An Interview With The Creator Of Dogecoin: The Internet’s Favourite New Currency

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Bitcoin is not only king of crypto land in terms of mainstream-attention it is getting, but it's also the most expensive serious and legit coin around. But here's the catch: In fact, to assess a coin's growth potential you have to look at a couple of different indicators: What's the circulating supply?

How high is the trade volume? Is the coin just pump and dump, or is it something with a good team, a practical use-case, a real product and substantial technology? Why should I care: Sure, people with experience in crypto know better, but a lot of newbies think 'cheap' altcoins are a good start to invest in crypto spoiler: And this misunderstanding is by the way one of the reasons why Dogecoin or Dentacoin exploded the last couple of days.

To fix this and to lower the psychological barrier for new investors, Bitcoin-developer Jimmy Song came up with an interesting idea: He released a standards proposal where he explains how this could work. A one-millionth of a bitcoin would be about one cent at today's prices and would be called a "bit. I think that Song's proposal is an interesting idea to make Bitcoin more attractive for newbies. It will be even more needed in case BTC rises to new heights in the next couple of months.

But we will have to wait and see if this happens and if Song's idea will be heard and implemented or not. Want to get essential news on Cryptocurrencies and everything Blockchain for free? Subscribe to Cryptomizerthe daily newsletter with the most essential news on Bitcoin and everything blockchain.

Excellent post for the noobs. I have many friends entering the market and i constantly get questions like: I then try to explain that it is not the unit price that should be your determining factor, there are more important variables to consider. Anyway thanks for this perspective, it will help me from repeating myself daily lol.

Authors get paid when people like you upvote their post. I've heard exactly the same things from people who are just entering

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Many people trade in both bitcoin and altcoins, but how many trade in only altcoins? The vast majority of altcoins have bootstrapped themselves to have value because of the insanely low valued transactions that you can do now with digital currencies. This can occur because bitcoin exist. There was no way to do transactions for a tiny amount on the internet before bitcoin—now you can.

With that being said, it is also clear that altcoins have a value outside of bitcoin. Not only are several large exchanges starting to allow altcoin to fiat withdraws, but there is real economic activity preformed with only altcoins.

It is hard to say how much of this value came from dogecoin being able to bootstrap value off bitcoin, but it is clear not all nor none, but somewhere in between. I find it immature and dislike how it pokes fun at cryptocurrencies in general, but perhaps that is also why some people love it. Who am I, or anyone else for that matter, to say what should or should not have value?

In the case of Dogecoin I can see someone in the future make an amazing financial tool to teach kids how to use digital money. It can use that fun, immature, generous identity of Dogecoin to be a place that dogecoin can specialize, and how many other altcoins can specialize as well; through find a niche.

In the post that I linked to at the top I pointed out how Litecoin could be used as a sort of bitcoin insurance. Other currencies can specialize in the same way and have with their own unique attributes to do so , but the real question is more if we are going to see marketmakers do this.

I think we will, but it may take a few years for any of the altcoins to gain their own independent traction, and to find where they really fit. This is a gimme. Scrypt miners have just premiered, and I think that this will cause for a dramatic rise in the price of litecoin again, just as it happened after the bitcoin mining race took off.

Keep in mind the last bubble for bitcoin was driven by the Chinese. If litecoin behaves anything like bitcoin, we should see that ATH both broken, and to never be seen again. Only time will tell. The world needs a decentralized DNS and namecoin could be it. The idea is right, so we will see where they are in a year. Altcoins have an opportunity to present themselves as unique currencies to bitcoin that do not necessary need to compete with bitcoin. Perhaps this could serve as a model for States to covert to a digital currency.

In the end it is going to be the unique qualities of the altcoins which will make them successful. It will be interesting to check back sometime in to see where these coins are and how they are doing. Menu Skip to content. Home About Blog Part I: