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
- Bitcoin Price Rejects Key Resistance, Time For Another Drop In BTC? • NEWSBTC • 05/06/2024 03:05:57 AM
- Crypto venture capital funding hits $1B for second straight month • Cointelegraph • 05/06/2024 02:49:24 AM
- Bad actors and ‘block storms’ — Bitcoin dev calls for testnet reboot • Cointelegraph • 05/06/2024 01:58:48 AM
- Bitcoin reaches one billion transactions • Cointelegraph • 05/05/2024 11:39:06 PM
- Edward Snowden Issues Stark Message, “Bitcoin Privacy at Risk” • ZyCrypto • 05/05/2024 09:07:17 PM
- BlockDAG Leads Top 10 Altcoins With Potential 30,000x Growth, Surpassing Ethereum, BNB, SOL • ZyCrypto • 05/05/2024 08:47:32 PM
- Crypto Groups Sue the SEC Over “Misguided Attacks” On Crypto Industry • ZyCrypto • 05/05/2024 08:41:18 PM
- Bitcoin Whales Gobble Over 47,000 BTC Worth $2,967,768,000 in Just 24 Hours Amid ‘New Era’: CryptoQuant CEO • The Daily Hodl • 05/05/2024 08:00:38 PM
- Trillion-Dollar Asset Manager Reveals Why Solana Is Positioned To Become ‘Third Major Crypto Asset’ • ZyCrypto • 05/05/2024 07:57:35 PM
- Subsidiary of Kraken Becoming Under-the-Radar Beneficiary of Multi-Billion ETF Boom: Report • The Daily Hodl • 05/05/2024 06:45:06 PM
- Bitcoin Sender Struck With Staggering $100,254 Transaction Fee For A Single Transfer • ZyCrypto • 05/05/2024 06:42:25 PM
- The Rise of Mobile Mining: BlockDAG’s X1 App Beta Version Changes the Game, Challenges Bitcoin & Solana Market • ZyCrypto • 05/05/2024 05:52:09 PM
- Coinbase CEO Brian Armstrong Says Layer-2 Solutions Will Drive Many Use Cases in Crypto Economy • The Daily Hodl • 05/05/2024 04:55:14 PM
- Warren Buffett compares AI to nukes after seeing deepfake doppelganger • Cointelegraph • 05/05/2024 03:35:19 PM
- Here’s the Next Price Target for Bitcoin As BTC Repeats Previous Bull Market Pattern: Crypto Analyst • The Daily Hodl • 05/05/2024 02:30:24 PM
- Where to store your crypto: Wallets provide diverse options for holders • Cointelegraph • 05/05/2024 01:28:00 PM
- ETFSwap (ETFS) Named The Leading Presale In Forbes Crypto Startups Report • ZyCrypto • 05/05/2024 11:17:01 AM
- Top Analyst Predicts Bitcoin To Reach $150,000 In 2025 – Here’s Why • NEWSBTC • 05/05/2024 10:30:26 AM
- Six to Twelve Months of ‘Parabolic Advance’ on the Horizon for Bitcoin, According to On-Chain Analyst • The Daily Hodl • 05/05/2024 09:15:38 AM
- Uniswap Founder Shares His Two Cents On Good Token Distributions • NEWSBTC • 05/05/2024 07:52:13 AM
- Crypto Analyst Unveils Massive Bitcoin Price Target, Says BTC Flashing Bullish Chart Pattern – Here’s His Outlook • The Daily Hodl • 05/05/2024 07:04:21 AM
- Bitfinex database breach 'seems fake,' says CTO • Cointelegraph • 05/05/2024 05:39:56 AM
- Bitcoin will 'propel the next leg up' if key trading pattern confirms — Traders • Cointelegraph • 05/05/2024 02:52:50 AM
- Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here • NEWSBTC • 05/05/2024 12:10:06 AM
- Solana Primed To Establish Itself As ‘Third Major Crypto Asset’ After Bitcoin and Ethereum: Franklin Templeton • The Daily Hodl • 05/05/2024 12:00:38 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM