Pages:
Author

Topic: Bitcoin high fee has brought dogecoin to limelight - page 3. (Read 638 times)

hero member
Activity: 1708
Merit: 749
The advantage with Dogecoin is that although the block size is similar to that of Bitcoin (1MB), on average the blocks are mined every one minute instead of 10 minutes as the case with Bitcoin. And due to low acceptability of Dogecoin, the Mempool is almost always empty (although this may change in the future). Eventually Bitcoin will lose out because the miners have refused to lower the transaction fee. But it will be too early at this point to predict whether DOGE will benefit out of it.

In the end Bitcoin will lose out? What about scaling solutions? Everything in life scales. Cars scale, bicycles scale, hardware scales, and Bitcoin will also scale, it just needs time.

Scaling solutions are underway and once they are rolled out step by step (which is not easy to do), it will take time until some of them are sufficiently understood by the uses in regards to how to use them (e.g. lightning channels). Hopefully, most of them don't even need some extra effort on behalf of the user. That would be the best case scenario.
sr. member
Activity: 543
Merit: 250
The advantage with Dogecoin is that although the block size is similar to that of Bitcoin (1MB), on average the blocks are mined every one minute instead of 10 minutes as the case with Bitcoin. And due to low acceptability of Dogecoin, the Mempool is almost always empty (although this may change in the future). Eventually Bitcoin will lose out because the miners have refused to lower the transaction fee. But it will be too early at this point to predict whether DOGE will benefit out of it.

In the end Bitcoin will lose out? What about scaling solutions? Everything in life scales. Cars scale, bicycles scale, hardware scales, and Bitcoin will also scale, it just needs time.
hero member
Activity: 1708
Merit: 749
Thanks to Elon Musk tweet about Doge, let Doge more and more famous, then just have happened this skyrocketed DOGE story. Let us back to the years when DOGE without Elon Musk, the time that BTC also with high fee, the ATH of Doge is about $0.017318. Comparing to now, i think the answer is easy to say.

DOGEcoin is famous anyway. If a coin is among the top ranks on Coinmarketcap for such a long time, the visibility was so high and so many people have seen it, it's definitely popular anyway.

With Musk's tweets it can only get better for DOGE, that is true. Didn't he mention he is accepting various coins for Tesla and SpaceX purchases?

Or was it only Bitcoin thus far?
full member
Activity: 533
Merit: 100
Thanks to Elon Musk tweet about Doge, let Doge more and more famous, then just have happened this skyrocketed DOGE story. Let us back to the years when DOGE without Elon Musk, the time that BTC also with high fee, the ATH of Doge is about $0.017318. Comparing to now, i think the answer is easy to say.
legendary
Activity: 3164
Merit: 1344
Leading Crypto Sports Betting & Casino Platform
The advantage with Dogecoin is that although the block size is similar to that of Bitcoin (1MB), on average the blocks are mined every one minute instead of 10 minutes as the case with Bitcoin. And due to low acceptability of Dogecoin, the Mempool is almost always empty (although this may change in the future). Eventually Bitcoin will lose out because the miners have refused to lower the transaction fee. But it will be too early at this point to predict whether DOGE will benefit out of it.
sr. member
Activity: 1638
Merit: 251
Hexhash.xyz
Apart from Elon musk hyping dogecoin these past months that got price hanging at $0.05 now the price has gone skyrocket. The skyrocket price of doge I believe is becayof the high fees of bitcoin transaction.

Dogecoin is proving to be a more optional coin to bitcoin and that is undoubtedly pushing price high and for the first time dogecoin has made a return to faithful hodlers. Grin Roll Eyes

Mate, the pumping price of doge coin will causing the transaction fee of doge coin increase.
I think one of the cause of high fee in bitcoin is because bitcoin price is already very high.
Just look at Ethereum and BSC, their gas fee is very different because ETH price is high and BSC still not too high.
sr. member
Activity: 1988
Merit: 275
Apart from Elon musk hyping dogecoin these past months that got price hanging at $0.05 now the price has gone skyrocket. The skyrocket price of doge I believe is becayof the high fees of bitcoin transaction.

Dogecoin is proving to be a more optional coin to bitcoin and that is undoubtedly pushing price high and for the first time dogecoin has made a return to faithful hodlers. Grin Roll Eyes
Dogecoin pumping doesn't have anything to do with the transaction fee cost on bitcoin blockchain, dogecoin is pumping because of the Elon Musk tweets about it and its community of moon boys, u don't see any reason why it will pump because transaction on bitcoin is more expensive, I mean we have trx that's offering almost free transactions, there are other cryptocurrencies that transactions are even free, so I doubt if dogecoin pumped because of bitcoin transaction cost is high.

Your point is valid. As now, I noticed the transaction fee of doge from one exchange to another is getting expensive as compared in the old days. Now, you can choose TRX, EOS, LTC or XRP for cheaper transactions. And those alts are also readily available in most exchanges. I will give couple of examples - in crex, the withdrawal fee for doge is 40 doge, which is approximately $13.6 at a current rate of $0.34, whereas in binance, it is 20doge ($6.8 ). Now, that is expensive! So I can say, it is mainly because of Elon why doge is getting high price today, not the fees involved in doge transaction.
full member
Activity: 1008
Merit: 101
Apart from Elon musk hyping dogecoin these past months that got price hanging at $0.05 now the price has gone skyrocket. The skyrocket price of doge I believe is becayof the high fees of bitcoin transaction.

Dogecoin is proving to be a more optional coin to bitcoin and that is undoubtedly pushing price high and for the first time dogecoin has made a return to faithful hodlers. Grin Roll Eyes
Dogecoin pumping doesn't have anything to do with the transaction fee cost on bitcoin blockchain, dogecoin is pumping because of the Elon Musk tweets about it and its community of moon boys, u don't see any reason why it will pump because transaction on bitcoin is more expensive, I mean we have trx that's offering almost free transactions, there are other cryptocurrencies that transactions are even free, so I doubt if dogecoin pumped because of bitcoin transaction cost is high.
member
Activity: 364
Merit: 10
In fact, without Elon Musk, maybe nobody even knows about DOGE.

I admit, Elon Musk does the magic that makes Doge a magnet, it attracts all the attention.  Compared to many altcoins in this bull run, Doge stands out above all.  We have a large community of supporters around the world.  Always support Doge!  Just tweet by Elon, will keep flying! Kiss
hero member
Activity: 1708
Merit: 749
Apart from Elon musk hyping dogecoin these past months that got price hanging at $0.05 now the price has gone skyrocket. The skyrocket price of doge I believe is becayof the high fees of bitcoin transaction.

Dogecoin is proving to be a more optional coin to bitcoin and that is undoubtedly pushing price high and for the first time dogecoin has made a return to faithful hodlers. Grin Roll Eyes

I think it is not the high fee of BTC that brought dogecoin to limelight, it is the constant meddling of Elon Musk that brought Dogecoin to the attention of whales and masses.  If it is the high fee of BTC then there is other cryptocurrency that can offer a lesser fee and a faster transaction.

High fees may also play a minor role in all of this although I think that people will just use BCH or something else instead that also has low fees. What does the average transaction with DOGE cost right now?

It isn't as low as you would think! It is around $0.20 to $0.35 or something? There are coins which are cheaper in transaction costs. Litecoin and Bitcoin Cash are both cheaper I believe.
hero member
Activity: 2268
Merit: 507
Dogecoin will eventually fall. Like it did last time.
Anything that already gone up will be going down again and it's not only happening with the doge coin but almost all of coins in the market are also doing the same thing like doge coin as well. This is the nature of crypto when pump and dump will always be happening in the market and it can't be avoided except the token will be backed by the stable commodity or asset like fiat money.
There are lots of my friends already trapped at the peak price of doge coin and they are still waiting for the time to go out from their lose position.

The fall for doge coin is predictable but pump and dump on doge has no correlation with bitcoin fees.
member
Activity: 375
Merit: 15
$CYBERCASH METAVERSE
I don't believe that dogecoin skyrocketed because of high fee happening with BTC and moreover can this high fee be compared to that on Ethereum network? I guess not, doge coin pumps because of that billionaire and influencers, nothing more or less
full member
Activity: 1258
Merit: 104
Im not sure that dogecoin price is somehow connected to btc fees. Dogecoin price is only connected with memes and Elon Musk tweets
Why are you unsure if the Dogecoin price is tied to BTC fees? try to give a more concrete reason here
because many people already know about Elon Musk's tweet about Dogecoin.
hero member
Activity: 1344
Merit: 501
Vave.com - Crypto Casino
You're really mistaken if you think all the pumps that has happened in doge market caused by bitcoin high fee, I mean, if you really eager to make a transaction while at the same time didn't want to spend too much on fee there's so many alternatives that's better than doge with less volatility and if you see the pump of doge coin happens right after elon made a tweet relating to doge and it has been like that since the first time elon trying to talk about doge or crypto in general. If you don't believe, try to find doge hodlers maybe in reddit or instagram and ask them, most of them buying it just out of speculation and trying to make quick buck.

Agree, low transaction cost is a key platform for dogecoin to keep a bright spot in the market but the feature seems outdated and overly copied because as you say, many alternative altcoins have a lower cost and have a better performance than dogecoin, the advantage of dogecoin is only good in its longevity and low volatility in the short term. But even with such an advantage, it's still not possible to turn attention from bitcoin to it easily, Elon Musk is the screenwriter for dogecoin and helped it regain some light on this big stage
sr. member
Activity: 1106
Merit: 310
This transaction has nothing to do with the Dogecoin pump, it Elon and holders of doge who pump the price, every tweet people ride it, and other people on the other hand panic and bought, also the 1 USD price target that is circulating also made the coin price up, bitcoin fees are already high in the past few years so OP speculation was not true, that the reason is because of the fee, it's because of the hype and attention by these elite people and celebreties.
full member
Activity: 1358
Merit: 100
Nah it's not the bitcoin transaction fee that dogecoin skyrocketed, there are many tokens that has low transaction fee not just doge. It was Elon Musk who always tweeting about dogecoin, he successfully brought doge to the moon.
full member
Activity: 1204
Merit: 102
this is also one of the reasons why the doge rose. The low fees make people choose coins to transfer funds to. but the biggest reason doge is popular today is because Elon Musk has always expressed his interest in this coin and clearly supports it. This is what made Doge rise to what it is today.
full member
Activity: 1820
Merit: 107
Apart from Elon musk hyping dogecoin these past months that got price hanging at $0.05 now the price has gone skyrocket. The skyrocket price of doge I believe is becayof the high fees of bitcoin transaction.

Dogecoin is proving to be a more optional coin to bitcoin and that is undoubtedly pushing price high and for the first time dogecoin has made a return to faithful hodlers. Grin Roll Eyes

I dont think so, Honestly speaking I dont understand why do you compare Bitcoin to Doge. because base on your OP do you believe that the Dogecoin pump was due to high Bitcoin transaction fees? Mate the truth is without Elon Musk's endorsement Dogecoin was nothing but just a sleepy meme coin, And the Bitcoin Network's expensive transaction fees have nothing to do with the Dogecoin pump because it was purely influenced by hype.
sr. member
Activity: 1974
Merit: 453
If the Bitcoin transaction fee is high, then ideally it should be BCH which gets the benefit. I don't know how DOGE can be used in place of Bitcoin, because the technology is much inferior and there are security bugs associated with DOGE. On the other hand, BCH is almost a cloned copy of BTC and the only difference is that the block size is larger to allow more number of transactions (and that is exactly what is needed now).
sr. member
Activity: 2310
Merit: 366
Dogecoin suddenly gained attention because of Elon's sarcastic reference of it. And then it simply went a lot more popular from that point onwards. Many people are now seeing it more than a meme coin which was not even updated for a long time. The cheap fees with Dogecoin has been one of the reasons why the coin is still much used until today. But lately, it is more than just a cheap coin perfect for tipping. It has now also become one of the coins to invest on.
Doge was rounding us for a long time, but I'm glad it's starting to take off. Elon Musk may knows something that we don't know, he plays with Doge and now just to prove its all pump and dump. Keep believing Elon's supremacy, he is the only reason to breakthrough.

Doge has always been on the top 100. I like Doge because it is cheap in terms of transaction fees and it gives convenience because each token is only worth as much so that you don't have to divide each coin even for small transactions. But in terms of technology we all know that Doge is almost left unattended by its devs for a long time. It is only recently that updates are awakened.

Don't be a blind dog of Elon.
Pages:
Jump to: