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Dogecoin transactions are outpacing those te bitcoin; here s why that s not surprising – The Tell

Dogecoin transactions are outpacing those in bitcoin; here s why that s not surprising - The Tell

Forums about the virtual currency dogecoin are getting excited about the fact that more dogecoins have bot traded ter the last 24 hours than bitcoins. Te fact, the number of unique transactions te dogecoin – recently 94,310 te the last 24 hours – is more than all other virtual-currency transactions tracked by bitinfocharts.com.

Dogecoin is a virtual currency that takes its name from a viral Internet meme featuring a Shiba Inu and his grammatically incorrect thoughts. It is a derivative of the virtual currency litecoin, which ter turn is a bitcoin derivative. That\’s possible because bitcoin and litecoin are open-source projects, which permit for copies but also permit for improvements on the originals from those copies.

Here\’s why the above statistics aren\’t so surprising:

When converted into U.S. dollars, the value of dogecoin transactions doesn\’t come near the value of bitcoin transactions. About $518 million wasgoed sent te bitcoin te the last 24 hours, compared to approximately $9.92 million te dogecoin, according to bitinfocharts. One dogecoin recently fetched less than one U.S. penny, or $0.00031, according to coinmarketcap.com. The price of bitcoin wasgoed recently $824.Legitimate on trading exchange Bitstamp and $917 on Mt. Gox, another exchange.

Digging deeper, it\’s overduidelijk that the average transaction value ter dogecoin is much less than ter bitcoin. An average bitcoin transaction is worth about $9,339 compared to an average dogecoin transaction of $105.80. So it would would emerge that dogecoin is being used to send smaller amounts of money around the world.

The creators of dogecoin have emphasized that their virtual currency should be used for transactions rather than held spil an investment, which is what some people do with bitcoin. \”If you hoard all the coins you have ter the hope that the value will increase and you will get rich quick you\’ll be both disappointed, and hurting dogecoin,\” reads a postbode on the Dogecoin Foundation webstek, set up by the creators. \”We hope that through this foundation wij can encourage the growth and use of dogecoin spil the premier currency of the Internet, rather than it existing spil a fiat omschrijving commodity.\”

Charlie Lee, the creator of litecoin, told MarketWatch ter November that ease of transactions wasgoed one of the reasons he created litecoin. “I desired to create something that wasgoed a bit cheaper ter value and lighter to transact,\” Lee said.

Here\’s a chart that shows the difference te the number of daily unique transactions, te thousands, inbetween bitcoin and dogecoin:

Read more about bitcoin on MarketWatch:

Related movie: LTC Abra Announcement Expected To Boost Litecoin $995 Price Prediction

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