What is the best cryptocurrency?
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In the ever-changing world of cryptocurrencies, one name many investors, whether seasoned or fresh into investment, would have heard would be Dogecoin. Started as a joke in 2013, Dogecoin has grown to be one of the biggest digital currencies in existence. In this article, whether Dogecoin is the best cryptocurrency in which to invest shall be looked upon based on origin, features, ability for growth, and comparison against other cryptocurrencies.
History of Dog Coin
Dogecoin was founded in December 2013 by software developers Billy Markus and Jackson Palmer. Named after the famous “Doge” meme-a photo of a Shiba Inu dog-the developers wanted Dogecoin to be more approachable and fun compared to other cryptocurrencies. Unlike Bitcoin, designed to be a rare digital currency, Dogecoin has no capped supply and therefore more approachable in everyday life. Dogecoin initially gained notice due to its community-driven philosophy and was used as a way to tip social media content creators. It has been one of the most successful community-driven projects since its creation, having an extremely active community that regularly participates in various charitable causes and sponsorships, including funding the Jamaican bobsled team’s appearance at the 2014 Winter Olympics.
Why invest in Dogcoin
1. Community Support
Some of the advantages that DOGE has over other currencies are its extremely enthusiastic community. It has community members who heavily publicize the coin, participate in charities, and support various causes. It is grassroots, with this ground-level support pushing demand and driving up prices.
2. Low Transaction Fees
Being cheaper to transact in compared to other cryptocurrencies, Dogecoin is a quite viable option for microtransactions and small purchases, as well as everyday purchases. Its utility could go up and probably drive up demand with more businesses beginning to accept it as a mode of payment.
3. Increased Adoption by Mainstream
Recently, Dogecoin has been adopted by many merchants and online websites. It has also been integrated into numerous e-commerce sites and different kinds of online payment processors. In fact, as more people learn about Dogecoin and what it can do, the wider its adoption will be, which in turn will further cement its position in the market day after day.
Is Dogecoin the Best Cryptocurrency to Invest In?
Whether Dogecoin is the best cryptocurrency to invest in is, therefore, ultimately personal and a matter of one’s goals for the investment and risk tolerance. The feeling of great community support, very minimal transaction fees, and future appreciation in price would make it alluring to some investors. However, it is important to consider the risks associated with an investment in Dogecoin and how it fits into your diversified investment portfolio.
Like with any investment, you want to do your homework and stay abreast with this market. Whether you invest in Dogecoin or another cryptocurrency, you are right on track for an exciting journey into digital currencies if you’ve done your research and made an educated decision to invest in either of them.
What is Dogcoin
In order to parody the “Doge” meme with its Shiba Inu image, two software engineers, Billy Markus and Jackson Palmer, created Dogecoin, also known as “Dog Coin,” in December 2013. It has an active community and is characterized by unlimited issue, low transaction fees, and speed of processing, which makes it suitable for microtransactions.