The Colorfull World of Digital Currencies

While the author James Rickards is already predicting the collapse of our current monetary system in his book “The death of money” the web is working at an alternative. You might have heard of these digital currencies already which are currently emerging and disappearing again in the web. You certainly have read already about Bitcoin, the pioneer among these currencies which has reached already a quite wide range of acceptance meanwhile. Some years ago the first pizza has been sold for this freshly coined digital money. Meanwhile you can buy almost anything for Bitcoins.

Meanwhile there are many more and some already have disappeared again. The three big players at the moment are Bitcoin, Litecoin and yes, you are reading correctly Dogecoin. While Litecoin only technically differs from Bitcoin Dogecoin is going a step further, bringing a social component in the world of internet money. The Dogecoin community has gained more than 80 000 members which are organizing social and charitiy events. They have been supporting some water project in Kenya, sent the Jamaican Bobsled team to the last Olympic games in Russia and even sponsored their own team at NASCAR. If money can be fun then Dogecoin is the monetary system which got closest the that maxim.

What all these cyber currencies have in common is that they are organized on a peer-to-peer base like application like Skype. This means that there is no central authority issuing the money but the money is created based on a mathematical algorithm. Everybody can participate in that process which is called mining. In the wild days of digital money you could do so just with your PC or your laptop. Meanwhile things have changed there. To mine a reasonable share of the coins which are issued on has to buy some special hardware which is difficult to get. If you are one of the lucky guys who manged in organizing such a device you can just watch your magic machine creating your own money which you can use to buy real goods. If you mine enough you can even buy a house. In the last years there has been a dramatic gold-rush concerning this new form of currency.

The year 2012 has been the year of Bitcoin, if you boght them before you were well off. Then 2013 could be called the year of Litecoin. How about Dogecoin then? It has been found end of 2013 and was accompanied by a incredibly wave of media coverage. Meanwhile it has survived long enough on this colorful market to be the next coin to skyrocket. Some technical changes implemented by the developers team recently might support this development. Who knows but maybe 2015 will become the year of Dogecoin in this unpredictable world of digital money.

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