Is it too easy to create a cryptocurrency? Consider the case of doge, a cryptocurrency originally intended as a joke. Does its success point at any problems with the market for cyptocurrencies more broadly?
Answers
Answered by
1
“cryptocurrency”, none of the coins currently existing are actual currencies. And many are unlikely to ever become currencies.
What cryptocurrencies are at the moment is an unregulated method to crowdfund.
This is what happened with Dogecoin. It is essentially a crowdfunded campaign to get some nice things done. Dogecoin helped two athletes get to Winter Olympics, funded a NASCAR driver, created a Dogecoin Foundations to realize environmental projects.
Of course, Dogecoin is also used to tip, but in this sense it serves more like a virtual currency, similar to an in-game currency of some kind.
So, it seems that for these use cases being able to create a cryptocurrency easily is actually a good thing. And we’ll see what happens to the cryptocurrency world in general.
What cryptocurrencies are at the moment is an unregulated method to crowdfund.
This is what happened with Dogecoin. It is essentially a crowdfunded campaign to get some nice things done. Dogecoin helped two athletes get to Winter Olympics, funded a NASCAR driver, created a Dogecoin Foundations to realize environmental projects.
Of course, Dogecoin is also used to tip, but in this sense it serves more like a virtual currency, similar to an in-game currency of some kind.
So, it seems that for these use cases being able to create a cryptocurrency easily is actually a good thing. And we’ll see what happens to the cryptocurrency world in general.
Similar questions