If you have been in the crypto space for more than a year, you know that every prediction and comment about cryptocurrencies in general usually has to be taken with pinch of salt. Whether Bitcoin hits the $1 million price mark or whether it crashes down to zero is pretty much anyone’s guess. However, there is one cryptocurrency apart from Bitcoin that has defied all predictions even baffling the expectations of its creators. That coin is Dogecoin (DOGE).
How it all began
Dogecoin was launched in 2013 by Billy Markus and Jack Palmer with the purpose of being a fun coin. Almost right after its launch, Dogecoin took on a life of its own spawning a community of sellers, buyers, miners, merchants, speculators, and beggars all in their thousands.
Currently, Dogecoin is ranked among the top 50 cryptocurrencies on CoinMarketCap with a market capitalization of over $300 million at the time of this publication. Dogecoin was meant to die a natural death after a couple of months of making rounds as the parody coin online. However, DOGE has continued to survive, growing in popularity even after attacks that saw Dogecoin holders lose millions.
So what value does this parody coin represent to the extent of it continuing to gain value even after years of being abandoned by its developers? Well, a couple of industry experts have weighed in on the matter and here is what they have said so far.
What experts have said about Dogecoin
To begin with, one of the reasons that seem to compel most newcomers into buying into altcoins is their low price. Well, at least that is what Lewis Tuff, the chief platform engineer at Revolut believes. According to him, new market investors are pumping money into cryptocurrencies like Dogecoin due to their low price tag in a bid to make gains when the coin get to a higher price mark.
This is not new in the market. In fact, it has a common name which is “HODL”. Basically, an investor would prefer to hold a whole amount of Dogecoin instead of a fraction of Bitcoin. Currently, Dogecoin is priced at $0.003 and even though most experts like Mr.Tuff will advise against investing on cryptocurrencies based on their low price in the market, most newbie investors will naturally find it easier to HODL as opposed to conducting research and investing based on a platforms technicality.
The CEO of Eidoo (a multicurrency wallet development firm) Thomas Bertani, believes that altcoins such as Dogecoin represent a lack of research among new investors. To back up his claim, Alvara VP, Richard Asquith has also weighed in on Dogecoin in the past saying that it’s a “clear indication of speculation.” According to Asquith, speculators are in search of the next bubble and that is why altcoins such as Dogecoin are attractive only as speculation conduits.
No matter what the experts say about the parody coin, it’s pretty clear that it’s here to stay. Currently, Dogecoin developers have embarked on developing the platform once again after years of abandonment. Plus Dogecoin has somewhat regained its popularity as the developers have already updated and released new protocols that allow exchanges and merchants like LazyPyramid accept Dogecoin as payment. For now, however, the future of DOGE is what every Shiba is waiting to see.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
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