There's a new cryptocurrency on the virtual block called Dogecoin, with a cute Japanese dog for a logo. But while its Shiba Inu mascot is almost too adorable to take seriously -- and the currency itself started as a joke four months ago -- Dogecoin pronounced DOHJ-coin is now looking to challenge bitcoin and become a legitimate, widely accepted method for buying things online. Having a cheerful, over-the-top dog meme as its mascot shouldn't cause people to take it less seriously dogecoin to bitcoin value money, says Ben Doernberg, a volunteer on the board of directors of the Dogecoin Foundation, a nonprofit organization that started in December Alexander Hamilton, Abe Lincoln and George Washington are portrayed on our currency looking stern and sober for a reason: To instill confidence that those bills and coins will have value for years to come.
Like many other cryptocurrencies, Dogecoins are mineable, dogecoin to bitcoin value you can acquire them without paying in cash, as long as you have a reasonably muscular computer equipped to do some number-crunching with its spare power.
That's quite a low barrier to entry compared to bitcoin, which dovetails with the idea that Dogecoin is meant to be used as currency and not as a speculative investment. Dogecoins are gaining popularity. A man in Wisconsin is selling his vacation home for million Dogecoins. Wise, 31, of Charlotte, N. Having the gold Dogecoin logo as the dominant image on his car is something that Wise, and much of the general public, will view as a bit of a surprise.
Whether using a Doge to tip someone online because you like their video, or buying a song or something else online, the ultimate goal of the people behind Dogecoin is that we should all be able to use it easily for small, daily dogecoin to bitcoin value such as a newspaper or going to a movie, and not as dogecoin to bitcoin value speculative investment for your child's college fund, Doernberg says. A problem with credit cards, he says, is that chargebacks and the standard 2.
Buying Dogecoins is easy enough. You can transfer money from your bank account to a virtual wallet full of Doges. Dogecoin also has its own virtual wallet. Trading dogecoin to bitcoin value back for dollars, however, is more difficult, Doernberg says, though there are markets such as Moolah that allow it.
A problem with cryptocurrencies is that because they're so new, they often gain value fast and can become significantly more expensive to buy from week to week, says John Arsenault, a Denver lawyer who represents a VPN company that accepts cryptocurrencies.
Wide swings in value don't happen as much with currencies backed by governments. Such price changes can make cryptocurrencies more popular dogecoin to bitcoin value speculators, Arsenault says. And here's another fun twist to using dogecoin to bitcoin value currency: The IRS recently ruled that such payments are considered property and should be reported as income, making them subject under some circumstances to the capital gains tax.
If you're making money as the market for a virtual currency rises, you'll have to give some of it to Uncle Sam. And no, the federal government won't accept Dogecoins as payment for a tax bill. Repeated plagiarized posts are considered spam.
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