Bitcoin Forum

Doge is having outstanding success in Price and utility usage increases.
Some believe this is due to the facts
Doge has Greater Onchain Transaction Capacity than Bitcoin
Transferring the same $100 fiat value in Doge & Bitcoin
Doge only ~50 cents
Bitcoin costs ~ $23

Blockspeed
Doge   1 Minute
BTC   10 Minutes

Question is ,
What will it take for bitcoiners to make blockstream quit limiting bitcoin onchain capacity in favor of blockstream offchain shenanigans such as LN and Liquid?

Or

Should we all just bite the bullet and recognize that bitcoin use as a digital currency is dead,
and it only has investment value verses fiat, but too expensive for the normal guy to transact onchain.

FYI:
I do believe BTC price will increase forever verses fiat,
but I also believe that altcoins such as doge will be the choice for the masses due to the transaction fee differences.

So What do you think?

I can't call it a success. It's going to probably turn into the largest pump and dump in crypto history.

I barely got my Doge on an exchange a while ago. Some exchanges require 250 confirmations. Hell, other exchanges require even 500 to deposit your coins. That's between 250 and 500 minutes.. By the time your tx is confirmed 500 times, price will fluctuate so much it's useless. If this is "success" and "utility", then no thanks.

I hate the fact that Bitcoin has so strict and annoying tx limits. The mempool has been clogged ever since 2020 and that is a very big problem we don't seem to care about. Obviously, as time goes on and people look for ways to invest in crypto, they might prioritize alts over BTC since the average person will not afford spending $20-100 per transaction just in fees.

By the time Bitcoin will improve, I think it might be too late and Bitcoin will remain the preference of the wealthy while the average Joes will move towards cheaper alts (cheap as in fees)

If the world will buy and sell with a coin named after a dog, pumped by a billionaire guy and which has 100 addresses owning > 67% of its supply then this world has serious issues. Dogecoin is nothing more than a joke coin and people fail to admit it. I've been a huge Dogecoin supporter myself but I've never seen it as something greater than BTC because these are 2 different worlds.

I remember just a few years ago, where everyone in finance thought Bitcoin was a joke.
Increase in price verses fiat has a way of destroying that thought process.   :)
I have no doubt , that Doge will follow that same route as BTC.


@20kevin20
You might want to look for some different exchanges to handle doge for you.
The ones I use , confirmations are like 10 instead of the hundreds that you are saddled with.
PM me if you want the name of a lower confirmation exchange.

I really hope Dogecoin will reach $1 so I can convert my last Dogecoins to BTC once for good and forget about this pump and dump coin.

This topic is related to Altcoins. Move your thread to the section of Altcoin Discussion. (https://bitcointalk.org/index.php?board=67.0)
Despite you're relating it to bitcoin, yet, this isn't a bitcoin only topic.

Bitcoin as a pioneer cryptocurrency and is not influenced by other coins, but works at its own pace.
There are lots going on on the Bitcoin chain, a number of Bitcoin improvement proposals aimed at improving scalability have been implemented, the latest being Taproot.
The current state of Bitcoin transactions may not be the most appealing to small and medium investors, but it's constantly being improved upon, for now using startegies at reducing the fees paid on txs is the best option.

I had some doge and did exactly that when Bitcoin dumped a week ago while doge remained at ATH. Doge is fine as a joke coin but it will never be a top market cap coin.

OP said that Bitcoin started the same way because finance people thought it was a joke. The difference here is that everybody think doge is a joke, even its supporters and the crypto community.
You think people will dump bitcoin and pay with doge just because of transaction time and cost? If this was the most important factor they'd be using BCH not BTC since 2018 and we wouldn't be talking about Doge at all.

Why should Bitcoin care about Doge's bubble? Dogecoin's "success" comes from hype around Elon Musk's tweets, nothing more. It didn't have any updates in the last 3 years, and no one is using it as a currency in real life, and you'd be crazy to do it now because of this insane volatility.

The only succesful coins is actually Bitcoin, because it's being adopted as a store of value by both private individuals and institutions. When will Doge be used as a reserve asset? Or even Ethereum, that promises to flip Bitcoin soon?

I used to see Doge as a funny meme coin, but after Elon Musk got involved, it's nothing but a pump and dump coin. At this point, I honestly wouldn't touch Doge with a ten-foot pole. So no, I don't think that Doge will force or bring any kind of improvement to either BTC or crypto market in general. If anything, it's one step backward.

This is also true. Watching them talk about finance in their interviews, BTC was once just a joke to them. It becomes serious when the price goes high that they couldn't ignore it anymore. Jaime Dimon of JPmorgan had been trolling BTC before.

So yes Doge could really become a serious coin to be adopted by the mass and BTC could just be for the institutions. Its all manipulation still but it still a win for the cryptocurrency.

Yes good healthy stats but the reason behind DOGE's "success" are two fold.

1.] Elon Musk/Tesla
2.] The error of FOMO

There is one comparison stat which the OP overlooked, supply

Bitcoin Block reward: 10 minutes = 12.5 BTC - supply limited to 21,000,000
Dogecoin Block reward: 1 minute = 10,000 DOGE - supply unlimited

The DOGE craze is fueled by newbies falling into FOMO and is simply unsustainable
and will result in a lot of pain, When the bubble bursts the virtual "egg timer"
will do a 180degree turn and funds which left Bitcoin for DOGE will pour back.

I don’t think you could call DOGE a success yet, but it’s growing acceptance has been amazing to watch. I was against investing in DOGE, but now it looks like it may be this cycle’s Bitconnect. I was amazed Bitconnect lasted as long as it did and I would have thought DOGE’s peak would be when it hit $0.07. I feel like we’ve now been introduced to the catalyst that will crash this cycle’s bubble and whether we are watchers or participants, it may be wise to consider abandoning the boat with the rats when the time comes. Until then, dance away you wishful bastards.

Dogecoin didn't gain it's value due to its utility nor does it utility come anywhere close to Bitcoin. The volatility makes it unsuitable for anything more than a speculative asset. Utility doesn't mean how fast you get a confirmation and I'll argue that 1min confirmation are less secure than 10 min ones.

Dogecoin's transaction volume isn't anything as compared to Bitcoin. Perhaps if more people begin to use Dogecoin and having to wait for several more confirmation in the meantime or if people stops pumping it, then we can revisit this topic.

When we do make out comparison between fees and transaction/block etc. matters then most of coins in the market will always be showing off
that it is way better than bitcoin but why is it that the community still stick out with Bitcoin? Nothing beats out the the king or father of all crypto in short say.

https://medium.com/nanocurrency/cryptocurrency-fee-comparison-which-crypto-has-the-lowest-fees-4e9118590e1f
https://www.fool.com/investing/2018/03/30/which-cryptocurrencies-have-the-lowest-transaction.aspx

You can check out coins in the market which does have almost free fee and almost instant confirmation times.

Doge is being pumped without purpose and is mainly reliant in the opinions of Elon Musk. So if he some day decided to quit shilling on DOGE and FUD on it, he will single-handedly plummet the price of DOGE and may even force people to lose hope on crypto in the process. That being said, it is very unlikely, but an indication that DOGE won't be enough to force bitcoin to improve unfortunately since it also has its own shortcomings that it has trouble solving by itself.

I doubt that any coins right now, not even Doge or Ethereum, I would say take it or leave it with bitcoin. BTC has been in existence for the last 10 years or so, we have seen a lot of issues, but still being the prime mover, it remains on top even if other altcoins such as Doge has a massive pump, bitcoin is still comfortable and I don't think that it will force the hands of devs to improved it.

gemini added dogecoin recently so it could be one reason that made investors in that platform buying doge.

i don't know what success is if a coin to have a price of more than $0.50 is not a success. whether it's a pump or not, you got to be one of the dumbest billionaire to really give away money that much because you just want to pump a coin. if it's just elon then he is up to bring the dumbest investors to the moon.

 take note that it is  not forever cause bitcoin has a limited supply.  But going back to the dogecoin's good price movement. Yes it is good when it comes to the price performance with lowest fees and fastest transactions. But then let us look with the most important thing to consider. And that is the contribution and the significant use of particular coin in crypto industry.
 
 As we all know though it was started as a meme coin and has a potential now, bitcoin still has an important role in blockchain purposes and wouldnt surpass any altcoins out there because of its success use.

I am wondering, what was that DOGE success..  and it came to my senses, DOGE had been very successful in being pumped and dumped.  As what the earlier reply stated, DOGE price doesn't increase because of the utility it brings but rather because of the influential people behind it.  Please be reminded of what happen way back 2014.  Many investors were burn because of DOGE's pump and dump scheme and I think it is happening again right before our eyes.

If you follow the market and the top coin development you will understand that even the Dogecoin developers were shocked about the price rally and they rushed to implement the upgrades when the price started to rally and the network started to show slowdown. So do not claim about the onchain capacity of Doge :P.

If you think that lower the block speed will improve the speed of transaction then think about what happened to ETH as the block speed is a few seconds and yet you need to spend huge amount of money for transaction.

 If you are not urgent in making a transaction then you can still process the transaction at lower fees and you will get it confirmed within a day.

Good Point , When Ethereum did not made this thing triggered i guess with Dogecoin on the seen , Bitcoin will be more progressing in the next days because if not then this will be eaten by altcoins that popping really good these days and in the next years.

I still cant considered Doge as a success because it is not built up by a lot of people who trust this kind of altcoin unlike coin which has been respected by a lot of people and a lot of businesses and companies are bow holding huge amounts of bitcoin. Doge just pumped because of influential person Elon Musk who just manipulating the market, if that is only the case then it is not a kind of success for me.

BTC is good enough for what it is used for.  Digital gold.  No one really cares about BTC transaction times as no one uses it for anything that requires a fast turn around.  How long has the LN been around now?  Ethereum is a better comparrison.  Their devs want to make it smaller and faster because (like it or not) there is practical uses for ethereum and its smart contracts.  When Eth 2 comes along and NFT costs disappear, you can kiss BTC good bye.

Bitcoin has been having this problem with transactions for long now, the fees for transactions has really gone up. Someone had to do a small transaction of $75 and had to pay around $20 for the transaction, it’s quite discouraging , since you know that the money you have is going to cost you a lot to withdraw, by the time you’re done with sending it you’re going to be losing almost of it if not all.

You can’t even make a small transaction like about $10 or so, because of this same transaction fees that are too high. I don’t know for how long we are going to continue with this because I am already seeing that a lot of people are getting tired of it.

Highly over exaggerated, I move 800$ worth of BTC with just 1$+ yesterday so I don't know where you getting that 23$ per transaction on BTC network from, the only thing you get right is faster transaction speed but honestly that's all that dogecoin have to offer

Calling dogecoin as a success let alone comparing it to bitcoin is just unreasonable in my opinion. There are a lot of greater altcoins out there that are actually very useful. And here you are comparing dogecoin to bitcoin instead. Because of what? Huge price surge? Oh please. With the distribution of supply and the reason for its price surge, I assure you, it will dump one way or another if the ones who hold big bags or Elon Musk sells. Heck, even with just words from this guy can make this coin crash. Better make dogecoin a temporal profit generating coin than making it a long term investment. And if usability is what you are after, you will drown if you actually go and look at all the choices available in the market today.

Good for you, it cost me $23 from an exchange so I exaggerated nothing.

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If you can't recognize the incredible price increase verses fiat in such a small amount of time as a success ,
well then you are looking at the world in a much different way than the rest of us.

I am comparing doge to btc,
because technically it is superior in speed and onchain transaction capacity,
which is why I question when will the bitcoin developers actually increase BTC onchain transaction capacity?
And from the look of the responses , bitcoiners are ok with a ~60 cent dogecoin being superior to BTC $60000 coin in onchain transaction capacity.
Bitcoiners mistake is thinking JohnQ public is not going to compare Doge with BTC,
and you can make all the hashrate arguments you like,
JohnQ is only going to see low price transaction fees and incredible rising price % of Doge over BTC.

You need to pay more in term of security, btc is more secure then doge blockchain. And this is also happen to ethereum. Ethereum has the most expensive transactions in cryptocurencies but people still use ethereum. Bitcoin does not need any improvement for now.

I don't believe that Doge becomes a successful coin due to the fast block speed and it is pushing the price of BTC further. Nope, even if people think that DOGE is better then the price of BTC should decrease while DOGE is increasing.

Doge pumped by Elon Musk then most of the rich people started to keep an eye on DOGE so it was raising beyond the expectations but its a short hype for sure.

talking dogecoin and bitcoin is very interesting because hype doge is very high and it gives a big surprise to people who have long been in the world of crypto will become rich people if they buy Dogecoin and hold it until now may become new billionaires Dogecoin delivers great surprise in cryptocurrency no less bitcoin has also become a topic of conversation around the world because the price increase is so high that people are increasingly interested in investing.