Dogecoin, the coin that started out for fun, is getting serious. It is getting on par with the big boys in cryptoworld like Ethereum. It’s still pretty cheap at .007 cents but it is catching on. The image of the Dogecoin is a Shiba Ina, a Japanese dog!
There is an online community of Dogecoin fans. Thanks to a crowdfunding effort, a gold Dogecoin representing the coin is scheduled to reach the Moon’s surface in 2019. Other newsworthy bits on Dogecoin include raising money for the Jamaican Bobsled Team for the 2014 Olympics, raising money for a well in Kenya and sponsoring NASCAR Josh White.
An online casino, MBit, recently added Dogecoin as a deposit/withdrawal method.
Currently Dogecoin is one of the top 50 cryptocurrencies. Will the momentum last? Time will tell.
Litecoin is gaining momentum. It saw a four-fold increase in value from $100 to $400 in five days. It has since settled to $300. It is gaining popularity for use in e-sports. There is also a surge in IRAs that use cryptocurrencies and Litecoin, with its lower price and higher potential upside, is one of the primary coins utilized.
Litecoin transactions are cheaper and faster, two of the hindrances of using Bitcoin. These factors could lead Litecoin, allready a major player in the cryptocurrencey world to overtake Bitcoin.
Bittrex is the leading US exchange to purchase the alternative cryptocoins. You can find almost all the new coins there. Buying is done via Bitcoin. So, you have to deposit Bitcoin first and buy your coins with Bitcoins.
It has been one of the most actively traded coins for the year but hovered in the 0.25 cent range most of it. Suddenly, Ripple took off and is now near $3. Ripple is a cryptocurrency like bitcoin but slightly different in that it’s a token whose value is tied to something else. Ripple Labs, a global transaction company, created the token.
The goal of Ripple is to create seamless transactions that occur must faster than present transactions. Banks like Santander are using Ripple to process payments. Workers in foreign countries also use Ripple to send money back home to relatives. The goals outlined by Ripple are cetainly good if they can hold up. They are:easy access, speed, traceability and cost.
As compared to Bitcoin, this would be good. The original goal of Bitcoin was to lower the cost of a transaction but transacting Bitcoin often has high fees that make it impractical to use regularly. One person went to use Bitcoin for a $50 purchase but would have to pay $30 in fees making the total $80. Not a great deal and far away from the original concept of Bitcoin which was to halve processing fees for using a credit/debit card.
Since Bitcoin exploded so has the demand. This demand has created a lag in settlements at various times. Sometimes 10 hours have lapsed before settling a transaction. Another goal of Ripple is the reduce this.
The rise in Ripple is mostly on rumors and speculation. It is rumored to being added to Coinbase, the largest cryptocurrency exchange in the U.S. The demand alone could send the price much higher. It jumped when it completed a cryptographic lockup of coins. Speculation is also fueling the rise – an investor gets more return on a lower cost coin like Ripple vs higher priced Bitcoin.
The future of Ripple remains unclear. If it catches on with more banks use could rise and this could become the cryptocurrency to look for in 2018. Right now, early investors are enjoying a great gain. The creators of Ripple are now multi-billionaires.