The post Forget About Dogecoin: This Coin Can Make You A Boatload of Money appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Cryptocurrencies emerged as a form of a decentralized financial solution that utilizes the blockchain to mitigate transactions safely and fairly, removing the middleman and ensuring transparency.
Bitcoin, launched in 2009, was the first cryptocurrency to gain a following base large enough to be considered an asset and paved the way for all coins that emerged after it.
Most of these coins use Bitcoin’s model but strive to bring something new to the table. Ethereum, for example – the second most popular cryptocurrency – is also being utilized as a platform for smart contracts.
If you are up to date with the market, you probably heard about Dogecoin – a cryptocurrency that started out as a joke back in 2013 but has now reached a market capitalization of over $35 billion.
This currency was created with the purpose of being as ridiculous as possible and, despite being very welcomed in the community at the time, it did not get much notoriety outside of it. However, since its launch, Dogecoin has risen by over 100,000%.
This sounds impressive on paper, but we believe people will soon debark from this hype trend and move on to another one – TORG. What is TORG, you ask? We’ll get to that in a moment.
First, let’s have a look at what we think Dogecoin lacks, and then we will move to how TORG aims to solve these issues.
Why the Dogecoin hype won’t last
Dogecoin was dubbed the people’s currency and is praised for its supposedly cheap $0.32 per token price and the idea that current investors are getting in on the ground floor far before widespread acceptance.
Tesla CEO Elon Musk’s steadfast support for Dogecoin is also seen as a positive among the community. But coin price is not all that matters.
While Dogecoin sounds nominally cheap, there is a large number of mined tokens (130 billion).
Every year, the circulation supply grows by about 5.2 billion tokens, which means existing Dogecoin holders are slowly diluted by this ongoing mining-based inflation.
On the utility front, there is a considerably greater problem. Dogecoin enthusiasts would want to believe they’re the first ones getting aboard the hype train.
The reality is, just about 1,400 firms globally accept this cryptocurrency, and it took 8 years to get here – quite a lot of time.
The blockchain of Dogecoin isn’t especially efficient either. While it has lower transaction costs than Bitcoin and Ethereum, it competes with a number of smaller cryptos that have even lower transaction fees.
Dogecoin transactions take roughly 20 minutes to validate and settle, which is longer than other prominent cryptos.
And Elon Musk, whose tweets are responsible for Dogecoin’s huge surge in popularity, might potentially be viewed as a burden rather than a positive force.
The fact that a joke tweeted by Musk may increase Dogecoin by 30% or more is a very strong indicator that its growth is not driven by genuine catalysts but rather hype. And the problem with the hype train is that it always comes to a halt.
H2: Introducing TORG – a cryptocurrency driven by the community
As with all emerging markets, new assets will continue to penetrate the crypto market, but not all are going to last. However, TORG aims to be more than just a shiny new coin.
It has been created with a strong purpose in mind – to become a sustainable and universal solution that emerging currencies can follow if they want to provide real utility for the world.
What does this mean?
These emerging meme coins are popular, but they don’t bring any real value and utility to the world, as we can see with Dogecoin.
TORG, on the other hand, has the mission to provide a utility-driven value denominator to these meme coins and even has a name for the concept: utilimemes.
Memes can generate immediate interest, but utilimemes make such adoption more scalable and long-term by focusing on practical usefulness.
A meme coin usually only lasts until a new meme emerges that attracts people’s attention. Combining the power of memes with genuine utility-based use cases, on the other hand, results in a stronger long-term influence.
An ambitious project aiming to help the underbanked
Currently, not all people have the same access to financial goods, services, and features. Approximately 3.9 billion people worldwide are underbanked, and they are regularly denied access to basic products and services.
However, TORG aims to make the future of finance more accessible, inclusive, and transparent. A smartphone with an internet connection is all that is required to become a global financial citizen.
TORG has a distinct aim and a philosophy that links technology to human liberty and empowerment. It aspires to be a genuinely global and decentralized cryptocurrency that is also trustworthy and futuristic.
TORG is more than a technology answer because it was created at a deeper level.
It consists of a number of components that work together to form a cryptocurrency ecosystem that tackles the many tradeoffs that have become the scourge of today’s meme coins.
The ultimate purpose would be to solve the conflicting foundations of regulation and decentralization, sustainability and independence, anonymity and security.
It almost sounds too wonderful to be true, but all of this can be achieved with proper design.
The Coin, the Foundation, financial service providers, and various independent and strategic investment arms all play an important part in TORG’s mutually reinforcing, mission-driven, and utility-focused purpose.
H2: What makes TORG worth investing in?
The immediate reaction of the crypto community to TORG seems to be a positive one. TORG’s daily transaction volumes have more than quadrupled to reach $4.4 million in the two weeks leading up to September 29, 2021.
This is also 50 times more than the launch day volumes, indicating a steady increase in user adoption. The utilimeme’s current market price sits at $0.00245, according to CoinMarketCap – much cheaper than Dogecoin and other similar tokens.
TORG aims to solve the issue with inflation as well by creating and distributing a finite number of 777 billion TORGs at launch.
The coin’s smart contract states that TORG won’t be mined, meaning the coin’s value won’t decrease due to inflation.
TORG is supported by quite a few wallets, including Metamask, Trustwallet, and Coinbase, and is increasingly accepted by more and more crypto exchanges worldwide, signaling the market recognizes its impressive development.
Today’s world is all about rapid transformation and improvements that provide long-term benefits.
If we want to play our part in this sort of development, it becomes our duty to invest in products and assets that can truly make a difference, and TORG seems to check all the boxes.