Tech pioneer and entrepreneur John McAfee just named Dogecoin (DOGE) his \"coin of the week\" for the week of Jan. 8. That might come as a surprise, but Dogecoin is worth more than you think<\/p>\n
Created as a joke by founder Jackson Palmer, McAfee says DOGE is now one of the \"most widely accepted and loved cryptocurrencies in the world.\"<\/p>\n<\/p>\n
On its website, Dogecoin lists itself as a fun and friendly Internet currency.<\/p>\n
Now, it's easy to see why DOGE is called a \"joke coin.\" After all, the company's mascot is a somewhat-confused-looking Shiba Inu, a Japanese breed of dog.<\/p>\n
It also isn't using blockchain technology to solve specific problems.<\/p>\n
That makes Dogecoin seemingly less competitive in a crowded market where coins are expected to go mainstream based on their functions.<\/p>\n
While there's no way of knowing exactly which crypto coins will be used the most in the next five years, consider these examples: Bitcoin could be a storage of value, like gold, Litecoin can be used for daily transactions, and Ethereum could become the payment of choice for smart contracts.<\/p>\n
But DOGE shows why hundreds and even thousands of crypto coins can co-exist with each other and still have value<\/p>\n
Cryptocurrencies are only worth what someone is willing to pay for them, and that's why hundreds of thousands of crypto coins could eventually co-exist.<\/p>\n
There could be coins created for each and every hobby and industry in the world, and as long as there's a community there to buy and sell the coin, the cryptocurrency will have a value.<\/p>\n
For instance, the Dogecoin community rallies together to support different causes.<\/p>\n
In 2014, the Jamaican bobsled team qualified for the 2014 Winter Olympics. Marvin Dixon, the brakeman for the team, revealed that there wasn't enough money to send the team to Russia.<\/p>\n
The Dogecoin community stepped in and raised $36,000 worth of DOGE to help send the Jamaican team to the 2014 Winter Olympics, according to The Los Angeles Times. <\/p>\n
DOGE supporters also came together again in 2014, when $55,000 worth of DOGE was raised to sponsor NASCAR driver Josh Wise.<\/p>\n
As long as people keep using DOGE, it's going to have value.<\/p>\n
Over the past year, the price of DOGE has climbed from $0.0002 on Jan. 8, 2017, to $0.015 today, for a 7,400% increase.<\/p>\n
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John McAfee Says DOGE Is His Coin of the Week<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Tech pioneer and entrepreneur John McAfee just named Dogecoin (DOGE) his \"coin of the week\" for the week of Jan. 8. That might come as a surprise, but Dogecoin is worth more than you think Created as a joke by founder Jackson Palmer, McAfee says DOGE is now one of the \"most widely accepted and loved cryptocurrencies in the world.\" On its website, Dogecoin lists itself as a fun and friendly Internet currency. Continue reading