Recently, one of the founders of Dogecoin, Billy Marcus, made a big move on a platform called X, saying that Dogecoin is going to have deflation, which caused a stir in the cryptocurrency circle. As a friend who has been paying attention to Dogecoin, we have to talk about this.
First, we need to understand what deflation is and how Dogecoin can achieve deflation. Billy Marcus said that it is not difficult, just a few steps:
Developers take action: those big guys who write code, they have to submit a change on GitHub, the programmer's base camp, and this change is to make Dogecoin deflationary.
The community and miners must agree: This is very important. Dogecoin is played by everyone, so the friends in the community must think it is good, and the friends who mine it must also be willing to follow the changes, so that the new rules can be established. After all, Dogecoin is maintained by everyone, and everyone must agree.
Then, we have to look at the current situation of Dogecoin. There are about 146.78 billion Dogecoins now, and 5 billion new ones will be added every year.
Although the number of Dogecoins increases every year is fixed, the proportion of this increase will gradually decrease compared to the total amount of Dogecoins, which is different from Bitcoin. Bitcoin has a total upper limit, just like a big cake, which is gone after it is cut. But Dogecoins can theoretically continue to increase, like a buffet that can never be finished.
However, Billy Markus also said that the rules of Bitcoin are not set in stone and can be changed if everyone wants. This shows that these blockchain things are very flexible and not immutable. He also said that the design of Dogecoin may be more reliable than government-issued money (legal currency) in the future.
To sum up, Billy Marcus has come up with a way to make Dogecoin rarer by not adding new coins as "generously" as it is now. Whether this method can succeed depends on whether the community and miners buy in. If it succeeds, Dogecoin may become more valuable.
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