Friday, April 30, 2021 2:50:16 PM
I own both Bitcoin and Dogecoin (along with many other cryptos) and recognize each for what they are.
Bitcoin was the original crypto currency and has a mathematically limited supply that can never change. This makes for a very good vehicle for a digital store of value.
Dogecoin was created as a joke and has an increasing and unlimited supply with relatively no sensible control. This, in fact, makes this a horrible "store of value".
Second, Dogecoin, due to these properties, is not recognized by most major exchanges in the United States. Especially if you live in certain states where some big exchanges won't let certain citizens maintain accounts. I have held dogecoin at multiple international exchanges. One was hacked in 2020 and I lost approximately $60k worth of dogecoin. Never to be recovered again. In another exchange, I went to trade my dogecoin and they had frozen my account due to new regulations of that exchange that required them to "Know Your Client". Once I gave them proof of who I was and where I lived, they gave me 14 days to remove my assets (because I lived in the USA). Of course, I was able to move my bitcoin from this exchange easily but they have frozen the ability to withdraw Dogecoin for all of their clients at a system level (why do you suppose?). The account is frozen so I can't trade it for bitcoin and then withdraw it and they won't let me withdraw it straight into my third active dogecoin wallet. I am not alone trying to work with the second exchange on withdrawing my dogecoin. Many complaints are posted on their website. Hopefully, I can move these assets soon.
Given all of this, I seriously doubt Dogecoin will ever be established as a viable store of value for the general world.
Yes, the price will be manipulated by the occasional Elon tweet, but it will never be maintained, IMHO.
Enjoy the ride but diversifying may be a wise decision for serious levels of assets.
Recent BTCUSD News
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- Two California Men Arrested by Feds for Allegedly Stealing $250,000,000 in Bitcoin From Washington D.C. Victim • The Daily Hodl • 09/22/2024 06:45:58 PM
- Bitcoin price strength extends to AVAX, SUI, TAO and AAVE — Are altcoins back? • Cointelegraph • 09/22/2024 06:01:49 PM
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- Bitcoin Metrics Suggest New Buying Opportunities Are Underway • ZyCrypto • 09/22/2024 05:08:45 PM
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- Investor Chris Burniske Says Crypto Emerging From ‘Early Bull’ Reset, Sees Favorable Conditions for Asset Class • The Daily Hodl • 09/22/2024 09:15:33 AM
- IMF staff propose REDI framework to catalyze CBDC adoption • Cointelegraph • 09/22/2024 08:28:27 AM
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- Solana (SOL) Failure To Break $154 Could Lead To $85 Correction – Analyst • NEWSBTC • 09/22/2024 08:00:20 AM
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- Solana Jumps 10% As Fed Eases Rates, Analysts Eye Even Higher Gains • NEWSBTC • 09/22/2024 02:00:42 AM
- Trump buys burgers with BTC, Arthur Hayes skeptical on rate cut, and more: Hodler’s Digest, Sept. 15 – 21 • Cointelegraph • 09/22/2024 12:10:40 AM
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