Few of us know Jackson Palmer. Well, he is the founder and creator of Dogecoin. He notes that he has been a fan of cryptocurrency since he heard about it. Cryptocurrency can be referred to as a form of digital money that can be sold from one person to the other. When it comes to the cryptocurrency business, Bitcoin is the oldest form of this currency. Mr. Palmer created the Dogecoin so that he could poke fun to the hype that had characterized the emergence of the encrypted digital money. He managed this feat in 2013 by combining a Doge meme with Bitcoin. His main goal was to satirize the absurdity that can arise from making huge investments in things that people don’t understand. To his surprise, investors didn’t get the joke he intended to pass through. They bought his creation to the extent that it has a market value of $400 million. As time went by, his creation became a magnet that had the ability to attract scammers as well as hackers who would defraud investors. Many cryptocurrency backers were left empty-handed while they were sold hyped faked products. With this experience, the cryptocurrency experts warn people today that they may fall into the trap that many people fell in back in 2013.
In a recent interview, the Dogecoin founder says that he fears what happened to his creation is happening again today. His worst fear is that it’s happening on a wider scale. Signs of trouble have started manifesting. For instance, when the Chinese government announced that they would be cracking down virtual currencies, the value of Bitcoin decreased by 30 percent. At the same time, Dogecoin fell by 50 percent. However, cryptocurrency investors still claim that the currency will replace government-issued money in the coming years. Despite the recent decline, Bitcoin value has tripled in 2017 alone. Ethereum, on the other hand, has seen its values appreciate by more than 2,300 percent. This is an industry that has led to the rise of crypto- millionaires as well as other digital currencies referred to as altcoins. Most of the startups that specialize with cryptocurrency are able to raise money through a process called initial coin offering. This involves investing using Bitcoins so that they can receive some stocks in the startup. However, there are concerns that despite the high risks associated with cryptocurrency, appetite from normal people and investors is on the rise.