Dogecoin helps Jamaican bobsleigh team

Posted by Josh Conibear in Personal Finance on 24 January 2014 - Josh worked as a Credit Analyst at checkmyfile until 2014

”Feel the rhythm! Feel the rhyme! Get on up, its (Jamaican) bobsled time!”

The Dogecoin Foundation has helped Winston Watts and Marvin Dixon, a two-man Jamaican bobsleigh team, to travel and compete in the Sochi 2014 Winter Olympics by encouraging their users to raise more than $30,000 worth of Dogecoin in sponsorship.

The pair qualified for the iconic competition on Saturday, but told the BBC that they would need fresh funding to cover travel and equipment costs. “We need about $40,000 for travel and also to buy new runners for the sled because we can’t go to an Olympics with only one set,” bobsleigh driver Winston Watts said.

Dogecoin is a crypto-currency, based on a combination of Bitcoin, the popular digital money, and Doge, the internet meme that superimposes broken English written in Comic Sans onto pictures of Shiba Inu dogs.

Liam Butler, who runs the Dogecoin Foundation, says, "As someone who grew up in the 90's, Cool Runnings was the ultimate feel good movie about underdogs out of their element achieving their dreams".

Butler launched Dogesled, aiming to raise some of the money required to send Watts and Dixon to Sochi. "We started without a concrete plan in mind. I sent a few emails out… but that was the extent of it”. But within a few hours, the fundraiser had collected just over 26m Dogecoins.

So many people have been donating, in fact, that they seemed to raise the price of the currency itself; in 12 hours, the Dogecoin to Bitcoin exchange rate rose by 50%.

Due to Dogecoin’s potential for major fluctuations in its price (along with the fact that you can’t buy bobsled equipment with Dogecoin), 26 million in Dogecoin has already been converted to Bitcoin, which “will be passed on to the Jamaican bobsled team” .

Another 550,000 Dogecoins (about £500) have been donated since the first batch of money was converted to Bitcoin.

While the Dogecoin community appears genuinely interested in helping the Jamaican athletes, it also sees its giving as a way to more exposure for its beloved Dogecoin.

One way or another, it seems likely that Watts and brakeman Marvin Dixon will be heading to Sochi to compete in the games this year.

Why Don’t Millennials Take Out Credit?

As a millennial, it can feel like my generation is besieged with criticisms on a daily basis, and not all of them are entirely fair (though lots are). We are frequently told that as a generation we are entitled, we have it so much easier than our elders and arguably, worst of all: we buy too many avocados. While I don’t buy avocados, I do have access to credit, which makes me a minority among my age group.

Published on 16 May 2018 by Beth Jennings

Full Article

Why Is My Loan Balance Wrong On My Credit Report?

One of the single most important pieces of information to appear on your credit file is the information relating to your credit agreements and how you repay them - with this information lenders can see your borrowing history across the last six years and use it to help them decide whether or not to offer you finance.

Published on 7 May 2018 by George Coburn

Full Article

How long do closed accounts appear on my credit report?

Some people believe that as soon as a credit agreement is settled and closed, it will no longer be reported to the UK’s Credit Reference Agencies and therefore will no longer have an influence on future credit applications. However, this is a popular misconception, one that could affect your ability to get credit if not correctly understood.

Published on 2 May 2018 by Tom Magor

Full Article

How to Save Big in the Bank Holiday Sales

Bank holidays may not guarantee a day of sun-soaked fun, but as is British tradition, we’d probably be quite happy barbecuing in the snow if it came to it. But no matter what your plans are, if you want to grab a bargain, you can use the Bank Holiday sales to save some serious money.

Published on 26 Apr 2018 by Kiah Phillips

Full Article

Should I Buy or Finance an Aston Martin Valkyrie?

We’ve all been there. £3 million burning a hole in your pocket and a track-going version of Aston Martin’s latest hypercar sat in front of you. But as a shrewd, savvy business-type, you know that dropping £3m in one go on a 1,100bhp car could be considered a questionable, perhaps even ‘baller’ move. But what about putting it on finance?

Published on 13 Apr 2018 by Jamie Mackenzie Smith

Full Article

How to Build Credit History Without a Credit Card

When it comes to the best way to build up a credit history, conventional wisdom is to take out a credit card and use it for everyday purchases, while paying it off (on time) at the end of every month. There’s plenty to support this advice too, as a credit card allows you to spend as much or as little as your limit will allow, while building a history in a reasonably short amount of time.

Published on 26 Mar 2018 by Jamie Mackenzie Smith

Full Article

Which Credit Report Information Can Landlords See

Whenever you rent a property, you will be required to pass some checks set by the landlord or letting agent to prove that you will be a good tenant and that you’ll be able to afford to rent the property.

Published on 19 Mar 2018 by Kevin Pearce

Full Article

Do Student Loans Affect My Ability to Get Credit?

For many people, a student loan is the single largest chunk of borrowing they ever take out, second only to a mortgage. With course fees alone now coming to more than £9,000 per year and then the added maintenance loan on top of it, you can easily end up borrowing £40,000 during your studies.

Published on 8 Mar 2018 by Jamie Mackenzie Smith

Full Article

How Far Back Can I get my Credit History?

For your recent payment history information, your credit file has everything you need; that’s why it’s given so much importance by lenders whenever you apply for credit. But if you’re looking for information that’s six years old or more, it’s probably not be the best place to start.

Published on 7 Mar 2018 by Jamie Mackenzie Smith

Full Article

Are Car Insurance Premiums Calculated Fairly?

Recently news stories have emerged alleging that a “John” might be more likely to get a cheaper car insurance quote than a “Mohammed”, and that someone with a Gmail account could be offered a lower premium than someone with a Hotmail email address.

Published on 12 Feb 2018 by Jamie Mackenzie Smith

Full Article
keyboard_arrow_left

keyboard_arrow_right

We have loads of great customer reviews