The meme-based ‘joke’ currency surpassed Bitcoin this week. What’s the overeenkomst?
Now that Kanye Westelijk has threatened to sue the makers of CoinyeCoin, it’s time for another altcoin’s uur te the zon. Come in Dogecoin, the cutest cryptocurrency on the internet. Originally dismissed spil a novelty (much premature), it now sees dual the amount of transactions spil Bitcoin and has already trumped every other digital currency on the market. So how did a joke currency become one of the fastest growing altcoins on the web?
Te late November, Dogecoin co-founder Jackson Palmer wasgoed kittled by the flurry of cryptocurrencies emerging on the market and registered the domain Dogecoin.com to spoof the altcoin boom. He spanked on a ordinary logo, pleased with his take on the doge meme that had bot doing the rounds on the internet.
“At that point, it wasgoed nothing more than a hilarious idea,” he says. “But by the time I’d woken up the following morning, Billy [Markus, a former IBM engineer] had tweeted mij a working QT Wallet for Dogecoin. The surplus is history.”
Creating a QT Wallet meant that Dogecoin could function spil a working digital currency, te the same way that Bitcoin does. But the very first sign that Dogecoin wasgoed more than just a passing fad wasgoed a few weeks straks, when it leaped more than 300 procent te value ter a day – the greatest increase of any cryptocurrency overheen 24 hours.
A Dogecoin micro-economy has even sprouted up around the currency. On sites like shibemart.com and the subreddit /r/dogeservice, you can use Dogecoins to pay for Latin translation, Photoshop services, or even getting your plumbing immobile (presently only available ter Vancouver).
But the fattest use of Dogecoin is also what distinguishes the altcoin from its counterparts: tipping.
Made a witty comment on a subreddit? You could get tipped Dogecoin. Created a lovely macro? Have a few Dogecoins. Spil Dogecoin investor Ben Doernberg explains, people on social networks like Reddit, Twitter or Imgur regularly produce superb ideas, photos or content. You could have a million followers, get a thousand upvotes or reblogs, he says, but there’s no way to capitalise on that ter real monetary terms.
Dogecoin is already switching that. According to Palmer, the number one use of Dogecoin is tipping, “to give other people kudos. It means something more than a ‘like’ or an upvote when you send a person 50 DOGE for their efforts.” He envisions a future where Dogecoin is the “number one internet currency for tipping people and telling them they’re awesome”. Think of it spil a nano-payment for making people smile.
This thread on Dogecoin’s most active community, /r/dogecoin, is a case ter point: user the_mad_tipper asked people to postbode their best pics te exchange for coin. It’s that effusive, madcap generosity of spirit that also distinguishes Dogecoin out from other altcoin.
“I’ve spent a ton of time on internet communities te my life and I think the Dogecoin subreddit is most likely the most positive, optimistic and blessed and friendly place on the internet I’ve everzwijn seen,” Doernberg says.
“In other words: it’s pretty hard to be a dick on the internet if your mascot is a lovely dog”
On Christmas Day, several Dogecoin users found that a hacker had stolen about $12,000 worth of coin – the community quickly rallied round with Save Dogemas, a campaign to reimburse the victims, and subsequently raised overheen 11 million Dogecoin. Spil Doernberg notes, “with other coins, you’d get laughted at or told it’s your fault.”
Palmer thinks it’s all to do with the intrinsic qualities of the Shiba Inu (or “shibe”, spil the Dogecoin community calls it) meme that commenced it all. “I think Dogecoin has taken the warm fuzziness of the shibe te that classic doge meme and helped build a community of kind-hearted, generous people around this currency,” he explains.
Te other words: it’s pretty hard to be a dick on the internet if your mascot is a lovely dog. Dogecoin users have adopted the slogan “To the moon!” – and it looks spil if they stand a good slok. Dogecoin might be worth three million times less than Bitcoin, but daily usage is dual that of Bitcoin, which suggests that more people are actually using the altcoin the way they would a real currency, unlike many Bitcoin users who hoard the coin for speculative purposes. Dogecoin has bot hailed spil “history happening ter real time”: there are already plans for a real-life Dogecoin meet-up ter Fresh York, and Palmer has just set up the Dogecoin Foundation, a charity fund based on the altcoin.
“Money is ultimately a social thing,” Doernberg says. “The only thing that makes money worth anything is that people will accept it. Dogecoin is the only crypocurrency that is welcoming and accessible for fresh people. I don’t think it overplays Bitcoin, but if there’s slagroom for two or three currencies, dogecoin could lightly be the currency for gaming or families with kids. I can see kids getting their allowance te dogecoin te the future.”