Something that has caught my attention in the past few days is the attitude some DOGE holders have towards Dogecoin. I believe a vast majority of DOGE holders are people trying to “become rich” in a short amount of time because they were impressed by the price surge in Bitcoin a few months ago. This has led to many people buying Dogecoins and trying to hold onto it, in the hopes to cash out on it when it reaches its goal of being valued at $1.
While it is definitely possible for DOGE to reach the $1 goal eventually, holding onto it and hoping it’ll magically reach that goal on its own is not how you increase the value of DOGE. Dogecoin is a cryptoCURRENCY. It was created to be an alternative form of payment in a society where money is starting to become more and more digital and intangible. Dogecoin was NOT meant to be treated as an asset, which is what people are doing when they’re buying Dogecoin and refusing to use it.
Bitcoin was also created to serve as online currency, but what makes it valuable as an asset is its scarcity. 21 Million is a massive limit for anything, but that limit ensures that Bitcoin will become rare at some point in the way distant future. The production of Dogecoin has no limit. There will be an infinite amount of Dogecoin, so long as mining it is profitable. The value of Dogecoin is coming from people constantly buying Dogecoin after it peaked a long time ago, when all those celebrities endorsed it and influenced a massive amount of people to buy into it. If you wanted to get rich off of DOGE, you should’ve bought it BEFORE Elon Musk tweeted about, and you should’ve sold within the days AFTER his shout out.
If your goal with Dogecoin is to wait for it to increase drastically in price and sell it, then unfortunately, you’ve missed the margin a long time ago. However, if you genuinely do care about getting Dogecoin to that $1, or you want to get some use out of your DOGE, there is a way to do that. Treat Dogecoin like a currency, the way it was meant to be treated from the very beginning. Stimulate the Dogecoin economy by buying goods and services and paying for it using the Dogecoins you’ve already bought. Suchlist.com is a criminally underrated website that lets you buy and sell things using Dogecoin. According to its admin, it only had 700 active members as of May 2021. For a community that has over a million people putting in thousands of dollars a day into this coin, this service has been incredibly under utilized. Fortunately, due to the site’s small userbase, you actually have a decent chance to make money. It hasn’t been completely oversaturated yet, and it has the potential to be the first website on the clear web to have an active and safe cryptocurrency economy.
It’s OK to hold on to some of your Dogecoin, but don’t be afraid to sell it out of fear of losing money. Just keep the economy healthy and everything should work itself out.
Hopefully I didn’t ruffle too many feathers with this. This is all just opinion. Whatever happens happens.
Bitcoin scarcity = [https://www.youtube.com/watch?v=SQwsuBs_Cek](https://www.youtube.com/watch?v=SQwsuBs_Cek)
Admin post = https://www.reddit.com/r/dogecoin/comments/n7rggi/seven_years_ago_i_created_suchlistcom_mined/