Over the years, the whole essence of cryptocurrencies has been lost. With so much focus on the next pump, it is easy to forget that cryptocurrencies were actually meant to be used as currencies, just like fiat. In its early days, Bitcoin (BTC) was serving this role quite well, until along the way it became something else. At this point, Bitcoin looks to be angling to be a store value, just like Gold. This makes sense considering that it has a strong name, and it’s scarce. Outside of Bitcoin (BTC) and platform blockchains like Ethereum (ETH), the hard question for all the other cryptocurrencies is, are they actually usable as currencies?
The reality is that, the volatility and high levels of centralization in most altcoins, makes them highly impractical as currencies. This means that their value growth is fully dependent on Bitcoin pumping. Therefore, in the risky situation that altcoins don’t follow Bitcoin (BTC) in the next Bull Run, such altcoins may wither away and die.
The only altcoins that are safe from such a scenario are those that are practical for use as currencies. One altcoin that stands out when it comes to practicality in everyday life is Dogecoin (DOGE). Dogecoin (DOGE) is probably one of the few altcoins that is useful in everyday life, and is safe from the risk of becoming obsolete.
Dogecoin (DOGE) is one of the few cryptocurrencies that can be used for payments, and offer the same practicality as fiat. That’s because, it is stable. Going by its history, a merchant can accept Dogecoin (DOGE) and not expect it to lose or drastically increase in value just minutes after the payment is made. It is a highly stable crypto, and as its usage and volumes grows, it will become even more stable. But there is more. Unlike conventional payment methods that can be censored, Dogecoin (DOGE) is trustless. This is a big deal and will play a role in driving up Dogecoin usage in the future. The fact that it is fast, and the user has full control over their funds makes it very attractive. This could see its uptake grow quite significantly over the years.
The result will be a gradual and organic ascent in the price of Dogecoin (DOGE). Sure, it may not pump as hard as most altcoins that are prone to random pumps, but it will keep growing. 10 years from now, Dogecoin could be among the top 5 coins and easily be trading at $1. While this may look like a long time to wait, one needs to understand that if current conditions persist, most altcoins in existence today will have disappeared. Many are already at risk of disappearing from the market due to funding issues from the prolonged bear market. This makes it one of the safest cryptocurrencies to have in a portfolio for the long haul.
Stashing away a few thousand Dogecoin in a paper wallet, may bring much wow in the future.