.Anyone who is often on the Internet and is a bit concerned with memes will know Shiba Inu, the Doge. On countless pictures on the internet with inscriptions like “such wow, much thanks” or similar sayings, the Doge has a firm place in meme culture. In December 2013 the Doge also got a currency, the Dogecoin. This is based on the Meme and has also been given the Doge as a picture. Actually the currency was invented by Jackson Palmer as a joke, he allegedly wanted to prove that many people in the market buy all crypto-currencies, no matter if they are technically useful or not. Actually this has been proven true and many people now own Dogecoins and Dogecoin has become one of the biggest crypto currencies. However, none of the developers take the project so seriously and therefore there are very few updates.
The community, however, does and dreams of high flights of the currency and hopes that Dogecoin will reach a value of 1 Euro per Dogecoin sometime. However, Dogecoin is still a long way from that, but the value of the digital currency is increasing more and more and nobody knows why. The currency itself has no technical advantage over other currencies, so it is unrealistic to expect the value to rise to 1 Euro per Dogecoin.
Youtube-Video: What is Dogecoin?
What makes Dogecoin different?
As banal as this may sound, abas the unique selling point which Dogecoin has in contrast to other crypto currencies is the image of a sweet dog. Apparently this is enough to be successful on the Internet. The phenomenon Dogecoin is in any case a very good example of why you have to be very careful especially in the area of crypto currencies before you invest money. Here permanently Coins are bought at prices which miss any basis. Therefore the price fluctuates also very strongly, the Community approximately around the digital currencies is very precipitous. Dogecoin also uses a block chain and of course you can also mine Dogecoin, but this is not really useful. The electricity costs are too high, especially in Europe, to be able to mine crypto currencies and still make a profit.
Advantages of Dogecoin
The Doge (dog) itself is probably the biggest advantage of the currency, because if we are honest, everyone thinks the Doge is incredibly cute. At the moment, the advantage seems to be enough to be successful, but whether the image of the Doge will be enough to establish itself worldwide is more than questionable.
The only real advantage of Dogecoin is the low transaction costs. These amount to straight times few cent per transfer. Therefore, Dogecoin is often used to transfer small amounts of money. With other currencies the transaction costs would be often higher than the transaction costs themselves, this is not the case with Dogecoin.
Disadvantages of Dogecoin
Dogecoin has many disadvantages that other digital currencies also have. For example, the problem of the large block chain is also present here. At the moment, it is not yet as pronounced as Bitcoin, but if Dogecoin ever becomes established worldwide, the block chain would grow enormously. The costs of transactions will also increase if many transactions are carried out at some point. Similarly, the time required for a transfer will increase. The biggest problem with Dogecoin, however, is the lack of further development. Dogecoin does not have a full-time development team behind it, everyone involved sees it more as a hobby or fun project.
Therefore, it can happen at any time that the further development is completely stopped. Therefore, investing in Dogecoin is strongly discouraged. This currency will almost certainly not have a future. If crypto-currencies ever become worldwide accepted and are used as an everyday means of payment, these payments will certainly not be made with Dogecoin. The whole project was started as a fun project and should be treated as such by potential investors.
Why is Dogecoin so successful after all?
Dogecoin is very successful despite all the disadvantages. This is mainly due to the fact that the value of Dogecoin is very low. For one Euro you get several hundred Dogecoins. Therefore an entrance into the crypto currencies with Dogecoins is very simple and one gets here fast many Dogecoins, without having to invest money. It sounds simply better, if one can say that one possesses 1,000 Dogecoins than if one would say I possess 0.0006 Bitcoin. In addition, the currency is often used on the Internet for “tips”, i.e. as a tip. Because of the cheap transaction fees, you can quickly give away a few cents with Dogecoin. Since there is around crypto currencies anyway a giant hype, Dogecoin profits also here very strongly. Memes themselves enjoy more and more attention, just like crypto currencies. If a newcomer to digital currencies now sees Dogecoin, he or she can connect the currency directly to a meme and automatically feels connected to Dogecoin. So Dogecoin is weak as crypto currencies, but has a very strong brand. And that is exactly what Dogecoin lives on.
I really want Dogecoin, how should I proceed?
First you have to create a wallet, you can do this here: dogechain.info. Normally it is recommended to use a paper wallet for larger amounts, but you shouldn’t have larger amounts in Dogecoin anyway, so you can use an online wallet for Dogecoin. Since the currency will almost certainly have no future, you should refrain from an investment and therefore the security of the wallet plays a minor role here. Since Dogecoin is very popular, there is a huge amount of faucets. With these you can collect Dogecoins quickly and easily without having to invest money. This is perfect to get an insight into the use of crypto currencies. You get thus fast a few Dogecoins together, in order to be able to test times in practice, how exactly crypto currencies actually function. Besides your real wallet we might also recommend you to use Faucetpay, which is a microwallet that is very good for storing or exchanging currencies. If you want to learn more, visit our detail page with information and a tutorial video about Faucetpay.
Our conclusion about Dogecoin
Dogecoin is a pure fun currency. Even though it is very popular, it will probably never become accepted worldwide. To win the race of the crypto currency and to become the most popular form of payment on the Internet, it will certainly not be enough to have a strong brand like the Doge behind you as the only advantage. Therefore, an investment should be avoided, even if there are strong short-term price jumps, these will not be permanent. There are certainly some speculators who have made money with Dogecoin, but these people are rather the exception and most people who have invested in crypto currencies have lost money. If you still want to own Dogecoins, you should use Faucets, here you can get a large amount of Dogecoins with relatively little effort. Otherwise you should consider Dogecoin exactly as what it is. A hobby project of fans of Shiba Inu, the sweet Doge.