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FORUM » Cryptocurrencies » Dogecoin » DOGECOIN - All the way to the moon! (Part 5) (General information about DogeCoins)
DOGECOIN - All the way to the moon! (Part 5)
ADMINDate: Monday, 2016-11-14, 4:02 PM | Message # 1
Sergeant
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This thread was created for you to have a general idea about DOGECOIN! ( Because it is a very long post i have separated the Thread by parts) - Right now you are reading Part 5!

1.HOW CAN I TIP DOGECOINS?
To send and receive Dogecoin via Twitter, Facebook, and Reddit, you need to make an account with each "tip bot." This account will keep track of your coins, and send them to another user if desired.

Reddit (/u/dogetipbot)

To begin:

Send /u/dogetipbot a private message
Type +register and send.

Or to accept a tip for the first time:

Send /u/dogetipbot a private message
Type +accept and send.

Visit reddit.com/r/dogetipbot for questions.

Twitter (@tipdoge)

To begin:

Go to tipdoge.info
Log in with your Twitter account

Facebook (Doge Tip App)

To begin:

Search "The Dogecoin Tipping App" on Facebook
Connect with Facebook

Facebook tips will fail and will not be logged under the following circumstances:

You've specified in your settings that you don't want to be tagged by others.
You're tipping Dogecoins to someone who has specified that he/she does not want to be tagged.

2.WHAT IS THE VALUE OF DOGECOIN?
When learning about Dogecoin, it is important to keep in mind that Dogecoin has a real-world value. It's not just some sort of arbitrary points system; Dogecoin can be bought and sold for your country's currency or better yet, exchanged for goods and services!
There are two main ways in which Dogecoin's value is communicated: Relative to Bitcoin, and relative to fiat money (a government-backed currency such as USD).

Relative to Bitcoin
Giving Dogecoin a value in terms of Bitcoin is the most popular method of talking about price changes and such. Bitcoin is chosen because it is currently the most successful digital currency both in value and acceptance. Because one Dogecoin has such a small value compared to one Bitcoin, the value is expressed in terms of "Satoshi," which is defined as 0.00000001 Bitcoin.

Relative to fiat money
Talking about Dogecoin's value in terms of the U.S. Dollar or another fiat currency eliminates the problem that arises when when, for example, Bitcoins value goes up. This causes the value of Dogecoin to appear to go down when in fact it may be staying constant relative to fiat money.

In addition to the value of one Dogecoin, the value of the currency as a whole can be shown by its market capitalization, which shows the total value of all the currency in circulation. This can be used to show how much was lost or gained by investors in total following a price fluctuation.

3.WHY DOES THE PRICE OF DOGECOIN FLUCTUATE?
As do all other buyable and sellable goods, Dogecoin has a price that fluctuates based on the supply and demand of the coin. These fluctuations make it possible to treat Dogecoin as an investment for future gain.

Understanding Supply
Supply is the amount of a good that producers are willing and able to sell across different prices.

Understanding Demand
Demand is the amount of a good that consumers are willing and able to buy across different prices.

Influences on Supply: Number of suppliers, expectations of future profit, technology, price of other goods, and intervention from the government

Influences on Demand: Number of consumers, expectations of future price changes, tastes and preferences, price of other goods, and consumer income

Relating economic principles to Dogecoin
Dogecoin follows the same principles as do other goods and services. It has suppliers (those whosell Dogecoin) and consumers (those who buy it). Changes in the supply and demand of Dogecoin affect the trade volume of Dogecoin and the price at which Dogecoin is traded. Let's take a look at a few examples:

A new cryptocoin is created that is known to be very profitable. Crypto sellers decide to stop selling Dogecoin in favor of the other cryptocoin, decreasing the supply of Dogecoin. As a result, the price of Dogecoin increases, but the trade volume drops.
A charity drive from the Dogecoin subreddit makes it onto national news and encourages people to start buying cryptocoins, including Dogecoin. The number of consumers increases dramatically, increasing the demand for Dogecoin. As a result, both the price and trade volume of Dogecoin increase.
Someone makes national news by being the first ever person to become a millionaire through sales of Dogecoin. Other suppliers take note and decide to start selling more Dogecoin as well, increasing the supply of Dogecoin. As a result, the trade volume of Dogecoin increases, but the price drops.
It is revealed on national news that Dogecoin is used in black market sales of illegal drugs. People's tastes in cryptocoins shift away from Dogecoin, decreasing demand. As a result, both the price and trade volume of Dogecoin drop.

THIS IS THE FINAL PART OF THE THREAD! I HOPE YOU WILL FIND ALL THE INFO USEFUL!
 
FORUM » Cryptocurrencies » Dogecoin » DOGECOIN - All the way to the moon! (Part 5) (General information about DogeCoins)
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