What is Dogecoin (DOGE)?
Future of DOGE Cryptocurrency and know how to buy DOGE
#1 - What is Dogecoin?
Up until the last decade, cryptocurrencies were a topic buried within the interests of techizens and finance geeks. Not anymore! At this point, there are probably more cryptocurrencies than we know what to do with. It’s not even funny. Or is it? Meet the cryptocurrency named after a meme - Dogecoin.
Dogecoin: The Basics
- Dogecoin is a cryptocurrency just like the Bitcoin, except it has a friendly(ier?) logo. The marketing seems to be on point - who doesn’t like dogs?
- While Dogecoin was introduced just for fun in 2013, it got pretty serious when the public began to lap it up and thrust it into celebrity coin status.
- It began to see some development as well, which only helped it rise higher among the other cryptocurrencies.
- Dogecoin launched for the world in 2013 via Billy Markus, Jackson Palmer, and “Shibetoshi Nakamoto” - an obvious play on the name of Bitcoin’s creator - Satoshi Nakamoto.
- Shibetoshi is not a real person of course, but refers to the Shiba Inu breed of dogs whose faces make the popular Doge meme, and the logo of this cryptocurrency.
- The idea was to make a fun cryptocurrency that would be free from controversies that normally surrounded all the others.
- The Dogecoin cryptocurrency intended to originally have a hard cap of 100 billion tokens. This was later removed.
- The Dogecoin community has frequently raised funds for charitable causes - from the 2014 Winter Olympics to NASCAR.
- In 2014, Dogecoin also goes its first ATM, with a launch in Vancouver.
#2 - Dogecoin Benefits
Dogecoin Technology / Doge Technology
- Technically, Dogecoin is simple internet money. It is a decentralized platform, that allows you to trade its token - Dogecoin (DOGE), and exchange value.
- The cryptocurrency was based on another cryptocurrency - Luckycoin, which runs the Scrypt Proof-of-Work protocol (originally from Litecoin). This means that Doge cannot be mined by ASICs, and is instead only mineable by computers.
- This also makes it less energy intensive to mine.
- Unlike Litecoin (on whose Scrypt algorithm the DOGE cryptocurrency is based), Dogecoin’s block time is 1 minute versus Litecoin’s 2.5 - allowing for faster transactions and confirmations.
- The mining reward limit was initially random - with anyone getting the block reward of 1,00,000 coins. This was then changed to a fixed reward, and reduced to 10,000 by 2015.
#3 - How to buy and store Dogecoin?
How to buy DOGE/ How to buy Dogecoin
Dogecoin is traded on over 250 pairings across more than 50 exchanges globally. From Ethereum to Bitcoin to even a host of other smaller cryptocurrencies, Dogecoin can be purchased using any of them. Popular exchanges include Bittrex, Cryptopia, HitBTC and more. You can buy Dogecoin with Bitcoin from CoinSwitch at the best rate.
Of course, all of this can get confusing and tiresome for users. This is where CoinSwitch comes in.
- While cryptocurrency exchanges provide you with a platform to buy or sell the Dogecoin cryptocurrency, CoinSwitch, the
largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for DOGE. This way you can choose the best deal for you!
- You can also buy, sell and trade over 300 cryptocurrencies for the DOGE crypto. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.
Dogecoin isn’t running on the Bitcoin network, nor is it an ERC20 token. This means it requires it own, dedicated DOGE wallet - called the Multidoge wallet, to store DOGE tokens. It can be downloaded from Dogecoin’s official website.
#4 - What is the future of Dogecoin?
Also Read:Complete Analysis of Dogecoin | Live Dogecoin (DOGE) Price Charts And Predictions
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- Who wouldn’t want a currency that is easy to trade with and poses low transaction charges? Dogecoin is an adored cryptocurrency that had the highest production rate during its initial phase. It is also expected to have a greater worth in the coming years.
- The cryptocurrency’s association with the popular Doge meme is what seems to have been driving its popularity single-handedly. Of course, it helps that the coin has become an accepted way of tipping others on social media, and as a currency for smaller, lower-valued transactions in general.
#5 - How is Dogecoin different from other cryptocurrencies?
For starters, Dogecoin seems to be only cryptocurrency that was
started as a joke. With a meme as its mascot and center of attention, Dogecoin is the one cryptocurrency that doesn’t take itself too seriously, unlike nearly all the others.
On the consumer front, while other cryptocurrencies charge you for transactions like spending or remittance, Dogecoin charges you significantly lesser than the other cryptocurrencies. This is due to the low value of an individual token.
Dogecoin has also built a reputation as a tipping system of sorts, with sites like Reddit using the Dogetipbot or other services via which users can tip others in Dogecoins.
#6 - Should you invest in DOGE?
- Dogecoin proved to be the most mined cryptocurrency in its beginning stages. The uniqueness lies in the logo, the mascot clearly helped in an increase in the popularity of the cryptocurrency.
- This is despite the fact the Dogecoin Foundation, which oversees the development of the Dogecoin network, is largely inactive and idle. It lasted posted on its Reddit profile in 2016, and only thrice on its Twitter profile in 2018.
- Additionally, Dogecoin has an edge over the most popular cryptocurrency Bitcoin for two reasons.
- One, Dogecoin mining is quicker in comparison to Bitcoin.
- Second, there’s no limit for the number of Dogecoins mined, whereas the limit for bitcoins is 21 million. Miners could literally mine Dogecoin forever!
Frequently Asked Questions (FAQs)
Q. What is the purpose of Dogecoin?
A. Dogecoin was started as a joke initially, one of the purposes is "tipping" fellow internet-goers who create or share great content.
Q. How many Dogecoins are there?
A. 120,953,861,298 Dogecoins are there as of August 27, 2019.
Q. Is Dogecoin safe?
A. It has become one of the top 30 cryptocurrencies with market capitalization within such a short span, hence you can understand the user adoption rate.
Q. How do you get Dogecoins?
A. You can buy Dogecoins at the best rate from CoinSwitch.
Q. How long does a Dogecoin transaction take?
A. It takes around 2 to 5 minutes for a Dogecoin transaction to get confirmed on the blockchain.