Timothy Stebbing, product lead at the Dogecoin Foundation, stated that Dogecoin DOGE/USD is “far ahead” of Visa Inc V in terms of payment speed.
What Happened: In a series of tweets on Monday, Stebbing said that Visa takes 24 hours to reconcile payments, while Dogecoin payments reconcile within one minute.
So if you’re talking about payment speed, Dogecoin is so far ahead of Visa that it’s laughable. If you’re talking about approval of the txn speed, nobody is providing the guarantee for Doge (there are options, like lightning networks that do this) but I personally believe..
— Timothy Stebbing (@tjstebbing) August 8, 2022
“So if you’re talking about payment speed, Dogecoin is so far ahead of Visa that it’s laughable,” he said.
In terms of approval of transaction speed, there are no guarantees that DOGE can perform the fastest, explained Stebbing.
See Also: ‘I’m Mainly Supporting Doge’: Elon Musk Likes Dogecoin’s Memes, Dogs And Sense Of Humor
In his view, there is a better way to speed up transaction approval that doesn’t require a lightning network — one that he plans to build into the GigaWallet API so that the risk is configurable by the retailer.
Visa is a layer 2 solution for fiat, so you’re comparing ‘s with ‘s.
— Timothy Stebbing (@tjstebbing) August 8, 2022
These approval-of-payment mechanisms can be considered “layer 2 solutions” for the Dogecoin blockchain, but Stebbing says that DOGE’s layer 1 is “already damn fast.”
– Money in the retailer’s pocket immediately, not next day.
– No chargebacks.
– Full control of your finances (power in your hands).
– Disempower greedy systems that take a cut of your transactions at every level.
– other stuff you can probably think up if you try 🙂
— Timothy Stebbing (@tjstebbing) August 8, 2022
Price Action: At press time, DOGE was trading at $0.071, up 1.76% over the last 24 hours, as per data from Benzinga Pro.
