What's more is that dogecoin's transaction fee is much much smaller than litecoin or Bitcoin, making it easier to make small transactions and give internet tips.
201 karma · joined March 6, 2013
What's more is that dogecoin's transaction fee is much much smaller than litecoin or Bitcoin, making it easier to make small transactions and give internet tips.
http://cryptojunky.com/blog/2013/12/19/getting-started-with-...
Regardless the intention of Dogecoin, it seems to be working as an introductory cryptocurrency for a lot of new users. Can't tell whether or not it will stick around yet, but I've heard a lot of responses from users saying it is the first cryptocurrency they've wanted to try out.
Rereading I do see how it comes across as short term trading advice though. I suppose I'll have to be much clearer in future posts. Thanks!
The major cost for current payment processors (i.e. mastercard, paypal, etc) is that they end up third party mediators in disputes regarding chargebacks. The Bitcoin protocol, which inherently disallows chargebacks, eliminates much of that need, thus the fees decrease. What you're paying for with Bitpay or Coinbase is a piece of software that interacts with the Bitcoin protocol for you, not a traditional payment processor that ends up mediating disputes.
Another aspect is the peer to peer nature of Bitcoin. With Bitcoin you have the ability to send money to any other Bitcoiner, anywhere, instantly. That simply isn't present with traditional currencies. Now there are some inherent difficulties there. For instance, if I need to send money to my family on the other side of the country I can do it instantly, but they still need to be able to translate Bitcoin to whatever good/service they need. Currently that may require translating it into their local currency by some means, as not all that many local/physical merchants accept Bitcoin yet.
"Public Note: Here's the money you asked for honey; please don't spend it all on strippers and blow like you did the last time. Love Mommy."
http://www.google.com/trends/explore?q=nsa#q=nsa%2C%20CIA&cm...
The appeal of a service like Bitpay of course is that it converts that Bitcoin into fiat currencies, such as the USD, without the vendor having to deal with it. I agree that a zero or single confirmation system could be implemented by a vendor such as NameCheap. However, it would be more costly and time consuming than their current use of Bitpay.
http://www.reddit.com/r/bitmessage/comments/17muuv/bitmessag...
The updated version 2 is not backwards compatible with the version one because of the problems mentioned.