Coin communities act differently: an analysis of Reddit tipping bot data has revealed some sharp contrasts in Bitcoin and Dogecoin users’ behavior when it comes to parting with their precious cash.
Among other statistics compiled by user u/rorrr, it was shown that the average Bitcoin tip on Reddit is 11.6 times larger than the average Dogecoin tip. Bitcoin users on average paid out US$2.181 using the ChangeTip bot, while those tipping DOGE with DogeTipBot gave just US$0.296.
The statistics were based on limited data, but nevertheless provide an initial insight into tipping practices. 40 pages from each bot were analyzed, as their full history was unavailable. As communities tip at different rates, another phenomenon, the timespans reflected in the data also vary widely; 40 pages correlates with 153.77 hours of ChangeTip use, but 20.02 hours of DogeTipBot use.
In these timeframes, however, a similar number of actual tips were given, showing that DOGE users tip considerably more frequently than Bitcoin users.
Cult of personality?
The findings may not come as a surprise to some, but it is interesting to consider how such differences were shaped. A simple explanation for the differences in average tips could lie in how the currencies are denominated.
As its exchange rate is currently around 2784
to the US dollar, tipping DOGE tends to involve high numbers the left-hand side of the decimal point. Even 1000DOGE only translates to 36 cents. Bitcoin, on the other hand, is tipped either as a tiny decimal or, more often, in millibits, of which there are currently 1.55 to the dollar.
The large numbers involved with DOGE could thus have a certain subconscious effect which limits ‘large’ amounts being tipped. With mBTC, however, amounts are a lot more familiar, which could lead to ‘normalized’ tipping of amounts similar to those deemed appropriate by users if they were trading in actual dollars. A tip of 2 USD, for example, looks more likely on ChangeTip as 3.0953mBTC than on DogeTipBot as 5,527.9DOGE.
This hypothesis can be easily refuted, however, not least due to the fact that different users are familiar with different currencies, some of which are denominated nothing like USD.
Recalling the increased frequency with which Dogecoin is tipped, then, can lead to assertions about community mentality compared with Bitcoin. The ‘cult persona’ Dogecoin has generated, care-free and light-hearted – a dog, in essence – creates an environment in which users are perhaps more likely to share it around (in small amounts) to preserve the spirit of the brand.
Bitcoin, on the other hand, is comparatively neutral in its identity, its prime purpose being functionality, and thus less frivolous exchanging of small change tends to occur.
As for the future of tipping? Perhaps the main finding from the results is their depicting a defined culture: tipping is commonplace, and is gathering momentum irrespective of the currencies’ exchange rate increases.
With more widespread adoption, for example, it cannot be so far-fetched to imagine the tip becoming an entrenched aspect of other forms of media in addition to forums. Goods and services, support services, social interaction – all these may well include a facility for the cryptocurrency tip.