I have found out recently that I know a lot less about dogecoin than I thought I did. For one thing, the financial converter on dogepay.com converts 1,000 DOGE into $0.14 in USD… 14 cents?? Really?! How can a company that’s so charitable and has done so well for itself produce something that’s worth so little? Maybe the differing amounts of Dogecoin and Bitcoin in existence has something to do with it…
The same website converts bitcoin into USD. What’s interesting is that for the past several weeks we have all been concerned over bitcoin’s price fluctuations. One day it’s over $300. Then it drops to $265. Then $255, and so on and so forth… Now the price of bitcoin is $230, which is still much lower than we would like. The price keeps dropping, and several of us are really worried about it.
However, on the website I was able to see what 1,000 bitcoins would currently be worth in USD. Despite the massive drops, the site converts that same 1,000 into over $412,000 in USD. Heck, don’t tell me bitcoin has lost its value! The price may be low, but bitcoin is still standing its ground!
Dogecoin on the other hand…. Wow… Is it possible they’ve just been “too charitable?” They’ve put too much work into other ventures? This is a currency platform that has donated money to create schools in Cambodia, to create water wells in Africa, to send the Jamaican bobsledding team to last year’s winter Olympics. Now, they’re donating towards the first African lunar expedition. What’s happening, here?
Much like the technology behind bitcoin, it could be that the name and the substance of the currency are much more valuable than the currency itself. Bitcoin has encountered its fair share of hackings and related problems, while true enthusiasts swear by the technology and the blockchain, ranking the safety and security it induces as number one. Maybe dogecoin is encountering a similar problem. The company behind it and the name are valuable. They have plenty to give and much to do. They’re ambitious and driven, and they’re able to accomplish quite a bit in a short amount of time, but when it comes to the actual currency, things just aren’t quite up to par…
What do you guys think? Why do you feel dogecoin isn’t quite up there with bitcoin? Post your thoughts below.
Images from /r/Dogecoin.