DOGECOIN OVER BITCOIN
Dogecoin is one of the most broadly acknowledged digital currencies by traders, organizations, and crypto installment processors.
Last year, Tesla founder and entrepreneur Elon Musk became one of the biggest influencers when it comes to cryptocurrencies. When Bitcoin emerged in 2009, Musk was not interested in participating in the virtual currency. Then suddenly in February 2021, Elon Musk publicly announced that Tesla had bought $1.5 billion worth of Bitcoins.
This approval has resulted in the increased popularity of cryptocurrencies at a time when people are trying to discover new ways to achieve financial returns – ironically helped by the COVID-19 pandemic. Former Bitcoin fan Elon Musk says Dogecoin has an edge over Bitcoin and other cryptocurrencies and believes it is the most promising cryptocurrency for trading. Bitcoin transactions have a lower transaction fee and additional transaction costs. It qualifies as a store of value, at least on a spatial level.
Elon Musk Dogecoin
However, Elon Musk said that Bitcoin is not fundamentally a good substitute for a transactional currency. Memecoins are digital tokens inspired by popular social media jokes, sarcasm, puns and memes. According to Coinmarketcap, there are more than 130 memecoins in circulation today. Unlike mainstream cryptocurrencies, which are created for a purpose, memecoins have no purpose and no specific reason. While mainstream digital tokens were born to improve blockchain technology, promote decentralization, and protect transactions from manipulation, memecoins like Dogecoin and Shiba Inu exist only to entertain investors.
In comparison, memecoins are much faster than real cryptocurrencies because they lead to sudden rises and falls in a short period of time. Since mainstream virtual tokens have been on top for a long time, we have not been able to see the rise of memecoins on the side. In 2021, funny-themed cryptocurrencies have done more than anyone expected and are poised to surpass bigger cryptocurrencies.
Dogecoin is one of the most accepted cryptocurrencies among merchants, businesses and crypto payment processors. With DOGE you can pay for online services, computer games, travel, buy clothes, cars and even houses. Elon Musk recently announced that his Boring Company will accept dogecoins as payment for rides on the Las Vegas Loop transit system.
You can refuel your Tesla with dogecoins at selected gas stations. Growing community of holders: One of the great advantages of dogecoin is that it has a growing community of holders and supporters. Cuban and Mark once said that the growing community of users makes it a suitable medium for exchange. One of the main reasons for the increase in community support is that investors use it as an absolute value.
These investors are also very active on social media platforms and share crypto-based memes as part of their promotion. Decentralized Exchange Compatibility: DOGE can be traded and traded on decentralized exchanges. Specifically, the Ren project allows work on the Ethereum blockchain platform as well as access to a decentralized financial network. This shows that DOGE is in line with the emerging decentralized financial activity in the crypto market. Easy transaction: Dogecoin shares many similarities with BTC, which means it offers some advantages like Bitcoin. Cryptocoding is also similar to Bitcoin, making it safe and easy to trade. There are also no limits to dogecoin mining.
Stock Market Listing
This gives investors unlimited opportunities to trade Dogecoin, whether it is a short-term or long-term investment. DOGE Stock Market Listing: Since its inception, some of the best stock and cryptocurrency exchange platforms have listed Dogecoin, including eToro, which is one of the largest multinational crypto brokers. It is listed on eToro, which has increased client demand for Dogecoin trading. The platform also sees a lot of traffic from clients looking to sell DOGE.
Dogecoin’s unique market position: DOGE’s inflationary status, unique mining functionality and relationship with Litecoin are considered unique by many investors. But because it is an early entrant to cryptocurrencies, Dogecoin’s mining model is based on proof-of-work, which means that complex computational problems must be solved to verify transactions across the blockchain. In conclusion, Dogecoin may not be bigger in terms of market cap, but in terms of popularity, Bitcoin has no chance.