|By Achuva Shats|
November 6, 2016
Dogecoins are a meme-based crypto-currency based on the Litecoin formula. Its mascot is a Japanese Shiba Inu dog that was first featured in a Japanese blog. The coin itself was made by former IBM engineer Billy Markus and his friend Jackson Palmer. The current crypto-currency market is no different than foreign exchange markets. While Bitcoin currently sits at the top of the charts at a dollar value that dwarfs all the other crypto-currencies, Dogecoin's community has experienced a continual rapid growth since the coin's inception in December of last year. Below are three reasons why investing in Dogecoin is a worthwhile endeavor.
What are Dogecoins and Why Should You Invest in Them
While a bitcoin's value is relatively small compared to the value of other crypto-currencies, it is currently the most traded coin in the market. More Dogecoins are traded per day than all other crypto-currencies combined. Though the value of an average Dogecoin trade is significantly smaller than a typical Bitcoin trade, the two coins are fundamentally used for different purposes. Dogecoin users are encouraged to actively tip each other, making sure that the coin is always in circulation. This approach to Dogecoin's use is the reason why its community has experienced consistent growth.
Dogecoin's pride lies in its community. Even though the Bitcoin community is older, the Dogecoin community emphasizes the practice of sharing and tipping other users for even the smallest of acts. Dogecoin users also don't take themselves as seriously as people who have invested in Bitcoin. Dogecoin users (who jokingly call themselves "Shibes") actively encourage others to join the community. They also have the habit of tipping new users healthy amounts of dogecoins to help them get started.
The coin's mascot itself is a reason why the coin is so attractive to random consumers. The silly looking dog is a stark contrast to the stoic golden outline of the Bitcoin logo. While Dogecoins will probably never hold a significant dollar value, the active nature of the community essentially makes being involved in Dogecoins an activity that is similar to participating in social media sites like Facebook or Twitter.
One of the most active Dogecoin communities is in reddit.com/r/dogecoin, currently boasting over 30,000 users. The community is active and very friendly to people who want to be involved with Dogecoins. Announcing to this community that your website or business is now accepting tips in Dogecoin is a great way to get noticed.
Dogecoins are cheap
Getting involved in the Dogecoin craze is far from an expensive venture. A single Dogecoin is worth a fraction of a penny, and investing in even a significant number of Dogecoins will barely cost you anything. The value of a Dogecoin isn't measured by its worth in dollars, but rather in the opportunities it opens up.
Investing in Dogecoins allows you to participate in a movement that is taking the internet by storm. With more and more of the world talking about crypto-currencies, Dogecoin acts as a gateway, allowing more and more people to notice the potential of other crypto-currencies like Bitcoin or Litecoin. As a person interested in promoting your product or website, just having Dogecoins around helps you stand out from your audience, because you're introducing to them a technology that they may not be aware of yet.
At the same time having Dogecoins exposes you to Dogecoin's consistently growing user base.