Cryptos Land: Will Dogecoin and Bytecoin Ever Reach $1?

Monday, 18 September 2017

Will Dogecoin and Bytecoin Ever Reach $1?

If you are accumulating Dogecoins (Doge) or Bytecoin (BCN) speculating that it will reach $1 then you should know the factors that would prevent it from reaching new highs. In short the answer is "Rarely, or a Big No". Dogecoin and Bytecoin might hardly worth $1 in near future even though it is backed by a strong community and are used by thousands of Crypto users to send micro payments. Reasons as to why they will not reach $1 includes

1. They are created for micro payments
The initial idea behind these two coins is to access micro payments and not large payments. Both coins are used to send tips to other users or to process small amount transactions. This keeps the price of both coins low. Crypto users use these currencies to tip people.
Eg : By sending 10 Dogecoins as a gift because, of its price being to low and you can get a lot of Dogecoins easily. Websites such as Doge Instant Faucet give you 2 Doge every 2 hours as a reward send instantly. Thus the central idea behind these coins is to be used as micro payments.

2. Billions of Coin Supply
For a coin to increase in value its supply should be short. If the supply of any coin is in billions it will prevent price to reach new highs. The current Doge supply is 111,130,558,649 Doge if in case it reaches $1 then the total marketcap of Doge would $111,130,558,649. That is almost twice of current Bitcoin marketcap. Similarly Bytecoin also boasts a current supply of 183,253,534,612 coins. A large supply will always prevent the price to break previous records.

3. Already among top 50 Crypto Currencies
Both of these coins are already among top 50 Crypto Currencies. They might hardly perform better in the next few years unless if there is some active development. Both are likely to struggle to maintain their positions against new and better Altcoins such as IOTA, Siacoin and Digibyte.

Note : This is just an opinion.
dogecoin bytecoin to $1?

No comments:

Post a Comment

Get Latest Post Via E-mail