Imagine being born into the world as a joke. That is the sad truth that plagues Dogecoin.
Dogecoin (or infamously dubbed as the “jokecoin”) has been treated as a joke by most cryptocurrency investors because it was named after an internet meme called Doge. This meme became popular during 2013 and is still popular even to this day. This has caused many people to treat Dogecoin unseriously.
What is Dogecoin?
Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Think of it as "the internet currency." Its logo features a likeness of the Shiba Inu dog from the "Doge" Internet meme. Introduced as a "joke currency" on 6 December 2013.
How it outperforms Bitcoin in certain aspects
1) Transactions
Dogecoin is built as a light alternative to Bitcoin. Although Bitcoin is the most popular cryptocurrency in the world, if you had a choice, Dogecoin would be the preferred method of transferring wealth. This is because Bitcoin transactions take up to 10 minutes for them to be confirmed by the blockchain. Dogecoin, on the other hand, just takes 1 minute to be confirmed, doing it a whopping ten times faster speed.
2) Transaction cost
Due to Dogecoin being faster than Bitcoin in terms of transaction speed, Dogecoin miner will require less energy to record transactions on the Blockchain. This causes miner fees for Dogecoin to be insanely cheap and expected to remain the same. It just takes 1 Dogecoin miner fee to transfer 1 billion Dogecoin. Bitcoin transaction fees, on the other hand, are getting more and more expensive as block difficulty constantly increases.
3) Immune to Bitcoin price drops
During December 2017, Bitcoin, along with other major cryptocurrencies, plummeted in terms of price. But not Dogecoin, in fact, Dogecoin prices were still steadily rising throughout the entire month of December. Dogecoin prices rose 1000% throughout last year, that is serious earning potential.
Why Dogecoin is no longer a joke
Since its surge in November 2017, this "joke coin" has seen a steady increase and at its peak had over 2 billion dollar market cap with its ranking placed within the top 50 cryptocurrencies in terms of market cap. This justifies that Dogecoin cannot be viewed as a "joke coin" as it has great earning potential. After all, would a joke be worth 2 billion dollars?
These days, many online businesses, namely Diadem jewelry, Bitcoin jerky, etc have all started to use Dogecoin as their preferred payment due to its amazing benefits.
In conclusion, Dogecoin has serious potential and I urge viewers who still view Dogecoin as a "joke coin" to recognize that this view is no longer valid. In fact, Dogecoin may outperform many other cryptocurrencies in the near future.
Omniloquent was brought to you by @yallapapi. This article was written by @rtick and edited by @flashfiction.
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Dogecoin to the moon....bet it won't be seen as such a "joke"then!;0)