tesla/SpaceX, as their Person of the Year for 2021 on Dec. 13. Musk outlined why he feels buying Dogecoin is superior to buying Bitcoin in certain ways during a taped conversation with TIME that was released to its Twitter feed as part of its Person of the Year announcement.
We should first take a look at what money does before we look at the self-proclaimed "DogeFather's" obsession with meme tokens and buying cryptocurrency. There are three major purposes that cold hard cash or hot digital funds must be able to address in order for fiat money and cryptocurrencies to be helpful to us, these include Unit of Account, Medium of Exchange and Store of value.
These three functions are widely acknowledged as being addressed by currencies. With that in mind, Elon Musk — who also co-founded PayPal — feels that Dogecoin outperforms Bitcoin in at least one of the baseline currency characteristics, as recorded from the Person of the Year interview.
“My understanding of the money system, at a fundamental level of how it actually works — the detailed mechanics of it — I think there are very few people who understand it better than me” Musk stated. He goes onto explain the differences in Bitcoin transaction volume compared to other networks, commenting that “cost per transaction is high” and that “fundamentally Bitcoin is not a good substitute for transactional currency.”
Referring to Dogecoin, “Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow — transactions per day — that you can do with Dogecoin has much higher potential than Bitcoin.”
Tesla is said to own the second-largest number of Bitcoins held by a firm, at 38,300 coins, after completing several large bitcoin purchases. Musk also went back and forth earlier this year on whether Tesla would accept Bitcoin as payment for Tesla e-vehicles. His first rejection of Bitcoin payments resulted in a 50% drop in the value of the cryptocurrency.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards