find us on facbook
1800 255 474

Global Solar Solutions Now Accepts DogeCoin

Unless you have been living under a rock you have probably heard about a cryptocurrency called DogeCoin recently. The previously somewhat unremarkable altcoin has seen a massive surge in popularity and therefore value in the recent weeks as a movement has formed around it hot on the heels of the GME situation. The movement aims to push DogeCoin from meme obscurity to actual relevance in the financial sector and it has been fueled by tech giants and celebrities, but what is DogeCoin?

So Meme, Much Wow

Throughout your travels across the internet you have probably come across the Doge meme. Initially becoming popular in 2013, the image of a Shiba Inu dog is shown alongside specifically formatted internal dialogue. Doge quickly spread to become one of the internet’s most famous and well loved memes, appearing everywhere including the US Senate. With all this popularity came the development of merchandise, products and even talk of a movie. It was during this time that DogeCoin was created.

It was created by software engineers Billy Markus and Jackson Palmer who wanted to create a form of payment that was a peer-to-peer digital currency that could take advantage of the meme’s widespread popularity to reach a broader demographic than Bitcoin. While in today’s market we are seeing more and more people jumping into cryptocurrency as Bitcoin establishes itself as a real commodity, in 2013 there was a significant amount of skepticism and doubt over this new form of finance.

doge coin

What is cryptocurrency?

Cryptocurrency, often shortened to simply “crypto”, is a decentralized digital currency that uses an online ledger that is secured by cryptography to make online transactions, verify coin ownership and control the creation of additional coins. The core purpose of crypto is to create a currency that is not controlled or issued by a central authority. It is a digital asset with no physical representation which can often be seen as a primary hurdle to it establishing itself in mainstream economics.

A decentralised cryptocurrency means that the currency itself is produced within its own system by a ledger, often blockchain, at a rate that is defined at its inception. This is where a large part of its potential value comes from. When we look at traditional currency we see centralised economic systems such as the Federal Reserve System as well as governments controlling the supply of “fiat money” (traditional money) by either printing more units or adding more to digital banking ledgers. Inflation occurs because over time more money is created with no backing and this dilutes the total value.

cryptocurrency

Because the total amount of coins that can be obtained for any one cryptocurrency is stated at its creation we know we are dealing with a finite resource. For this reason it can be said that crypto is quite similar to gold. You can’t simply print more gold and there is a limited amount of it on the earth and this is the reason why its value has always maintained a steady climb. However while gold is mined and then stored in vaults to establish value, a cryptos coins are provided and controlled by the blockchain.

A blockchain is a list of continually growing records that are called blocks. These blocks are linked (or chained, as it would be) to one another by cryptography. Each block has a hash pointer that links to a previous block as well as transactional data and timestamps. The blockchains are managed by peer to peer networks and the information within them cannot be edited retroactively without the alteration of all of the subsequent blocks which is all but impossible. This is the driving force behind crypto and is an incredibly useful technology in itself.

As cryptocurrency starts to move into the mainstream it seeks to gain validity. With each purchase of goods with crypto it solidifies its place as a real form of currency. The more a crypto is used, the more “real” it becomes. The first and most well known cryptocurrency, Bitcoin, has been rapidly rising in value since its establishment and has recently reached new heights behind investments made by Elon Musk’s car manufacturer Tesla. Crypto is now being accepted as a form of payment by them and other large companies with more such as Apple and Google rumoured to be following suit soon.

And Thus DogeCoin Appears

Officially launched on December 6, 2013, DogeCoin saw a massive rush of popularity out of the gate, developing a robust online community. Originally the coin was meant as a joke, with the creators aiming to lampoon the emerging cryptocurrency space. Shortly after its creation it had a volume of billions of DogeCoins per day. This saw the coin jump nearly 300% in value, from a whopping $0.00026 to $0.00095 USD. This rise occurred at the same time that the big coin itself, Bitcoin, was experiencing a sell off as China made the decision to forbid Chinese banks from investing in it.

The rise in value was not to last however as China’s decision eventually caught up with it. This was compounded by the fact that the coin itself was extremely easy to attain due to it needing only a small amount of computing power to mine. This resulted in a massive amount of coins entering the market every day. Due to these reasons Doge experienced its first major crash with its value dropping by 80%.

dogecoin

Mining continued and in January 2014 DogeCoin briefly surpassed Bitcoin and all other cryptos combined in terms of trading volume but its market capitalization still did not compare to Bitcoin’s. Doge continued to float amongst the other altcoins, with some 5.2 billion DogeCoins being mined each year. The massive amount of coins mined each year is due to it not having a supply halving since 2014 with each block containing a massive 10,000 coins. It also has much faster blocks compared to Bitcoin which makes transactions faster.

In 2015 one of the founders of DogeCoin, Jackson Palmer, announced he was stepping away from the cryptocurrency community. Over time development lapsed and much like the meme itself, DogeCoin was left in relative obscurity, still mined, traded and well loved by a small dedicated online community. It reached a total market capitalization of 2 billion USD in during later 2017 and early 2018, attaining a peak value of $0.017 a coin on January 7, 2018.

Another spike in price occurred again in 2020 when a trend emerged on social media giant Tik Tok. The platform’s users had started a campaign to get the coins price to $1 proving that no matter the years you can’t keep a good boy down. The trend eventually died off and while the coin never came close to the heady target set it did serve to keep the coin in the public eye amongst the ever growing pool of altcoins.

It takes a meme to grow a meme

In early 2021 a group of retail investors centered around the subreddit “WallStreetBets” formed a plan to push the value of the GameStop stock to record heights in order to squeeze out short selling hedge funds who they had observed placing large shorts on the struggling business. Seen as a David vs Goliath situation, a movement swept across the internet with many buying stocks at a frantic pace.

The idea was to make money for the masses by driving the price up and therefore making the much maligned hedge funds lose money due to having to sell their short positions at a much higher price than they bought it for. Overnight people became stock market investors and while they didn’t always understand exactly what was happening they felt good to be a part of something that aimed for prosperity after a year of great troubles and adjustments due to COVID.

And it worked, provided you got in early enough. People bought low and sold high and started posting their gains to message boards and forums across the internet. A widespread euphoria was felt alongside it as not only was the “average joe” making a quick buck but he was also sticking it to “the man”. After protests across the world in 2020 highlighted the systematic racism that people of colour have experienced in the US and other countries the public sentiment towards the establishment was at an all time low. It was the perfect storm.

A Face For Financial Freedom

As the GME spike started to drop as people sold their stocks off, the “Robin Hood” investors started to direct their attention to another purpose, a currency for the people. The GameStop situation highlighted the corrupt nature of big money to people who had likely never looked at a stock price before. What a few had known for years was now in the face of the many, money goes up, but doesnt come down. With this new influx of people looking to step away from a financial system designed to keep them down it was suggested that crypto was the next bastion of freedom.

Users of the subreddit “SatoshiStreetBets”, named after the mysterious founder or founders of bitcoin, started a movement to push crypto to the masses and they picked DogeCoin as the face. While up to this point Doge had taken a backseat to other alt coins it still held a place in the heart of any crypto investor due to the meme foundations. As was the reason for its initial success, the meme being well known only serves to make it familiar to those not experienced in the market. The altcoin had also been mentioned by tech entrepreneur Elon Musk in 2019 as his “fav cryptocurrency”

So people started buying DogeCoin and within 24 hours it added about 7.17 billion to its total value which now sat at 8.2 billion. Almost overnight DogeCoin had gone from relative obscurity to being the 9th largest cryptocurrency on the market. Power to the people indeed. It was quickly labeled the “crypto gme” and people piled on, finding out how to secure the coin for themselves. Elon Musk tweeted a magazine cover of “Dogue” which is a play on the fashion magazine “Vogue”.

Investors took this as a sign that the historically supportive Musk was aligned with this new movement. With this came a massive 800% increase in DogeCoins price. Musk then announced that Tesla has bought $1.5 billion worth of Bitcoin. Which further spurred movement across the entire crypto market. Musk had stated earlier that his initial tweets about DogeCoin were a joke but he could appreciate the irony that they had helped spur a movement to make it a potential player in the altcoin market.

In a recent interview on Clubhouse, Musk mused: “The most entertaining outcome and the most ironic outcome would be that dogecoin becomes the currency of Earth in the future.” He has recently made more tweets showing support for the altcoin, posting memes relating to it and declaring it “the people’s crypto”. On the back of these tweets a surge of support pushed the price higher and other celebrities jumped on board to promote the coins movement including Snoop Dog and Gene Simmons.

Something must be spent to have value

In order for crypto to truly flourish it needs to be not only bought but used in everyday trade. This has been the biggest roadblock to crypto’s success to date and while investments in Bitcoin by companies like Tesla help pave the way for it’s acceptance the same needs to be done with DogeCoin. The coin that started as a meme will remain one unless people start to use it in everyday transactions. It is up to the people to drive its success and provide a new way to store savings away from the traditional financial institutions.

This is why Global Solar Solutions have decided to accept DogeCoin as payment for our massive range of solar power systems. We believe that crypto’s success is to the benefit of everyone involved and by accepting it as payment we help move it from memehood to a real and valued currency. Our support for the altcoin is not short term as we believe that a decentralised currency network is worth investing in now and into the future.

solar packages melbourne
If you would like more information regarding how to pay with DogeCoin contact us today on 1800 255 474 or contact us online.