Pet-based Cryptocurrencies, are they real?

Do you recall Tardar Sauce? She was a truly grumpy cat who won people’s hearts when her photos went viral in 2012. Sadly, she passed away in 2019. However, her widespread popularity led to her being immortalized as one of the notable pet-themed cryptocurrencies. Remarkably, during her first charity event, she raised $70,000!

The funds realised by the grumpy cat during her charity event were given to the Sterling Animal Shelter in Massachusetts. They provide medical care and protection for stray animals, unwanted animals, or abandoned animals. Animal charity organisations help stray animals find their homes through cryptocurrency donations from various animal lovers.

How does the above story sound? Interesting right? Well, the truth is that if you are a pet lover, you do find it very interesting. If you consider the success of most animal-based cryptocurrencies, you can infer that the idea has come to stay.

In 2013, Dogecoin took everyone by surprise. It may sound amusing, but the truth is that the sudden rise in Dogecoin’s popularity can be attributed to its logo. When software engineers Billy Marcus and Jackson Palmer created Dogecoin, they decided to brand its logo with a popular meme that featured the Shiba Inu dog. This animal logo sparked a lot of controversy and attention, leading to the significant growth of the coin.

I love animals. But if you mentioned the idea of cryptocurrency to me a few years ago, I would had laughed at it, especially as that was not much education around digital currency. In terms of cryptocurrency, the only thing I think of is a certain type of currency associated with the underworld banking system.

But today, what is impressive is how many changes have taken place in the cryptocurrency world. We read about cryptocurrency in the business section of our daily website or financial publication. You will always see sections of news that only cover topics such as Bitcoin and other cryptocurrencies.

What is Cryptocurrency?

Cryptocurrency utilizes blockchain technology, operating in a decentralized manner without oversight from a central bank or monetary authority. It relies on a peer-to-peer network of user computers, known as “nodes,” to maintain a digital database or distributed public ledger secured by cryptography. Bitcoin and other cryptocurrencies ensure security through a process called “mining,” where complex digital codes in the network verify and mathematically confirm all new information added to the blockchain. This decentralized network reviews and validates all transactions and updates to the ledger.

In 2008 Satoshi introduced the first cryptocurrency called Bitcoin. And ever since then, bitcoin has enjoyed massive acceptance and growth by crypto traders. Many people who dared to invest in bitcoin at the time have reaped excessive profits from it: You may have heard about the cryptocurrency billionaires. More and more retailers and Internet marketers are accepting cryptocurrency as a payment method.

Since we know what cryptocurrency is, let us continue to discuss the concept of animal-based cryptocurrency. and why many animal welfare organisations use it as a means of finding homes for neglected animals.

Benefits of Pet-based Cryptocurrencies

Welfare organisations use cryptocurrency as a fundraising tool for multiple reasons. The fact is that cryptocurrencies like Bitcoin and Ethereum have been hot topics in recent years. These digital currencies are very attractive to investors and most philanthropists, which is why they are increasingly popular. People see cryptocurrency as a way of trading without external supervision by the government. This means that its value can remain stable even during political turmoil.
No central bank is needed for virtual currencies. The potential growth of cryptocurrencies is huge: there are currently approximately 101 million users. Narrowing cryptocurrencies into industries such as pet-based cryptocurrencies, allow people such as pet lovers to feel more attached to the certain coin and product they want to support.

It makes tax more efficient

A main advantages of cryptocurrrency is that it’s not taxed by capital gains. Animal charities can setup cryptocurrencies for donations. The organisation will get the full value of the donation without losing anything. This makes cryptocurrency an effective way to support animals and pets.

Adopts transparency

As you may be aware, cryptocurrency utilizes blockchain technology. This technology ensures that donations made to pets can be tracked and verified at any time, guaranteeing that funds are used as intended. Notably, donations can be made anonymously unless donors choose to disclose their identity.

Conclusion:

Cryptocurrencies eliminate most of the problems facing modern banking. Interestingly, using a simple payment gateway (such as cryptocurrency) can make it easier for your loved ones to get donations. Since the introduction of the first cryptocurrency in 2008, digital currencies are growing exponentially. Going forward, there will be more opportunities, specifically, more pet-based cryptocurrencies. These pet-based cryptocurrencies are a good way for pet lovers to show their support for their favourite animals. The story of dogecoin reveals that people love dogs. So many people are willing to invest in pet-based cryptocurrencies as pet lovers can show their support.