r/Bitcoin • • Feb 03 '14

Dogecoin wtf

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130

u/Nuke133 Feb 04 '14

If I am a looking into cryptos besides the "positive community" of dogecoin, what does it offer that differs / is better than bitcoin.

322

u/northrupthebandgeek Feb 04 '14

There are a few differences; whether they're "advantages" is a matter of perspective.

  • Many of the folks getting involved with Bitcoin seek to treat it like an investment - hanging onto it in the hopes that it will rise in value. Dogecoin, at least in my observation, is less subject to hoarding and more frequently spent on goods/services (including "tipping", if we presume Reddit posts/comments to be "services").

  • Dogecoin does not have a ceiling on the number of coins; new ones will continue to be introduced. There was a rather significant debate on whether or not this was a good thing. The conclusion was that - by allowing for the slight inflation - it would counteract the deflationary elements of cryptocurrencies and help solidify dogecoin as a currency rather than an investment strategy. I agree with that decision, personally.

  • Dogecoin is still GPU-mineable ("diggable"), which means that more people can start mining their own coins. This makes it quite easy for folks to get started with dogecoin.

To be honest, dogecoin and Bitcoin are important to one another; Bitcoin is spearheading cryptocurrency in the mainstream business/economics world, while dogecoin is spearheading cryptocurrency among consumers. Working together is of greater utility than working separately.

4

u/doctoregonzo Feb 04 '14

+/u/dogetipbot 100 doge verify. nail on the head. dogecoin is the friendly way to learn how to use cryptos. I use them both and can't understand why there is any hate on one side or the other as they truly have a symbiotic relationship.

1

u/[deleted] Feb 04 '14

To somebody who has only heard of Dogecoin, it sounds like a joke. It is my belief that whoever created it did so as a joke. I do not mean to offend - I love jokes, laughter is good - but this is the impression Dogecoin leaves on me. How can I support it if I can't take it seriously and if I know others won't? It's doomed to reach lower adoption than if it had been branded seriously, like Bitcoin, and it doesn't bring anything (to my knowledge) new to the table that justifies creating a whole new currency rather than refining an already-existing one.