The Dogecoin community was buzzing with creativity at this years CoinFest, all in the name of Shiba!
The world’s first automated Dogecoin teller machine was also on display at the the digital currency festival in Vancouver. Granted, it’s nothing more than a smartphone stuck to the front of a battered metal briefcase but it’s the taking part that counts.
Potential customers can simply scan the QR code, insert their money and boom! Dogecoins will be sent directly to your wallet. Is there anything technical going on inside the briefcase? Rumour has it Shiba herself is in there totting up the money.
Is it serious? We don’t think so, there’s no real marketplace for Dogecoin ATM’s, but it just goes to show how much love the community has for Shiba, “To the Moon!”.
Although Dogecoin is still seen as a gimmick by many, it’s hot on the heels of Bitcoin with coverage in the worlds media after financially backing the Jamaican Bobsled team who secured last place in the two-man Bobsleigh event at the Sochi 2014 Winter Olympics.
Dogecoin has struck a chord with mainstream users in a way that focuses on charity rather than crypto-anarchy, making it so much more attractive .
The Dogecoin Foundation is a venture designed to help empower community spirit and improve the user experience… Users can donate to various causes and development projects and be sure that their coins are going to a legitimate fund.” –Dogecoin Mission Statement.
What does the future hold for Doge? It’s too early to project whether this phenomenon will ultimately burn out as people tire of the Doge meme, but we think you will want to be along for the ride. While the community has gained incredible momentum, for now, the crazy growth that has developed around it cannot be ignored. How do you ignore something who’s level of transactions has reached a number greater or equal to that of Bitcoin transactions ? (see link) The Dogecoin subreddit is 61k subscribers strong (Bitcoin is at 104k) and growing at least three times faster. In case anyone missed it, a strange thing that happened in mid-January was a spike in the coin, which was the direct result of the community raising $30k for a fellow group of misfits : the Jamaican bobsled team. For approximately one 24 hour period, the volume of Dogecoin actually eclipsed Bitcoin. “So amaze, Much riches” – in the words of fellow Reddit-ers.
I am sure as were many of you, the initial common reaction to the coin started with the typical “WTF, seriously?”. But Dogecoin has proven to posses something special: a group of incredible people enthusiastic about their cause and are truly having fun with a cryptocurrency.
It is almost a foregone conclusion that Dogecoin will eclipse Litecoin in market cap by the end of this year (if not by June). A key indicator that will draw many people in and should be mentioned is the significant mining capacity has moved from LTC to Doge. If you’re interested further, I encourage you to read Tuxedage in depth analysis of the coin- this guy moonlights as a comedian.
A question to ask is Dogecoin a threat to Bitcoin? Not at this moment, no, and perhaps it never will be. Today, the coin has a huge community and is under-invested in developers. But these things are reflexive; developers follow users, not vice versa.
In my personal opinion on Dogecoin is the only alt-coin that is essential to have your eye on for the time being.
