The exponential growth of Bitcoin has been in the spotlight in the recent months, but there is an up and coming cryptocurrency that is making some noise: Dogecoin. Dogecoin is the feel good coin!!!
Through an incredible showing of community support, the Dogecoin community has raised over $30,000 to fund the Jamaican Bobsled team to the Olympics. This is an incredible underdog story within an underdog story. Get ready for Cool Runnings part 2!
There are stories popping up everywhere about this amazing outpouring of support to help fund the Jamaican Bobsled team. The Dogecoin community reached their goal of earning $30,000 in donations for the team in under 24 hours. In so doing, Dogecoin has demonstrated not only the generosity of the community, but the incredible value of their community support.
Disclosure: I started mining Dogecoin last month and have donated 1000 Dogecoin to the Jamaican Bobsled Team. If you wish to donate, you can get the donation address over at the Dogecoin Foundation site.
Dogecoin is a newly minted cryptocurrency that originated in December following the incredible spike in Bitcoin prices. The name Dogecoin comes from a popular internet meme based on the cute shibu inu dog. Originally started as a tongue in cheek cryptocurrency to poke a little fun at Bitcoin, Dogecoin has begun to take off. You can learn more about Dogecoin at the Dogecoin Reddit Wiki. Dogecoin is now starting to pick up some real value and is currently one of the most widely used cryptocurrencies per volume according to cryptmarketcap.com.
The Value of Dogecoin is the Community
One of the biggest questions surrounding cryptocurrencies is what is their value? The value proposition behind Bitcoin, most people will argue that it is the ability to conduct instant transactions. Being the first in the field has given Bitcoin the advantage of leveraging that ability into real world value. If you’ve been keeping up with the news about Bitcoin, you’ve seen Bitcoin soar up to over $1000 in the last month. I’ve personally had the opportunity to benefit a little in Bitcoin’s rise in price.
There are hundreds of other cryptocurrencies that have been created since Bitcoin started, but none has taken off quite like Bitcoin. As I see it, other cryptocurrencies haven’t added significant value beyond Bitcoin’s initial concept. Mostly other cryptocurrencies build on the same concept with different algorithms. But the fundamental concept is basically the same.
Dogecoin’s value is the community. Starting out as the feel good currency has really solidified the Dogecoin community. You can see the positive community interaction on the Dogecoin reddit every day.
What impresses me is that there is a constant community policing in the community to propogate Dogecoin, spread the wealth through tipping, and staying positive. In my experience, the Dogecoin community thrives by staying positive. Threads that put down other cryptocurrencies are quickly voted down. While community support threads are rocketed to the top. The strength of that positive attitude is demonstrated time and again. The latest demonstration being the support for the Jamaican Bobsled Team.
For me, I believe that Dogecoin gravitated towards the Jamaican Bobsled Team because the community feels a sense of identity with the feel good underdogs that were portrayed in Cool Runnings. Indeed, the community has that sense of pride and unity behind pushing this underdog cryptocurrency to the moon!
Social media companies like facebook and twitter have demonstrated that there is true value in community and social networking. Companies that are able to build a community and create a strong social network have seen incredible success in recent years. Examples such as Pinterest, Instagram, Snapchat are all companies that took simple concepts and created value based on implementing social networking.
Now, we are starting to see the rise of a new cryptocurrency that has a foundation based on an incredible community. Can Dogecoin make it to the moon?