Whether you are in favour of cryptocurrencies or not, the truth is that by the end of the year, the financial system as we know it, is likely to be changed forever. 4X Currency are investigating whether the rise of the virtual currency could lead a very different set of people to become the new giants of the financial world.
Of course, nearly all digital transactions involve some form of virtual currency or credit, but what makes crypto currencies essentially different is the fact that they are solely designed to provide the same security guarantee, but without the hassle of processing fees and delays.
In essence, Bitcoin, Dogecoin and other digital currencies provide the opportunity for a transaction to be settled immediately, just as if you were handing over cash to a teller.
The only issue is that cryptocurrencies are extremely volatile and many have predicted the downfall of some of the market leaders, including Bitcoin. Due to its volatile behavior many have decided to purchase a membership to receive bitcoin trading signals in order to know when is the best time to buy or sell bitcoins. Despite this, experts predict that any fall will still serve to lay the ground for future currencies.
Alec Ross, a key player in Barack Obama’s 2009 Presidential Campaign said at the World Business Forum that, ‘the digital currencies out there right now, I think of these as like Lycos, Infoseek, Webcrawler, Altavista – all these old search engines that were around in the ’90s but don’t exist today.’
Alongside the new wave of alternative currencies, it is predicted that there will also be a new and illuminating wave of experts, who will have largely followed alternative currencies since their earliest conceptions.
Although less than a year old, in February Dogecoin became the world’s third most valuable (mineable) cyptocurrency, rising by $40 million in a 48 hour period – serving as the greatest increase in history to date.
Rising Dogecoin investor and expert, Ben Doerberg spoke to Dazed Digital where he said:
‘The only thing that makes money worth anything is that people will accept it.
‘Dogecoin is the only crypocurrency that is welcoming and accessible for new people. I don’t think it overplays Bitcoin, but if there’s room for two or three currencies, dogecoin could easily be the currency for gaming or families with kids. I can see kids getting their allowance in dogecoin in the future.’
Though it may be a little pre-emptive to consider Dogecoin as the childhood allowance of the future, there is certainly no telling where it might go, especially if the leading tenor of Bitcoin is to be cut short.
For now however, likely due to its heritage, Dogecoin is largely seen as a currency for buying computer games from software distribution platform, Steam, and is described by many as a currency that will struggle to outlive its reputation for flippancy.