Dogecoin has become one of the most popular digital currencies in the cryptocurrency market today. Established only a few months ago, the Internet meme-based virtual currency has grown to new heights and has become one of the top currencies for tipping.
Speaking at CoinSummit this week, Jackson Palmer, the founder of dogecoin, made the case that bitcoin is a currency instead of an investment vehicle and argued that exchanges have become “one of the worst things” to happen to the industry.
“Everybody here is sitting around thinking how much is my bitcoin worth in dollars,” Palmer told conference delegates and attendees. “The biggest challenge that bitcoin faces is investors. That will be bitcoin’s undoing, the fact that everyone cares so much about what it will cash out to in US dollars.”
In the end, Palmer explained that bitcoin is being marketed and promoted incorrectly. For instance, he does not provide exchange rates for his coin: one Doge is equal to one Doge. This is how, he says, bitcoin should operate.
Dogecoin has made headlines several times this year, including how the dogecoin community raised funds for Indian and Jamaican Olympic teams. The latest do-good story: dogecoin raising roughly $40,000 – other reports say $55,000 – to sponsor a Nascar driver.
A sponsorship fundraiser was held in support of Josh Wise, an up-and-coming driver who is considered an underdog. After just eight days, about 1,200 donations were made and averaged about $41. The car would now be covered in dogecoin and Reddit labels.
“I can’t thank the dogecoin and Reddit community enough for the support,” said Wise. “To the moon!”