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Elon Musk’s Boring Company will accept Dogecoin as payment for a trip

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Customers can now use the cryptocurrency Dogecoin to pay for trips on Loop, the Boring Company’s Las Vegas transportation system.

The Loop transports people in Tesla cars operated by humans at around 35 mph, a much reduced version of inventor Elon Musk’s initial idea of high-occupancy vehicles travelling at 150 mph. In the future, the Boring Company envisions travelling autonomously and at faster speeds.

The new payment method was unveiled on Friday, when the Boring Company launched its first Loop station outside the Las Vegas Convention Center, adding to the existing three stations. It’s also the latest instance of Musk endorsing Dogecoin, a cryptocurrency whose value has plummeted dramatically in the previous year. The Boring Company intends to ultimately extend to more than 50 stations on the Vegas Strip, including casinos, resorts, and Allegiant Stadium, home of the Las Vegas Raiders of the National Football League. Clarke County, Nevada, authorized the expansion proposal last year, and no government funds will be used.

Loop rides are now free, with intentions to charge in the future, but no precise date has been announced. According to the Vegas Loop’s website, single rides will cost $1.50 and day tickets will cost $2.50. Riders will be able to pay a ticket by scanning a huge QR code on a wall at the new Resorts World stop. People who do not want to pay in Dogecoin may do so using a standard credit card and US dollars.

Dogecoin started as a joke in 2013, with a Shiba Inu dog that became a famous Internet meme. Many people have criticized cryptocurrencies, including Dogecoin co-creator Jackson Palmer, who left the field and has said that he would not return because to fears about prominent bitcoin insiders getting wealthy by abusing the public.

Dogecoin gained popularity when Musk mentioned it in recent years, particularly on Saturday Night Live. A single Dogecoin may now be purchased for approximately 7 cents, a far cry from its high of over 68 cents last year. The cryptocurrency had risen by about 4000 percent in 2021, but, like other cryptocurrencies, has seen dramatic falls this year. It has dropped by 70% in the past year.

The proposed Resorts World Loop station will not be underground connected to the three current Loop stations at the Convention Center. According to Lori Nelson-Kraft, a spokesperson for the Las Vegas Convention and Visitors Authority, the stations will be linked with additional destinations such as Resorts World in the future when the Loop is completed across Vegas.

Guests at Resorts World may travel from the resort to the Convention Center’s new Riviera stop. If their journey connects with one of the three current Convention Center stations, passengers will go across a parking lot and re-enter the tunnels at West Station, a Convention Center stop.

The firm intends to carry around 400 people each hour from Resorts World, and operating hours may vary depending on the Convention Center timetable.

Tesla cars do not follow a defined timetable, unlike a bus or rail. According to Resorts World representative Dana Rutkin, visitors have only had to wait a few minutes for a ride thus far.

A customer may have to wait again after they board a Tesla at Resorts World. Because there is only one tunnel linking Resorts World to the Convention Center campus, traffic will travel in just one way.

“It’ll still be a quick journey, but look, these five automobiles head in this way.” “It will then flip directions once they are securely in the passenger station,” Nelson-Kraft said.

The Boring Company excavates tiny, one-lane tunnels, allowing them to create tunnels at a lesser cost. Some tunneling projects might cost up to a billion dollars per mile. In addition, the Boring Company is working on projects in Florida and Texas.

Elon Musk, CEO of Tesla and SpaceX, originally claimed in December 2016 that he intended to acquire a tunnel boring equipment and “simply start digging” to avoid traffic. He dubbed the enterprise “the Boring Company,” and constructed a tunnel near SpaceX’s headquarters in California.

The Boring Company’s first Loop system, which it claims is a superior subway since cars do not have to stop apart from their ultimate destination, is located in Las Vegas. Critics claim that Loop inefficiently utilizes tunnels since the Tesla Model Y SUVs deployed lack the capacity of a bus or rail.

According to the Las Vegas Convention and Visitors Authority, which manages the Convention Center, Loop has transported over 400,000 guests with an average satisfaction rating of 4.9 out of 5 stars.

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