Tag: Dogecoin

Which Cryptocurrency Has The Best Future?

Cryptocurrencies are one of the most long-lasted trending topics in the world; from Mike Tyson, who saw the future of cryptocurrency even before it was in trend, to Tesla CEO Elon Musk, many celebrities backed the digital currency, which influences millions of people to invest in the cryptocurrencies. Bitcoin and Ethereum are two of the most popular cryptocurrencies globally, and their trading is legalized in many developed countries, including Japan, the United States, Canada, Australia and a number of European countries.

The Background:

Everyone who invests or wishes to invest in stocks or cryptocurrencies is aware of its unpredictable nature. Recently, Bitcoin and a few other popular cryptocurrencies encountered a dramatic pullback in the market. The flagship cryptocurrency Bitcoin confronted the highest low ($30000 at one point) in the last three months, and Ethereum drained to below $2,000 at one point. 

The dramatic collapse created a buzz in the online trading world with negative headlines and raised concern over the future of cryptocurrencies. The future of digital currencies is uncertain, but only if you invest blindly and only if you’re looking for immediate returns. It is currently dealing with the struggling phase because the whole world hasn’t accepted it, but it’ll surely go up when it does. 

India and China cover about 35% of the world population; amongst them, more than 50% population predominantly includes young tech-savvy investors who are more flexible to crypto savings. Several countries have already begun real-world trials of their digital coins. So, the day is not far when these two countries legalize crypto, which will ultimately surge the value of digital currencies.

The Latest Move by the Indian Government:

The Indian investment in cryptocurrencies was around $923 million until April 2020, which spiked up dramatically to $6.6 billion (close to INR 50,000 crores) until May 2021. India is currently ranked at number 11 out of 154 nations, who have adopted and invested in cryptocurrencies. However, digital currency is not sanctioned officially by the Indian government yet. According to recent reports, the Reserve Bank of India is planning to introduce its own digital currency dubbed Central Bank Digital Currency (CBDC).

The latest initiative by the RBI might open the gate for the trading of cryptocurrencies in India, but it will take years for final approval, and till then, a large sum of the population would not dare to invest. Still, if you’re looking to invest in crypto and looking for better currencies that will last longer and benefit you after 20-25 years, here’s a list of top cryptocurrencies with the best future.

1. Bitcoin:

  • Currency Symbol: ₿
  • Market Capitalization: Over $750 billion

Bitcoin is a decentralized digital currency, which works without a central bank or single administrator, and runs on a blockchain system distributed across a network of thousands of computers. Bitcoin or BTC is referred to as the original cryptocurrency, and it was created in 2009 by Satoshi Nakamoto, a fictitious or pseudonym name of the founder whose identity is still unknown to the world. 

Bitcoin is a computer file stored in a digital wallet app on a smartphone or computer. It is executed as a chain of blocks, which keeps it secure and safe from fraudsters. Each block contains a hash of the previous block up to the genesis block of the chain. Bitcoin has struggled over the last couple of months, falling about 50% from its peak, but still, today, one Bitcoin is valued at $40k (₹29,80,000).

Glancing at the current status and dramatic downfall of Bitcoin, it might look like investing in digital currency is no longer a good choice. However, if you’re a keen observer of the cryptocurrencies, you’ll notice the price is still up from where it began its parade in late 2020. If you’re looking for a handsome profit through your investment in Bitcoin, you should learn how to keep yourself patient and forget your investment for the next 10-15 years. 

According to recent predictions by cryptocurrency experts, bitcoin will overtake the US dollar as the predominant form of global finance by the year 2050, and the value of one Bitcoin will strike $65,000 by the end of 2021 and will overtake the US dollar with the value of $1,50,000 by the end of 2025.

2. Ethereum:

  • Currency Symbol: Ξ
  • Market Capitalization: Over $268 billion

Ethereum is a decentralized, open-source blockchain and distributed computing platform that enables smart contracts and decentralized applications. The smart contract functionality of the platform helps in automatic execution when conditions are met along with non-fungible tokens. Ethereum was co-founded by Vitalik Buterin and Gavin Wood in 2015, and ether is the native cryptocurrency of the platform.

Ethereum has experienced a tremendous level of growth; it had started its journey at just $11 and reached over $2,500 in just five years. One Ethereum is currently valued at around $2,300k (₹1,70,000), which seems far away from the current value of one Bitcoin. Ethereum blocks do verification approximately every 12 seconds, whereas Bitcoin does the same every 10 minutes.

When Bitcoin faced a global crackdown, several other cryptocurrencies proved themselves to be a new contender for a top position in the crypto world, and Ethereum was one of them, who grabbed a lot of praise and attention. According to the latest predictions by investment banking company Goldman Sachs, Ethereum could soon make the cryptocurrency the dominant digital store in the world, and it could overtake Bitcoin in the coming years. 

The investment banking company also mentioned that gold would remain the first choice for investors despite the conflict between top cryptocurrencies. Ethereum grew over 900% over the past year, while Bitcoin only managed to jump 275%; still, Bitcoin is way ahead of its close rival, Ethereum. Surpassing Bitcoin won’t be an easy game, but looking at the innovation and developer interest, some experts also believe Ethereum might surpass Bitcoin in the near future.

3. Tether:

  • Currency Symbol: ₮
  • Market Capitalization: Over $61 billion

Tether is the world’s third-largest cryptocurrency by market value, and it is rumoured to be backed by fiat currencies like U.S. dollars and the Euro. Ordinary people haven’t heard of it, but it is considerably popular amongst crypto traders who often use tether to buy cryptocurrencies due to its stable nature.

Tether is referred to as stablecoin because it was initially designed always to be worth $1.00, and that’s why the currency is more favoured by the investors who are cautious of the extreme volatility of other coins. The stablecoin is controlled by the owners of Bitfinex, a Hong Kong-based cryptocurrency exchange.

Along with these three cryptocurrencies, there are more than 10,000 different cryptocurrencies globally, including some of the popular currencies like Binance Coin, Cardano, Dogecoin, XRP and USD Coin. All of these cryptocurrencies hold a total value of more than $1.3 trillion till 28th July 2021, after falling from a career-high of $2.2 trillion in April.

Should you still invest in Dogecoin?

By 2024, the digital currency will have grown by almost 1,400 times.
This year has witnessed a surge in interest in Dogecoin, a cryptocurrency that was launched in 2013 and now has a market capitalization of about $9 billion, placing it among the top twenty cryptocurrencies in the world.
Even though Dogecoin’s price is currently about 7 cents, the coin, which trades on an exchange under the symbol “DOGE,” is expected to increase by 1,400 percent in 2024. The cryptocurrency, pronounced “dohj coin,” has exploded in popularity this year, with several celebrities, including Tesla CEO Elon Musk, advertising it on his path to new highs.
So, what is the state of the DOGE? Should you invest in Dogecoin? Examining the cryptocurrency’s history, comparing it to competitors, and evaluating its phenomenal growth will properly answer the question.
The year 2021 will be remembered as the Year of the Meme
For investors, Dogecoin is a fascinating invention,” said Julian Hosp, CEO, and co-founder of DeFi, a decentralized finance service that allows anyone to lend cryptocurrency in exchange for interest. “It’s amusing when you realize Dogecoin was originally conceived as a joke based on a meme,” Hosp explains. That’s correct. Dogecoin’s emblem is a Shiba Inu dog that has become an internet sensation.
Dogecoin’s logo is a Shiba Inu dog that became an internet hit in 2013 for being funny.
Unlike Bitcoin, it is not being considered as a greater store of value: There is currently more than 129 billion DOGE in circulation. Only over 19 million Bitcoins are in circulation, with only 21 million possible. The number of Dogecoin units that can be created has no limit, and billions more will be created each year. That’s a lot of contradictory theories.
The plentiful supply may explain why a coin that was worth 35 times its value a year ago and more than 10 times its value at the start of the year is now only worth about 7 cents. Yes, in reality, a ridiculous token will take off in 2021, the same year that “meme stocks” like GameStop (GME), AMC Entertainment (AMC), and Bed Bath & Beyond (BBBY) skyrocketed in value thanks to Reddit excitement.
Determining the DOGE Value
George Chrysochou, an investor and global head of marketing for Financer.com, sees more red signs than DOGE’s meme status alone.
“The idea is driven by the community, but it has never been formally adopted,” Chrysochou explains. “There isn’t even an official development plan or a white paper accessible.
Also read: Elon Musk claims Tesla will accept Bitcoin as a payment method.
Its founder and main developers departed the project in 2015, and they have repeatedly indicated that it is overrated. “These are early implementation factors to consider,” says the author. In cryptocurrencies, where there are no earnings expectations or dividends, subjective concerns become even more important.
However, there are certain objective techniques for measuring a currency’s fair worth, such as comparing it to other cryptocurrencies like Bitcoin.
The simplest approach to compare DOGE and BTC is to price them in Satoshis, or sats, which are one hundred millionth of a Bitcoin.
A coin with the potential for unauthorized dilution with a source in such an online joke is probably not the greatest choice, except for speculative investors. Publicity stunts, even if unwittingly supplied by Elon Musk, aren’t enough to make Dogecoin a good investment.

What Will Happen If Cryptocurrency Investor Dies?

Death is inevitable, no matter what you do, you have to face it. Ironically we live our lives as if it’s something that won’t happen to us. Michael Jackson had a team of 50 doctors, physicians, cooks etc. Everything he ate and did was under their consultation as he wanted to live for 150 years. Sadly he died a century short at a ripe age of 50 years.

We all care for our family; even after our death, we want them to live safe and sound, and that’s the sole reason we prepare ‘Will’ for them, which includes our bank balance, cars, assets but have you ever thought about what will happen to your Bitcoins after your death? Or Can you put cryptocurrency in your will?

Bitcoins are a virtual form of money protected by unbreakable cryptography, it is one of the safest ways of investment, but most cryptocurrency exchanges don’t permit you to name a person or a contact as a nominee when you make the investment; in such a case, the first thought that will hit your mind is, what’s the point of investing in a market currently worth about $70 billion if my digital fortune will be out of reach, after my death?

A few of the most popular forms of cryptocurrency include the below, and indeed if you are surprised to read these names, you must have landed from the moon.

  • Bitcoin
  • Ethereum
  • Dogecoin

Presently, there are over 1,500 cryptocurrencies globally, and amongst them, Bitcoin is by far the most widespread digital currency at the moment, with over 8 million active Bitcoin users. The Revised Uniform Fiduciary Access to Digital Asset Act (RUFADAA) sets the rules and regulations surrounding digital account ownership, and if you’re planning to invest in digital currencies or already have invested in, then you must consider and get yourself familiarize with the RUFADAA and update your wills, trusts, and POAs, according to rules, which eventually will help your beneficiary after your demise.

According to expert reports, 2.5 million to 4 million bitcoins have been lost until today, worth between $15 billion to $24 billion in the current market. The worst thing is most of those Bitcoins are from those who’ve died without sharing a private key with their heirs.

Who can access your digital account after your death?

The private key or password is the only option to get into a crypto account, and no one can’t get into it while you are alive. All the cryptocurrencies are stored on highly secure blockchain technology, so before setting your private key, think twice and note it down somewhere safe as there’s no option to recover once you lost the key. A private key is an inevitable password, which is generated when you create a new cryptocurrency account. 

The private key allows the account holder access to the account valuables; along with the private key, every individual account uses a sequence of random characters called a public key, apparent to anyone for sending and receiving the cryptocurrency. Overall, the process of accessing your account is not hard to understand if you make sure you’ve shared a private key and all the details of your cryptocurrency wallet with your recipient before your death, but at the same time, it raises a safety concern too.

Currently, Coinbase is the only cryptocurrency that allows access to an investor’s trusted family member after providing several documents, including a death certificate and the last will. Also, Coinbase users can name a recipient on their Coinbase account while creating a new cryptocurrency account.

Where to store the private key?

There are several safety options to store your cryptocurrency account’s private key; for instance, you can keep it somewhere online or write it down on a piece of paper and hide it somewhere safe. But both these options are way too traditional and raise concern over conventional safety. Some banks and trusts allow you to store wallets and private keys on behalf of clients and even assist your beneficiaries. Still, if you don’t trust these banks and trusts, you can just divide your private key into two parts and put it in two different banks or trusts, but just make sure your beneficiaries know about the sequence. The option you choose is completely up to you.

What is the legal status of cryptocurrencies in India?

Cryptocurrencies are not illegal in India, but unfortunately, India does not have a regulatory framework to govern and control the cryptocurrencies network in the country. The government had constituted an Inter-Ministerial Committee (IMC) to study virtual currencies on November 2, 2017, and flagged reservations around its misuse by embedding the security reasons. 

However, after several cryptocurrency exchanges urged the Centre to regulate virtual coins rather than banning them, now the government is planning to change their old motto, and maybe soon they’ll set up a panel to control them. So if you plan to keep your billion dollars fortune parked in Crypto, you better tell your next of kin the key for it, or it will lose forever in the mining world.

Dogefather Elon Musk’s SpaceX Accepts Dogecoin, Names DOGE-1 As Upcoming Satellite

When CEO and founder of Tesla Motors, Elon Musk, appeared and hosted an episode of a television show Saturday Night Live last weekend, he joked about various things, from his son’s name to his strange tweets, but the one thing that affected the most to the world was his anticipation of the cryptocurrency, as he joked about Dogecoin being a hustle. Due to one short segment, the cryptocurrency crashed overnight and everybody owning a crypto investment got worried, but within 24 hours, Musk tweeted SpaceX launching a Dogecoin-funded satellite to the Moon, and now, everybody is in awe.

Elon Musk, who holds a history of strange tweets, has been tweeting about the SpaceX mission and Dogecoin, but most people considered and treated it as a meme, and now for the first time, he mentioned the commercial rocket company accepting the meme-inspired cryptocurrency dogecoin as payment.

The mastermind behind the design of SpaceX said the satellite DOGE-1 would be the first crypto and the first meme in space. The DOGE-1 is a CubeSat intended to acquire ‘Lunar-spatial intelligence’ using onboard cameras and sensors. It’s being sent and paid for by a Geometric Energy Corporation company, and it’ll fly beyond the earth on a Falcon 9 rocket in the first quarter of 2022.

Dogecoin, a cryptocurrency that started off as a goofy meme, is invented by software engineers Billy Markus and Jackson Palmer, who determined to create a payment system that is fun and free from traditional banking fees.

Elon Musk-led Electric carmaker Tesla Inc bought $1.5 billion worth of bitcoin in February and would soon accept it as a form of payment for its electric cars. After vouching for Bitcoin, Elon Musk now supports Dogecoin cryptocurrency, and he’s been tweeting about Dogecoin memes and referring to himself as the Dogefather.

Earlier, right after Musk describes Dogecoin as a hustle in Saturday Night Live show, the value of Dogecoin crashed severely, but when he tweeted late on Sunday about SpaceX is now accepting the cryptocurrency Dogecoin to launch an upcoming satellite named DOGE-1 to the Moon, caused the price of Dogecoin to grow by more than 30 percent immediately. Previously this year, Elon Musk tweeted ‘a literal dogecoin on the literal moon’, which also created a buzz and the price shoot up briefly.

Other details on the DOGE-1 mission, including exactly what it will do in lunar orbit, have not yet been released. However, about the Dogecoin cryptocurrency, what started as a joke is now anything but nearly 113 billion mined coins.

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