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Dogecoin has been surging in popularity these few years, but for the longest time, I just couldn’t take it seriously. I don’t know whether my misplaced sense of self-righteousness caused me to be so dismissive, even disparaging, towards Dogecoin. I think because it was created as a satirical response towards other cryptocurrencies like Bitcoin and Ethereum, I could not come to terms with the fact that Dogecoin actually has no practical usage.
My attitude impacted my approach when I decided to add Cointiply to my daily routine. Upon realising that the Litecoin Foundation was based in Singapore, I designated my earning crypto to be Litecoin. I flirted with the idea of Dogecoin for a while but I thought about how all the electricity associated with mining Dogecoin was essentially being put into waste to keep this satirical joke alive. As a father of a toddler son, this was something that I couldn’t let go. Even if I wasn’t rolling up my sleeves and planting trees to counter global warming, I ought to at least not contribute to global warming with my actions.
I persisted with my attitude for about 8 payouts, which lasted about 1.5 months. I decided what I wanted to do with my Litecoin - convert it to fiat so that I could use it to pay my housing loan.
Having decided that my earnings from faucets would go towards my housing loan, I decided to embrace the dark side and switch my payout to Dogecoin. One reason was that Dogecoin yields an interest rate of 3.78% on Gemini Earn, which is slightly higher than the 2.77% Litecoin is bringing me. If I am setting such an ambitious goal of leveraging faucets to pay off my housing loan, I cannot afford to be so principled. Every single cent counts. Switching to Dogecoin would potentially help me be rid of my loan that much faster!
Another reason was that I subscribed to COINBASE Bytes newsletter. Out of so many cryptocurrencies, Dogecoin is one of the six coins whose price movements were prominently featured on the newsletter. To earn one of these six prizes spots meant that there must be more to Dogecoin than I thought. My abstinence wouldn’t make any dent on Dogecoin’s standing anyway, so if I can’t beat it, why not join it?
So this week, I received my first payout in Dogecoin. It marked my complete transformation from cynicism to acceptance. Maybe I will research Dogecoin to see if there are any recent emerging use cases.
Have you noticed a shift in your attitude towards any crypto? Was it sudden or gradual? Do let me know.
