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The Dogecoin started off as a penniless Internet joke. But Matt Thompson plans on selling his vacation home for this meme-inspired currency. <\/p>\n
The 27-year-old entrepreneur has been selling games and gadgets over the Internet for years, but nothing as big as his Wisconsin vacation home, which he is offering for 100 million Dogecoins. <\/p>\n
Dogecoin (pronounced DOHJ-coin) isn't something tangible like the dollar bills in your wallet. It's an open source file-sharing form of cryptocurrency that was created by programmer Billy Markus in December 2013. The newbie cryptocurrency started off as a parody of Bitcoin, using the image of a perplexed Japanese dog. Chances are, you've probably seen Dogecoin's mascot somewhere on the Internet already. As the Shiba Inu would say: Wow, much coin-cidence. <\/p>\n
But this satirical currency isn't just a punchline anymore. Through trading and transactions between users, the currency went from being worth nothing to being valued at more than $65 million, and it has a uniquely supportive community of users from the site Reddit. <\/p>\n
Thompson, a user of bitcoins since 2011, started buying and selling Dogecoins two days after they were made available online. But the early adopter didn't think of selling his vacation home for cryptocurrency until his property got no offers after several months on the market. His three-bedroom, two-bath home is one of 2,300 properties on sale in Sawyer County, in the state's northern woods. <\/p>\n
To attract potential buyers, he decided to accept Dogecoins as a payment form. He sees potential in it. <\/p>\n
\"I don't mind holding on to (Dogecoins) for a multitude of reasons, including that I believe I can use them to further my business,\" he explained. Thompson, who lives in Minnesota, primarily sells video and electronic game accessories online. He's been able to buy and sell inventory from places such as China by using the digital currency. \"It's safe and easy with minimal fees,\" he said. \"To date, I've found it to be very good for supplementing payment methods.\" <\/p>\n
Timothy Lee, who has written about cryptocurrency for The Washington Post, says Dogecoin can be a feasible alternative to Bitcoin, but it is important to put it into context. Bitcoin is the most popularly traded cryptocurrency and has the largest community of users in the digital currency realm. Dogecoin is one of the top 10 cryptocurrencies, but it has a far smaller following. <\/p>\n
Ben Doernberg of the Dogecoin Foundation -- yes, the founders even established a nonprofit organization -- says what makes it special compared with its competitors is its community. <\/p>\n
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