When asked why he supports Dogecoin, Musk responded on Twitter: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto .”
Read moreWhat is the difference between Bitcoin and Dogecoin?
Dogecoin has an unlimited supply of coins. With no cap, the coin is able to inflate infinitely without being tied to anything. On the other hand, Bitcoin has a limited supply . There is a specific process for mining each Bitcoin.
Read moreWhat can Dogecoin be used for?
Dogecoin can be used for making payments and purchases but has not been an effective store of value. An item would be considered a store of cryptocurrency. This is due to an infinite number of Dogecoins that can be created, making the cryptocurrency highly inflationary by design.
Read moreIs Dogecoin worth mining?
Answer: Yes, this coin is profitable to mine based on most mining calculators . You can use Whattomine and other mining calculators to determine how profitable it is to mine Dogecoin with different miners. The coin has been profitable to mine since September 2021.
Read moreIs Dogecoin a good investment?
Based entirely on the fact that Dogecoin has no real-world utility, I don’t recommend investors buy it . With the price significantly down from its recent high, scooping up this meme coin might seem like a low-risk move with big upside.
Read moreWill Elon Musk buy Dogecoin?
Elon Musk, Tesla’s founder and CEO, again threw his weight behind the meme-inspired cryptocurrency dogecoin. In a tweet on Jan. 14, Musk announced that Tesla is accepting dogecoin —”people’s crypto“—as payment for some merchandise on its website.
Read moreIs Dogecoin safe?
While Dogecoin infamously started out as a joke, investors take it a lot more seriously now. However, it’s still a very risky investment . That’s why experts recommend investing no more than 3% to 10% of your portfolio in cryptocurrencies.
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