Everyone in the crypto community believes there are two types cryptocurrencies: the good one that grows in value over time and the bad one that has no future. Bitcoin, Ethereum, and so on are all in the first group, while Dogecoin is in second. Dogecoin was created in 2013 as a joke, to mock the cryptocurrency mania.
Dogecoin
Many people don’t like this cryptocurrency. Since 2013, thousands upon thousands of coins were created and then lost. Despite not having any value until 2020, Dogecoin survived. How did Dogecoin survive and rise to the top 10 cryptocurrencies worldwide, while other great projects failed? Let’s elaborate.
Dogecoin’s logo was inspired by the Shiba Inu Japanese Dog breed and is named after a meme. Every new technology is frowned upon and met with resistance. There was unambiguous evidence that seat belts saved lives in the 1960s.
Still Viable
Dogecoin is still viable because of open source software support, Dogecoin’s vibrant network, branding, ease of use, and the fact that Dogecoin can be used in any currency. People protested against the federal law that made seat belts mandatory. Car companies fought for a decade to ensure that no bill making mandatory seat belts for cars was passed by the Senate. The iPhone was embraced by the younger generation when it was first released.
Although we all know that seat belts protect people from serious injuries in accidents, many people ignored this law. The older generation didn’t see the iPhone’s revolutionary nature. Many executives from companies, including Blackberry and Microsoft, mocked Apple’s iPhone. Warren Buffet never owned an iPhone in his entire life. According to Warren Buffet, he doesn’t understand technology and therefore never invested in any technological company. He still uses a basic phone.
The Future
Unfortunately, many technologists don’t fully understand cryptocurrency’s future. In an interview with CNBC, Bill Gates stated that he doesn’t like cryptocurrency and that if there was an easy way to reduce crypto, he would. He says that cryptocurrency is rat poison because he doesn’t understand it. Even the most prominent people don’t understand crypto technology. It’s easy to see why many non-technical people will also avoid cryptocurrency. Blockchain is a complicated technology that many people don’t understand.
Dogecoin addresses this fear with memes, jokes and jokes. Dogecoin subreddit, for example, has more followers than any crypto other than Bitcoin. Dogecoin is second in the number of people who use it, after Bitcoin. They are in it for the memes and the fun. Many people have been introduced to cryptocurrency through Dogecoin. It’s an easy-to-use currency. Although this coin was not worth much until 2020, millions of people still supported it. Dogecoin was originally intended for tipping. Each token is so cheap that even those with little money can purchase some Doge tokens to play with.
Social Media
Dogecoin was used to tip each other on Reddit and other social media platforms. It helped to create a positive community. They also performed many charitable works over the years. Doge faucets were also created by people. Dogecoin survived the years thanks to these positive vibes and the philanthropic community. These websites offered free Dogecoin to those in need. Dogecoin can be described as a fork in Litecoin. Dogecoin has never experienced any technological problems as Litecoin grew over time. Miners can now mine both Dogecoin and Litecoin simultaneously.
Miners can mine 5 Billion coins per year. Dogecoin’s network is therefore always in demand. Dogecoin has survived for all these years thanks to the support of miners and the large community. This number will not fall. Dogecoin isn’t as widely accepted as Ethereum or Bitcoin at the moment. Many in the crypto community believe that this coin is obsolete and has no future. Elon Musk, founder of SpaceX, and Tesla, disagrees.
Elon Musk
He says that Dogecoin is undervalued and its simplicity is its authenticity. Elon Musk is the founder and CEO of X.com. This was the precursor to PayPal. He knows what he’s talking about. Doge survived all these years, not because of his luck, but because of its strength. Bitcoin is now considered an asset and not a currency for transactions. Elon Musk stated in a tweet that Dogecoin would be the dominant cryptocurrency in the future in February 2021. Its price has risen dramatically over the years.
Many people want to purchase Bitcoin and keep it for a few more years. Everyone wants Bitcoin because of its popularity and limited supply. The total amount of Bitcoin in circulation is therefore decreasing. Dogecoin, on the other hand is intrinsically inflationary. Bitcoin is therefore not a transactional cryptocurrency. Dogecoin was originally designed to be a transactional crypto. It encourages spending and discourages hoarding.
Open Source
The majority of cryptocurrency, except for a few, is open source. Dogecoin has remained the same because of this. Anyone can download, store and redistribute the code. Dogecoin’s original developers left the project in 2015, but other developers took up the cause to keep it alive due to the popularity of the coin. It is impossible to completely remove the open-source codebase. Anyone can mine Doge with a decent computer. You can also download the Dogecoin mining software online. Unlike Bitcoin, no special hardware is needed. This crypto can be mined with minimal investment. Dogecoin has survived over the years due to all of the above reasons and will continue its success in the future. Report this ad