To most people, the first thing that comes to mind at the mention of Dogecoin (DOGE) is that it’s a joke coin. Tell someone that Dogecoin can hit a dollar, and they will most likely give you a funny look, like you aren’t serious, or just don’t know what you are talking about. The reason why people think of Dogecoin as a joke, is because it has always branded itself that way. It is built around the idea of having fun. But if you dig deeper into this coin, then you quickly realize that it is a serious coin that will at one point make lots of people rich in the future. Actually it did create loads of millionaires in 2017, and the same feat will repeat, this time at a higher magnitude.
To understand why, you need to ask yourself one simple question, are most cryptos doing what they were built to do? There are many cryptos out there all angling for adoption as payments, but have massive bottlenecks that prevent them from achieving this function. That’s why third party (centralized) companies are coming up, with the aim of bridging the gap between cryptos and the business world. But then this is neither useful for businesses, neither does it add any value to cryptocurrencies.
Enter Dogecoin (DOGE), the joke coin. Dogecoin is one of the few cryptos that can actually be used as everyday currency. You can buy coffee, or anything else you want in Dogecoin, and the transaction will not be cumbersome to neither the seller nor the buyer. The seller will receive their money instantaneously, while the buyer won’t have to pay much in terms of transaction fees. If that is not a true competitor to fiat, then what is? It’s only a matter of time before merchants all across the world realize that Dogecoin (DOGE) is the practical coin for their businesses, and adopt it enmasse. And as always, this will catch people by surprise, even as it adds value to investors who can see beyond the joke aspect of Dogecoin.
Just recently, Dogecoin (DOGE) was added to Robinhood and Coinbase started offering custodial services for Dogecoin. Most people online were like, but why Doge instead of coin X or whatever other coin that they deem “superior.” Well, maybe these exchanges can see what most people don’t, the fact that Dogecoin (DOGE) could be the future of payments. Very few coins beat it in this function.
And best of all, Dogecoin is trading at just a few pennies at the moment. This means that even people without much money can accumulate a sizeable holding of Dogecoin (DOGE). Someone can accumulate one million Doge with just a few thousand dollars, and if it ever hits a dollar, you would be in the money. But will it ever get to that point given that it is inflationary? Well, Dogecoin’s 5% inflation rate will be negligible in the grand scheme of things, if people continue adopting it for everyday payments.