Cryptocurrency currencies have had a bit of a rollercoaster year with Litecoin falling to its lowest price in nearly three years and Dogecoin recovering its position as one of the most valuable of them all. There is some hope for the embattled currencies and as the new year approaches new possibilities to seem to loom on the horizon. So is there a future for cryptocurrency?
The original cryptocurrency was created to parody a popular meme, the Doge meme, where users would repost images of a dog on forums with a brief description, with the intended message being a social good message and a bit of humor. Bitcoin was the first major cryptocurrency to reach an estimated value of over one million dollars and the popularity of the currency has exploded. As of October 2018, the combined value of all cryptocurrencies sits at an estimated 3.3 billion dollars.
Cryptocurrency has exploded in value, but few predicted just how popular it would become.
In fact, the cryptocurrency market currently sees an annual growth rate of nearly 50 percent. In 2018, the value of bitcoin shot up to a peak of over 24,000 dollars per coin but is now trading at a comparatively paltry level of just over 13,000 dollars. Litecoin is one of the top-valued cryptocurrencies on the market with a total market value of over 17.5 billion dollars, but some experts predict that a large portion of that price increase can be attributed to the slump of bitcoin. Why is bitcoin so important? Many people, including government agencies, banks, and celebrities, believe it to be a worthless currency.
Bitcoin could potentially come to a “fatal” point in 2019 according to economic experts
It is even labeled a scam by many. Will it die? If bitcoin’s rise has been spectacularly explosive, its fall has been equally dramatic. There is always the risk that a bubble will burst, so could bitcoin become a fad and wither away? Bitcoin is a very volatile currency, with volatility at its highest levels of the last five years, so it is uncertain how long it will last. It will be interesting to see what happens, but predicting that bitcoin will go away is generally futile. Could Dogecoin become the next cryptocurrency sensation? A currency worth one-fifth of bitcoin certainly has the potential. Cryptocurrencies are unregulated and completely anonymous, so the Dogecoin cryptocurrency does not even need an exchange account to make a purchase.
Dogecoin can be used to purchase merchandise, without a credit card.
These coins are peer-to-peer transactions, so there is no exchange and no banks involved, so transactions are completely anonymous. It is used in several internet communities, but the most prominent of those is the popular image sharing website, Reddit. The site has many cat pictures, but it also allows users to exchange Dogecoin for items. Shirts are one of the more popular online shops selling the currency, but anything from Dogecoin-themed jewelry to dog bowls has also been made available.
User are happy to pay in dogecoin because it is a totally anonymous currency
Users are happy to pay in dogecoin because it is a totally anonymous currency, and it also has the potential to raise hundreds of millions of dollars. Dogecoin’s market capitalization is around two billion dollars. There is much speculation as to how the value of bitcoin might decline in the future, and people have begun to suggest that the market is “in a bubble”. If Bitcoin values fall or crash in 2019, that could be the tipping point for Dogecoin.
Will Dogecoin be the next cryptocurrency sensation?
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Could Dogecoin become the next cryptocurrency sensation? Dogecoin has the potential to be much more than just a flamboyant coin for fun; it is a highly disruptive and successful currency. When cryptocurrency markets saw their first big rise in value in December 2017, dogecoin leaped from its early price of just a few dollars to a high of almost 2 dollars per coin. That is a premium of more than 500 percent over the value of bitcoin.
Look what has happened to Dogecoin’s value since the first surge in December 2017
The increase is extraordinary, and it looks as if Dogecoin is a currency on the rise. Why would anyone switch from bitcoin to dogecoin? The dogecoin team behind the cryptocurrency thinks that dogecoin is the perfect currency for retail payments. They state: “Dogecoin can be used to purchase merchandise, without a credit card”, suggesting that it is more affordable than other digital currencies such as bitcoin. Dogecoin is much less exclusive than bitcoin and for many users, it is much more friendly than bitcoin. When the dogecoin market saw its first big rise in December 2017, the currency briefly reached a price of just under $20 per coin. Bitcoin saw a similar rise in December but has since dropped significantly. Dogecoin’s values are still pretty high and the purchase of anything from a drink to a pair of socks using dogecoin will mean spending an affordable amount.
GT fans will be able to pay for a car using Dogecoin
Are you a Sir Patrick Stewart fan? There is only one thing you can do in 2019, so why not spend your dogecoin on a sign for your garage? This month the bank of England revealed that it will begin accepting the dogecoin cryptocurrency as legal tender. From Wednesday, fans of the well-known actor will be able to pay for items like gift cards and laptop cases using cryptocurrency. There is one other big change coming in the next twelve months that will affect the Dogecoin cryptocurrency. Japanese internet giant Rakuten, which recently bought Viber and Skype, is working with the Dogecoin Foundation to use Dogecoin in a new service called Flavors.
The Dogecoin Foundation claims to have grown the cryptocurrency from one million dogecoins in January 2014, to over 80 million by March 2017. The foundation claims that over 100 million Dogecoin has now been raised by over one million donors. Like other cryptocurrencies, dogecoin can be sent to another user’s wallet address or sent to a sender address with a message. Although Dogecoin is a fun, quirky form of currency, users have also become interested in using it for serious activities, such as charity fundraising and sending funds to be sent to crisis zones.
If there is a future for cryptocurrency, then Dogecoin will play a big role in it.
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How to invest in cryptocurrency
However, there are a number of ways that you can invest in Dogecoin and other cryptocurrencies. One of the easiest ways is to buy bitcoin directly using a broker. As the world’s first and only crypto exchange, it is incredibly easy to trade cryptocurrencies through the site. You can also buy ethereum using Coinbase, a platform where many cryptocurrencies are traded. You can pay for some ethereum with cash, card, or bank transfer, and there are no international transaction fees. You can even purchase bitcoin with a credit card.