House for sale for 100 million Dogecoin

A US entrepreneur has put his Wisconsin vacation home up for sale for 100 million Dogecoin - the meme-inspired cryptocurrency that was conceived as a parody to Bitcoin.

Matt Thompson, 27, decided to accept offers in Dogecoin after the property failed to attract any bids in US dollars after months on the market.

At Dogecoin's current value Thompson would receive around £68,000 worth of the currency for his home. However, due to the volatility of the currency this figure has fluctuated considerably since being put up for sale in Dogecoin.

Related: An in-depth look at Bitcoin - Is it the future of money, or merely a phase?

Thompson earns a living selling video games and accessories online and has previously used the alternative currency to buy and sell inventory for his business.

"I don't mind holding on to (Dogecoins) for a multitude of reasons, including that I believe I can use them to further my business," Thompson told CNN.

"It's safe and easy with minimal fees. To date, I've found it to be very good for supplementing payment methods."

Dogecoin was first introduced in December 2013, featuring the Shiba Inu dog from the "Doge" meme on its logo.

Since then, over 50 billion Dogecoins have been mined by a community of more than 100,000 people and it has been used in crowd-funding campaigns that include financing the Jamaican bobsled team's trip to the Sochi Winter OIympics.

However, like all other cryptocurrencies, Dogecoin has its critics.

"So many people, especially people involved with Bitcoin, tend to believe it's a copycat," Thompson said. "I really don't think you can be so shortsighted.

"I believe the value of an economic system is the sum of all of its parts. So, there is room for all sorts of coins."