What is Dogecoin ?
Dogecoin is an open-source and peer-to-peer digital currency. Billy Markus and Jackson Palmer created a digital currency called Dogecoin to mock the extreme price swings of cryptocurrencies. Some believe it’s a viable financial potential even though it’s satirical.
The Shiba Inu dog from the “Doge” meme is the logo and namesake of Dogecoin. It was first launched on December 6, 2013. And within only four months, the online community had been established, and the market cap of the coin became $85.3 billion by May 5, 2021.
The Dogecoin price increased after several celebrities, such as Elon Musk, tweeted about this coin.
Primary features of Dogecoin
- The maximum amount of dogecoins that may be mined is infinite. This means that there are over 100 billion Dogecoins in circulation.
- Dogecoin is a proof-of-work cryptocurrency.
- Dogecoin’s blockchain network employs cryptography to ensure the security of all transactions.
- It uses Scrypt, which requires far less computer power than Bitcoin mining.
Is Dogecoin a promising cryptocurrency?
Since May 7 2021, the value of Dogecoin has increased by over 26,000% in the previous six months, more than any other cryptocurrency. A fifth of a cent is about the price of one Dogecoin, on average, from May 2015 to May 2020.
The price of Dogecoin is volatile and fluctuates heavily after tweets by celebrities, like Elon Musk.
Dogecoin is not a particularly efficient store of value as there is no lifetime limit on the number of Dogecoins generated through mining.
How to use Dogecoin coins?
- Dogecoin is used as a tipping system for rewarding quality content on Reddit and Twitter.
- One can also trade dogecoins for other cryptocurrencies on several cryptocurrency exchanges.
Pros & Cons of Dogecoin coin
Performance and cost:
Dogecoin enables rapid transaction processing and cheap transaction fees, critical for widespread adoption.
Dogecoin’s production was initially limited to 100 billion coins but was eventually increased to an infinite supply. This maintains a somewhat constant dogecoin price.
Dogecoin’s vibrant community is its beating heart. The r/dogecoin subreddit’s over 300,000 users are famous for their friendliness.
Trade: You can day trade in this cryptocurrency and profit from volatility.
Belief in the cryptocurrency by the leadership:
Co-founder Billy Markus traded all of his dogecoins to purchase a Honda Civic in 2015.
More emphasis on its fun character:
Investment headlines across numerous financial news portals are too focused on the meme currency’s lighthearted nature rather than any disruptive innovation.
Trade Dogecoin coin on CoinSwitch kuber
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Dogecoin ICO summary
There has been no ICO for Dogecoin.
FAQ's on Dogecoin
- How Dogecoin Works?
Dogecoins come with an infinite supply of tokens, and so its price remains reasonably constant. This also means that the price is extremely low. Hence, it is unattractive for investors to hold onto their money. So, it works more like a highly liquid, freely circulating peer-to-peer digital money.
- Where is Dogecoin accepted?
Currently, many international stores accept Dogecoin. Dallas Mavericks, Kessler Collection, Post Oak Motor Cars are some of the top stores that accept Dogecoin.
- Where Dogecoin is listed?
Dogecoin is listed on many exchanges that accept Dogecoin, such as CoinSwitch Kuber.