Dogecoin is a cryptocurrency that was created as a tweaked version of Litecoin (check current LTC to INR price) which is among the top cryptos in the market. Its idea was to use this for fun where Reddit users would tip for funny comments. After a few ups and downs since its launch in 2013 in January 2019, it shot back to fame and now it is heavily promoted by influencers like Tesla CEO Elon Musk and has thus become popular. Dogecoin may be one of the top cryptocurrencies in the market, but many misconceptions are making inventors wary. Here are some of the MythBusters about Dogecoin to help you get started and make informed decisions.
Myth: Dogecoin has no value/utility
Fact: In the cryptocurrency market, use/purpose is highly objective. It may not have monetary value like, for example, a Bitcoin; it still has a lot of value. There are a multitude of ways in which Dogecoin has utility. It is a currency that has a simple but long-lasting value. This is a force to reckon with when combined with the fan base and the public outreach it has. Despite not having a physical appearance, organizations have understood its potential. The Dogecoin community works to raise funds for charitable events, betterment the world, and gather donations for aid from all over the world. The Dogecoin community shows how one group can make an impact and change the world with its contributions.
Myth: Lack of cap on supply limits its value
Fact: On the contrary, the Doge’s power is capped per block and hence is restricted. The long-term objective of this crypto is to use it as currency and hence the founders have allowed a steady increase in supply so that it is accessible to as many people and reward miners for their system maintenance.
On the other hand, if the supply was fixed, it would have limited its ability to grow as a form of exchange. If it was made as a form of payment like Bitcoin people would have held their coins expecting their value to increase. With unlimited supply, the Dogecoin market potential has increased and has become a way of decentralized payment.
Myth: Dogecoin is regulated by Elon Musk
Fact: Elon Musk has a huge Twitter following and a good fan base. He promotes Dogecoins wholeheartedly and publicly influences people. However, many other people are doing the same who may not have the same reach. That has made the price rise of Dogecoin to INR scale new heights. The Doge community and its blockchain developers appreciate it, but that’s about it. Elon Musk is not regulating it and is solely at the hands of the people.
Myth: There is no development happening in Dogecoin
Fact: Dogecoin has an active development community that is committed to making improvements and upgrades. Especially since 2021, there have been some great upgrades without giving up the Doge principles.
Myth: One person controls Dogecoin
Fact: Robinhood exchange is a top wallet that is verified and the addresses are of the ordinary propeller. The initial Dogecoins were all sold by the pioneers a long time back and the current programmers are amateurs. It is a people’s coin and there aren’t any CEOs or co owners. Thus the blockchain network is autonomous.
It is easy to be misled as the cryptos are not still used widely. Acquire a better understanding of things to not become a victim of myths. Doge blockchain may come up in a big way and keep a check on it so that you can make the most of its popularity in the coming years.
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