Forget Bitcoin. Get Dogecoin.
- Bitcoin is here to stay so what's next?
- DogeCoin is a currency based on a joke.
- Will it make you millions or make you look like a fool?
Bitcoin definitely takes the cake for this year’s most influential trend. It’s changed the way we think about currency and made a lot of nerds rich in the process. For those who don’t know Bitcoin is online digital currency based on cryptography. It’s completely decentralised from any country or institution which means it’s impervious to global financial crises, government shutdowns and all that bad stuff that comes with a regular currency. On the other hand it’s extremely volatile: the value of a bitcoin can range from $600 to $800 in a normal day (some days being more stable than others).
As 2013 comes to a close a new winner emerges as the coin king. Dogecoin is a new online cryptocurrency based on the meme of the year. It probably the worlds first living breathing currency that doesn’t have an ounce of seriousness..and that’s why it’s awesome. It’s only just a week old and it’s already the 24th most valuable digital-coin. It’s been featured on Vice, The Verge and it’s got a massive community on Reddit.
The comedy genius that spawned a currency.
The whole “Doge” thing originated this year on Tumblr. Most iterations of the meme have a photo of the a Shiba Inus dog surrounded by pigeon-english thoughts in brightly colour comic sans. Pretty dumb huh? Well it’s captivated the hearts and minds of many a internet user to the point where one thought: “Hey! Let’s make this a currency.”
And it worked. Just after it’s launch it was picked up by the internet hype train with people converting their bitcoin for the slightly less serious (and far more risky) alternative. Most users were buying them in the millions (self-professed Slumdoge Millionaires) with each Dogecoin being roughly a very, very tiny fraction of a bitcoin. So far it’s paid off with the currency not only being stable but slowly rising in value (as seen below). Aside from a few spikes and drops, it’s been pretty stable, even more stable that bitcoin has been the past week. Infact today Dogecoin has grown in value exponentially while Bitcoin has gone down. Much coincidence?
Say what you will about Dogecoin but one thing you’ll have to agree on is that no other coin other than bitcoin itself has generated as much interest out of the alternative coin world. Heck, I had a old friend message me about Dogecoin who barely know what bitcoin was. The real question to ask is: will Dogecoin’s comedic foundation be the reason for it’s success or it’s failure? Personally I think it will benefit the currency. It’s charm makes the whole online currency thing appeal to a completely new crowd. Even if it doesn’t become the great bitcoin replacement it’s community wants, Dogecoin’s will still have a great legacy with those who saw it grow from a joke into something you could buy food with.