The CEO of Robinhood is bullish about Dogecoin.
Vlad Tenev, the CEO of Robinhood, detailed the hypothetical in a lengthy Twitter conversation after the Robinhood platform added a feature allowing users to sell and buy Dogecoin.
Vlad Tenev noted that Dogecoin already has “vanishingly small” transaction fees compared to standard credit card network charges – an advantage “compared to the 1-3% network fees that major card networks charge.”
But to compete with the likes of Visa and other mainstream payment processors, Vlad said Dogecoin’s developers would need to boost the crypto token’s “block time.”
Vlad Tenev said meme coins’ current block time is “a bit on the long side for payments,” with a platform capable of performing roughly 40 tps (transactions per second).
“As a comparison, Visa’s network can theoretically handle 65,000 tps,” Tenev said. “Doge would need to be able to significantly outperform Visa, which entails increasing throughput by at least 10000x. Fortunately, this is easy to solve simply by increasing the block size limit.”
In recent years, Dogecoin has gained popularity alongside other leading cryptocurrencies such as bitcoin and ether.
The market capitalization of Dogecoin is approximately $19.5 billion, much lower than bitcoin’s, approaching $769 billion.
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