Hi guys,
contemplating creating a website where fellow shibes can cash in some of their Dogecoin for items such as Xbox One S, Playstation 4 and Nintendo Switch Consoles. I was wondering what peoples throughts were on this, is it too expensive when convert dogecoin back into normal cash , not dear enough or just plain ludicrous?
Keeping in mind I am a long term investor in Dogecoin from 2013, 10,000 dogecoin at one point on Ebay was 10,000 for £4.44 which meant each Doge was worth £0.000444 pence. If you had invested back then at this rate and cashed them in today with my idea, you could have got an Xbox One Console for literally £13.32.
Obviously the market has changed and Dogecoin is worth just over a cent which is basically 1 doge = 1 cent for simplicity. 30,000 doge today would be worth, according to CoinMarketCap, $377.46 or with XE exchange rates into my currency as am from Northern Ireland in the UK, £274.98.
As I am still looking to invest in Dogecoin but mining it has become near impossible to do profitably, I have reorted trading them for games consoles to give people who want to cash out their doge something they might desire but their money:
Is currently tied up in Dogecoin and don't know how to convert it back into £ or $
An Xbox can be bought with a game for around £225 brand new in the UK, cheaper at £189 with certain deals, however with risk must come reward as someone investing heavily in Dogecoin has the following to think about:
- Dogecoin is not a recognised currency by any government
- Not backed up by a bank or gold reserves etc
- Very volatile, price goes up and down like crazy, could be worth nothing tomorrow who knows? When you have a pound coin or dollar in your back, you know the value will never change of that coin.
- Costs / Fees involved in converting Dogecoin back to hard currency
If I could get feedback, thoughts, ideas on this matter it would be greatly appreciated.
Much Wow, many thanks to the moon.
DogeMaster