What are people using it for? Dogecoin is interesting because although it was meant to be satirical and just for fun, it has become an important mainstay in the cryptocurrency world. Due to its incredibly low transaction fees and fast transaction times, as well as relatively stable value, some traders are using it as a means of exchange. For example, if someone wants to withdraw money from a cryptocurrency exchange, it may be very expensive to do so if the currency is in bitcoin. Therefore, some traders may choose to first trade their bitcoin for Dogecoin and then withdraw their currency as Dogecoin before later converting again into something else. Some use it purely for speculation since the price of each unit is so low. It’s possible to purchase many millions of units without spending a fortune, and any small price increase can lead to reasonable market gains. Dogecoin is also very widely accepted at almost every major exchange as well as several instant exchange services such as Shapeshift and Flyp.me. Because Dogecoin is integrated into Shapeshift, it can be used to pay for a wide variety of services and goods that have the Shapeshift API built-in. The future of Dogecoin Dogecoin has fallen on hard times more than once in its history. A highly divisive incident involving a cryptocurrency exchange followed by a massive theft resulted in many Dogecoin fans becoming disaffected, and abandoning the currency. As well, Dogecoin was removed from the Exodus wallet because Exodus claimed Dogecoin is not being developed and lacks several important updates. “Although we love the Dogecoin community…the development seems to have gone stale with not many updates to key components we need. The last release of Dogecoin core was in Nov of 2015. Unfortunately Exodus is built on support from public Insight servers and Dogecoin does not have the latest updates to Insight. We have asked around and it does not seem this is going to happen anytime soon.” But what Dogecoin has going forward, however, outweighs its downsides. It is still accomplishing the original goals that it was set out to accomplish back in 2013. It is still a low-cost, easy to acquire, friendly and welcoming cryptocurrency. The Dogecoin community is especially quite famous for its friendliness and willingness to help new users. Dogecoin supporters are often seen giving out small amounts of the currency in order to encourage others to adopt it and understand it.
While the Doge meme may be all but forgotten for many, for the true believers, it is still a wide-reaching and effective symbol that unites the masses under a unified banner of solidarity. As waves of new users join cryptocurrency every day, many of them will inevitably use Dogecoin to get started, and of those, some will certainly stay and support the community and the currency for the foreseeable future.
0 Comments
Leave a Reply. |
Thank you for choosing to make a difference through your donation. We appreciate your support.
This website uses marketing and tracking technologies. Opting out of this will opt you out of all cookies, except for those needed to run the website. Note that some products may not work as well without tracking cookies. Opt Out of CookiesCategories
All
Archives
April 2024
|