Dogecoin, for those of you who do not know much
Dogecoin, for those of you who do not know much about it, started out as a play on the popular Shiba Inu doge meme doing the rounds on the internet. Now, this altcoin has persisted as a real cryptocurrency for some years now, and has even found its place in the top 30 cryptocurrencies of the market (based on market cap). Keeping that in mind, the question that arises is: is Dogecoin still a joke or can it be a real rival to Bitcoin?
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Of course, Dogecoin did start out as a satire aimed against the surge of new cryptocurrencies flooding the market.
Having said that, it quickly grew to have a really friendly and inclusive community of users and became quite suitable for micropayments. However, that in itself is not enough to guarantee enough credibility to rival that of top crypto Bitcoin.
To answer the aforementioned question, we must weigh the various arguments surrounding the issue, firstly the factors that make Dogecoin a dark horse in the crypto scene and secondly, the factors which lead us to believe it is truly just a joke.
Factors In Favour of Dogecoin
Dogecoin has made a name for itself in the online gaming communities for tipping purposes, driven by the simple fact that it is a low-priced cryptocurrency that is highly suited to micropayments.
With a block time of just 60 seconds, it is also rather fast and efficient. Its low transaction fees are simply like the cherry on top of this speedy, efficient functioning.
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In addition, the very fact that it has such a welcoming and inclusive community makes it a cryptocurrency with a low barrier to entry.
Having noted the advantages of Dogecoin, let us figure out if these are enough to propel it forward so that it rivals Bitcoin.
Can Dogecoin Rival Bitcoin?
To answer the question at the very outset, no, Dogecoin cannot rival Bitcoin in the foreseeable future and here is why. Firstly, it is too small an altcoin with an extremely low value that is hardly enough to throw a worthy challenge to Bitcoin, even on its darkest days.
However, more importantly, its own creators do not really believe in it, or cryptocurrencies in general. For any cryptocurrency, a robust developers’ team is quite essential.
In the case of Dogecoin though, that bit is missing. It has not seen effective updates in recent times and can hardly hope to match up to Bitcoin or any of the other top altcoins.
In January this year, one of its creators, Jaclsom Palmer wrote on Twitter that:
“Meanwhile, after 10 years Bitcoin does’nt have a real use case outside of illegal activity, gambling or supposedly being useful if we enter some Mad Max-like dystopia.”
Palmer seems unconvinced of the very cryptocurrency he and his partner Billy Markus based Dogecoin on. Palmer has also rubbished the relevance of cryptocurrencies in general before.
Last year, Joe Pindar, a director of digital security firm Germalto, expressed his concerns about Dogecoin, saying:
“The cryptocurrency hasn’t been updated in two years, suggesting any investment is based purely on people jumping on what they think is a gravy train.”
Clearly, Dogecoin is really not ready to take it to the next level. It originated from a meme and it looks like it is content not transitioning to the big leagues or throwing a challenge to Bitcoin.
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