What Will Elon Musk Choose Instead of Bitcoin?
Today Elon Musk caused another scandal in the crypto world. He announced that Tesla won’t be accepting payments in Bitcoin anymore because of the massive damage its mining causes to an environment. He believes Bitcoin will find the solution for this eventually but until it happens he will consider some other cryptocurrency that will be eco-friendlier.
The entire crypto community makes assumptions about what cryptocurrency it will be. Ethereum uses as much energy as Bitcoin but as it switches to Ethereum 2.0 completely, the damage to an environment will be reduced. However, this can be said about any network that uses a PoS algorithm instead of PoW.
Among the digital currencies assumed to replace Bitcoin are XRP and Stellar whose tokens are mined preliminarily, Algorand who positions itself as a carbon neutral blockchain, and, of course, Dogecoin who uses PoW algorithm but mined with the help of the energy efficient Scrypt technology.