Some people believe that Bitcoin will transform how money will work in the 21st century and beyond. With central banks printing money like wild across the world, I understand the appeal. Like gold, Bitcoin can't be manipulated by those central bankers. There is a limit on the number of Bitcoin tokens that will ever exist - 21 million, to be exact. Nobody can print more of it. That scarcity Bitcoin offers is the core component of any argument on why it should have enduring value. The value of paper money can be printed away. That is the one advantage that Bitcoin will always have. I'm agnostic as to what the future will bring for Bitcoin. I don't know whether it will last. But what I do know is that Bitcoin is underpinned by a revolutionary technology based on carefully constructed principles set out in a white paper written by the mysterious Satoshi Nakamoto in 2009. There was structure and science behind the Bitcoin movement. The founding of Dogecoin, meanwhile, had none of that... Dogecoin is a joke - and I mean that literally! Dogecoin is a digital coin with a picture of a dog on it. The dog is a shiba inu breed, and the picture that Dogecoin uses comes from an internet meme called the "doge meme" that had its five minutes of fame in 2013. The doge meme was just silly fun. It paired a picture of a shiba inu with broken-word captions that were meant to depict the dog's internal monologue. Here is a sample... It doesn't do much for me, but lots of people apparently liked it. At the peak of the doge meme's popularity near the end of 2013, an Australian marketer named Jackson Palmer decided to make a simple joke. He took two of the internet's most popular subjects - the doge meme and cryptocurrency - and combined them. Palmer tweeted, "Investing in Dogecoin, pretty sure it's the next big thing!" His tweet hit the exact right moment and went viral. For fun, Palmer kept the joke going by buying the Dogecoin.com domain name for a few bucks and uploading a photoshopped picture of a shiba on a coin. It was a ridiculous prank not meant to harm anyone. Eventually, he was approached by a partner who helped him launch his joke cryptocurrency. Then, the trading price of this meme-based crypto exploded higher in 2021. Dogecoin now has a market value of more than $74 billion... |
No comments:
Post a Comment