FinancialCentre Reports – Brad Garlinghouse finds Dogecoin a threat to the crypto market
London, UK, 4th Dec 2021, ZEXPRWIRE, Dogecoin, as its name suggests, is a virtual currency that was based on the Shiba Inu dog meme. FinancialCentre Broker Christian Ricci said that the concept behind Dogecoin is that it should be fun and friendly for everyone to use. While it has the same basic principles as other cryptocurrencies, its goal is to become a digital currency that has utility in everyday life. Dogecoin was launched on December 6th 2013, by Billy Markus and Jackson Palmer. It started out as a fork of Luckycoin, which was itself inspired by another cryptocurrency Litecoin. Dogecoin is a decentralized peer-to-peer cryptocurrency that was created for fun. It also has a large following of users, developers and companies that support it. You can use Dogecoin to buy or sell goods and services with vendors who accept it as payment.
The most popular way to get Dogecoins, though, is by mining them. Dogecoin is a proof of work coin, which means it requires complex algorithms to be solved for rewards to be mined. The reward amount is fixed and halves every 840,000 blocks or 100,000 hours (about one year). This has the effect of slowing inflation as well as increasing scarcity as demand rises. Dogecoin uses a simplified variant of the script key derivation function as its mining algorithm. There were early plans of making a new, more advanced algorithm, but they were abandoned in favour of sticking with the proven and stable Scrypt.
Dogecoin’s coin limit is 100 billion coins (much like Bitcoin). They will be reached by 2024, even though after 75 billion have been mined, it will become even more difficult to mine them. Dogecoin is being actively traded for other cryptocurrencies on many exchanges. As of January 2017, one Dogecoin is worth about $0.0022 USD, and there are a total of 97 billion in circulation. Dogecoin has a vibrant community that seems to be growing every day. As Dogecoin is one of the more famous cryptocurrencies, it has been used to raise money for many charitable organizations around the world.
Ripple is basically a real-time gross settlement system, remittance network and currency exchange created by the Ripple company. It can handle any currency (dollars, yen, euros), cryptocurrency (bitcoin, litecoin) or commodity (gold, silver). For example, you could send someone 10 XRP (Ripples currency), and they could send you 10 USD, even though XRP isn’t “real” money. Moreover, Ripple is a distributed network that has no central authority to manage transactions. It allows anyone to create new currencies within the system, whether dollars, yen or Ripples own cryptocurrency called XRP.
The goal of Ripple is to be a global settlement network that will allow people to transfer any money – using any currency – in real-time. Ripple happens to be one of the most exciting cryptocurrencies. The idea of decentralized cryptocurrency would go against everything banks stand for. If Ripple’s plans succeed, it could spell the end for traditional banking as we know it today.
Ripple representatives have expressed several times that the company plans to focus on serving the world’s major banks and providing clients with foreign exchange, cross-border payments and settlement solutions.
Ripple uses a technology called a distributed ledger, which is a fancy way of saying it uses blockchain technology. It has its own highly advanced and customizable cryptocurrency called XRP. CEO of Ripple, Brad Garlinghouse recently said that Dogecoin might not be good for the crypto market because of its inflationary nature. This means you have dogecoins flying everywhere. While this might seem great from a miners perspective, it does put downward pressure on the price of individual coins.
Ripple is currently one of the hottest cryptocurrencies available and has been backed by many world-renowned investors such as Google Ventures, Andreessen Horowitz and Lightspeed Venture Partners. Ripple recently announced a large number of new partnerships and initiatives, and it has been the best performing cryptocurrency lately.
What does it mean?
Mr Ricci said that Mr Garlinghouse’s concern about Dogecoin’s inflationary nature was valid, but there were many reasons why this might not be so bad. “It means you have more people who want to participate in the network, and that helps with decentralization,” he said. “If someone has a million coins, they won’t affect anything because one coin is nothing. It also encourages people to spend and use it rather than to hoard.” He thinks that it is important to consider the fact that cryptocurrencies are not yet widely accepted and that making them inflationary allows you to pay more people without having to worry about giving everyone a million coins.
When the number of transactions increases, there is greater use of its blockchain, which will have a direct impact on the Dogecoin price. Mr Ricci said that he would like to see a more stable price of up to 50 US cents by the end of this year, but that is “not going to happen” if there are too many people who hold their coins.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.
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