In a paper released by the famous and unseen Bitcoin developer Satoshi Nakamoto back in 2008, his vision described a “purely peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution….a system for electronic transactions without relying on trust.”
However, the people who took this saying more seriously were the outlaws that, with no doubt, created enough hype for Bitcoins in the financial market. Consequentially, Bitcoin is now the most famous and highly-priced digital currency, with more investors looking forward to invest in it.
Playing heavily on Bitcoin’s popularity is Litecoin which, since its launch in 2011, has created quite a buzz in the market for being more secure and faster than Nakamoto’s currency. The new-kid-on-the-block is indeed charming in terms of being the younger version of Bitcoin. Litecoin is obviously following the very footsteps of Bitcoin, repeating the latter’s history of making many investors rich within 4 years of its inception.
Our article describing Litecoin to be the next best thing in 2014, we thoroughly noted the similarity in the events of both these digital currencies. Litecoin today is traded at a value on which Bitcoin was once being traded – around $24. The question however is why only Litecoin should be considered as the next best thing after Bitcoin. Litecoin, with many other digital currencies, are relying heavily on how Bitcoin performs in the next few years; hence, promising volatility anytime.
Meanwhile, Dogecoin seems to be the only currency which seems untouched by the rising persona of both Bitcoin and Litecoin. And it is not just the words that prove that, but also the numbers. While other digital currencies are dancing on the tune of Bitcoin’s ups and downs, Dogecoin emerged as the only digital currency that outperformed others by soaring over 400% in just 24 hours on Jan 15th 2014.
The best thing about Dogecoin is that the currency is not taking itself too seriously unlike others. It is surely not formed to make people rich overnight. But instead, the currency is actually following the vision of Satoshi Nakamoto of being something that can make a difference not just to the financial world, but also real world.
The instance can be reflected in recent news reporting the Dogecoin community gathering and raising more than $30,000 for helping the Jamaican bobsled team to participate in the Winter Olympics to be held in Sochi next year. That’s quite humanitarian!
And even if we compare Dogecoin directly with Litecoin, we will find the former being accepted more widely than the latter. Litecoin indeed needs to make some news other than being called as the “best alternative”, because the Dogecoin is offering similar features at much lower prices. Although, it doesn’t mean Litecoin has lost its spot of being “silver” to the “gold” Bitcoin, but its position seems shakable by other emerging currencies such as Dogecoin.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org