Dogecoin to $1 | What you MUST Know!

If you've been watching the cryptocurrency space at all over the past few months, then you've, probably watched the mediawork rise of dogecoin come out of nowhere. It's. Currently, the number four market gap cryptocurrency the time record in this video - has flipped other major blockchains like cardano and has a ton of momentum that's, carrying it towards a price of one dollar.

You know a level that would have been absolutely insane if you thought about that a year ago, even six months ago. So this video, i'm gonna talk about everything you need to know about dogecoin. So if you're trying to decide like whether you should take this seriously or sit on the sidelines, i'm gonna talk about that as a blockchain developer, who works with technology on a daily basis and also a cryptocurrency investor.

Myself so before we get into that, you know for your run here, hey i'm gregory and on this channel i turn you into a blockchain master, so that's, something that you're interested in then smash that, Like button down below for the youtube algorithm and subscribe to this channel and if you want to become a blockchain master step by step, start to finish, then head on over to dappydiversity.

com for slash bootcamp to get started today. And last but not least, you know, i hate these disclaimers, but this is not financial advice. I'm, telling you to buy or sell any cryptocurrency based on this information and there's.

Lots of scammers down in the comment section below just ignore them. I'll, never give you my phone number or ask you to invest with me all right. So let's. Talk about what dogecoin even is in the first place, because if you're thinking about hey, should i get into this? Should i sit on the sidelines? It's important for you to understand what you might even potentially be getting into at all.

So dogecoin is a cryptocurrency all right, so it's been around for a while. It is a fork of litecoin. So if you look at a coin, uh website like this, like coingecko.com, you'll, see you know, bitcoin ethereum and then going on down to the list.

You'll, see like one here. So dogecoin is a copy of litecoin and it really just started off as a joke and actually important to understand, because that will highly influence how people use dogecoin. Will they take it seriously? Will they just continue to treat it like a joke? Will it just stay? A meme like it's kind of become today, so you have to understand that dogecoin is not really trying to be the same thing as bitcoin is so.

Bitcoin is a very serious project. It's, the oldest cryptocurrency, on this list. So it was designed to be a peer-to-peer digital cash solution with a finite supply. It's evolved quite a bit over time in terms of people's perception and right now it's.

Positioning the market to be an institutional grade asset where publicly traded companies are buying bitcoin to hold it on their balance sheet, to use it as a hedge against inflation and to treat it like an actual store of value that can be taken seriously by you know.

Multi-Billion dollar companies now that's, not true for dogecoin, okay, dogecoin started off as a joke and has evolved into a meme coin. That's, actually just taken off like a rocket over the past year, or so.

I'll, be very clear here that i'm, not like hating on dogecoin. Okay, i don't. Think it's, bad for people to invest in this. I'm, not upset. The price went up, yeah, full disclosure - i don't hold any dogecoin would have loved to have bought some dogecoin before all this happened.

Sure. But the whole point of here is that dogecoin is a very speculative cryptocurrency that doesn ' T really have a use case compared to some of these other cryptocurrencies like bitcoin or ethereum.

I talked about bitcoin having uh. You know this use case as a store of value, that's, getting taken very seriously by institutions, ethereum being a cryptocurrency that create has smart contracts, that's, creating decentralized finance, nfts and web 3.

. These are other technologies that people are actually using that have use cases today and they're, projecting out having much bigger use cases down the road, so that's, not really true for dogecoin all right.

You just have to understand that. So i'm, not trying to be like you know, old man grumpy about dogecoin it's. Just you have to understand what it is and people are using it like a highly speculative investment vehicle.

Now i know that's, true for a lot of other cryptocurrencies too, but you have to understand that dogecoin is that, but also taking a step down. Doesn't have a ton of use cases, so dogecoin has kind of become a meme that's, where the natural evolution of doge, since it started us off as joke in the first way, and so we take it like that.

It's, funny right so for people getting in a doge who just want to treat it like a fun thing to do that. You're like not risking your life savings on and it's. A fun way to make you know some pretty fast money, and i think that sort of is the spirit of where we are with dogecoin right now.

So that being said, you know things can change for dogecoin over time. It can be taken more seriously. We're, starting to see some more use cases for doge, primarily in terms of payment solutions. Okay um, so you know we see like the dallas mavericks, accepting dogecoin cryptocurrency for tickets and merch online retailers like uh newegg, accepting dogecoin for payments, so it's primarily on payments right that's.

What i mean by actual adoption of dogecoin, i'm, not saying that dogecoin really stands a chance at becoming like the brand new internet money of the future, or anything like that. I'm, not saying that dogecoin is gonna become the institutional.

Great store of value like bitcoin is right now or that it's. Even gonna come close to having smart contracts and power. New financial systems like ethereum for anything like that matter, but what i'm saying is: it can become a meme that kind of gets taken more seriously and has wider network effects as a payment option for people who want to buy things with it.

I think that's, probably the most adoption we'll realistically see for doge anytime soon, and so, if you see doge that way, then i think that's, a much better perspective uh, you're gon Na try to participate in something like this.

You know i think about like elon musk. Does we see you making lots of jokes about it? You know doge barking at the moon, it's kind of become a meme, and some would argue that that's. All cryptocurrency is in the first place, but those are the realities for doge.

So now let's. Talk about some other factors for dogecoin that will affect like how seriously other people take it. Okay, so this is uh important understand, so dogecoin is a cryptocurrency, but it's. Also a blockchain like i said it's, a copy of litecoin, which is based off of bitcoin as well, and that's different from other cryptocurrencies.

Like you know, you see ethereum here, uh ethereum has other cryptocurrencies built on top of it, like the chain-link token, which you can see. Let's. Just look at others like ave, et cetera, et cetera, because ethereum lets you actually create cryptocurrencies with smart contracts on top of the ethereum blockchain, without creating your own blockchain in the first place, and so for those types of cryptocurrencies.

You're, actually getting enhanced security from the underlying blockchain itself, which you're, not necessarily getting from dogecoin, and that's. Really important thing to understand is that there are potentially security risks with dogecoin.

Now this is true for every single blockchain out there, but, like i said not, all blockchains are created equally, as if you're brand new to this space, don't forget like when you go, buy a cryptocurrency.

You're, putting your money on a blockchain and if anything ever happens that blockchain, then there's, something wrong with your money. So again this could happen to any blockchain, but you have to think about likelihood here.

If you put your money on top of a blockchain like ethereum, that's very decentralized, there's, lots of money securing the network. There's less and less chance that something could ever happen to your funds from an infrastructure standpoint on that particular blockchain.

Now that becomes less true for a blockchain like dogecoin and even less true for layer, one chains, you know that that you would see way down the market cap list so that's first to understand is there will be some structural risks of dogecoin That aren't, quite as inherent in something like bitcoin or ethereum.

For example, i'm, not saying these risks are incredibly high or anything like that, but they will be higher than these other ones and that's. One of the amazing reasons why i personally wouldn't put a large amount of money in doge aside from the price volatility, another thing about dogecoin and how it's different from a cryptocurrency like bitcoin.

Is it doesn't? Have this cap supply like bitcoin does, and i know people who are watching my channel are gonna, say oh, but ethereum doesn't have a cap supply either. I'll. Get to that point in a minute, but you know uh bitcoin basically has a finite maximum supply.

Here there's only over 21 million bitcoins created. Oh man, uh dogecoin has an unlimited supply here; okay, so that's fundamentally different. Now that doesn't mean it's, bad because it has a fixed issuance schedule where they're created at a very predictable rate and that the percentage increase in the supply will actually go down over time.

Because if the rate stays the same and the supply is always growing, then the percentage change goes down. So that's, not a deal breaker for doge, just something you have to understand, because it will affect how the tokenomics work uh compared to something like bitcoin and, of course, the reason.

I emphasize that point that it's. Not a deal breaker is because that's, also how eath works, which is like a lot about on this channel. If you haven't watched those live streams, you can check them out uh.

You know monday, through friday, about 9 30 a.m central time. So the last kind of risk with dogecoin that i want to talk about is uh. It's, limited availability, uh on exchanges, decentralized exchanges, all that kind of stuff.

So number one is: you know there's, only a finite number of exchanges that actually support buying and selling dogecoin. So the downside there is, you actually have to kyc in many situations so like give them your id and all your personal information before you can purchase dogecoin and there aren't really many decentralized exchanges, where you can do that.

So that's, a downside, in my opinion, as someone who really likes decentralized technology likes to trade on dexes like uni, swap, for example, and you're, also limited to the amount of liquidity that's available on these Exchanges as opposed to a much larger cryptocurrency like bitcoin or ethereum, or a really large ethereum based token, like chain link, for example, which you could trade on a decentralized exchange and also uh.

You know trade it on many. Many many centralized exchanges where, if you had to go, sell some in a really important time, let's, say the markets crashing. You could find liquidity in multiple places, not just a really small number of exchanges.

Now you might say the counter to that is dogecoin is such a large cryptocurrency. Now there's, gonna be a lot of liquidity on each individual exchange, but i personally like having all the options being able to trade on a decks and also multiple, centralized exchanges to limit the number of times i have to kyc and potentially Docks my identity to the dark web, and so the last thing is the actual price of doge.

Let's. Talk about that! So you know we saw the meme floating around of one dollar dogecoin and if you look at the price history and you thought about that a year ago, people would have called you absolutely crazy.

Since dogecoin was .002 or you know, 0.2 cents, nobody would believed you a year ago, probably not even six months ago, but it's actually taken off like a rocket and the sheer momentum, you know, just by the sheer momentum, looks like we could Reach one dollar, which is the meme, that's, been floating around for a few months.

Now, so is that possible? I do think it's possible based on the sheer momentum, not based upon any real technical fundamentals, but because doge started off as a joke and has evolved into this meme that people like to use for speculative investing.

Despite the fact it doesn't really have much use case under underneath it, and i'm, not saying that that's fundamentally bad. If you treat it like a fun thing like sort of just it is what it is and you take it at face value.

You know the risk that you're getting into and you knowingly assume those risks that thinking can definitely be a fun thing, but you know me personally: i'm gonna stay out of it, so that's. All i got for today.

You know that's, what you need to know about dogecoin, as always smash that, like button down below subscribe to this channel, if you haven't already, if you're as fast enough as technology as i am, you Want to get your hands dirty, then how can you get started today? You go to my youtube home page.

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