3 ms·
I don't understand. Who is buying and selling Dogecoins? For what? Mining for fun is one thing, but why buy it with USD?
by oskarth 13y ago
I don't understand. Who is buying and selling Dogecoins? For what? Mining for fun is one thing, but why buy it with USD?
- boyter 13y agoI suspect many are buying with bitcoin as 0.01 bitcoin gets you over 20,000 dogecoins which in turn buys a lot of fun on reddit.
- dangero 13y agoPeople tip other people Dogecoins on sites like Reddit. That's its main use and that's why there are so many transactions. Since the coin has a total supply of 100 billion coins vs 21 million for Bitcoin, you can easily tip someone 100 Dogecoins without it really costing you much, but you can't do that with Bitcoin for obvious reasons.
- rthomas6 13y agoThis sort of thinking is natural but incorrect since cryptocurrencies are divisible to many decimal places. It's just as easy to tip BTC, but tipping .00001 Bitcoins doesn't feel the same as tipping 100 Dogecoins, even though it's just as easy and exactly the same. It's just another one of those things that matters for adoption that nerds would never consider.
- dangero 13y agoI'm not sure what you are describing as incorrect. Tipping 100 Bitcoins would cost nearly $100,000. Yes, you can tip the same value in Bitcoins, but tipping a decimal amount is not fun since everyone is conditioned to local currency value that generally goes to 2 decimal places at most. Nerds are considering this. There is a big movement in bitcoin to denominate coins in millibitcoins or microbitcoins.
- rthomas6 13y ago>tipping a decimal amount is not fun since everyone is conditioned to local currency value that generally goes to 2 decimal places at most. That's all I meant. :)
- abus 13y ago* Buy * Price goes up * Sell * Profit