All you need to know about Dogecoin

All you need to know about Dogecoin

Education
September 5, 2021 by Editor's Desk
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No matter who you are, you have undoubtedly heard the name ‘dogecoin’ that has taken the internet since Elon Musk tweeted about it. Its price shot when everyone started buying it and hundreds of people made millions of dollars from it. So, in this article, let us know what dogecoin really is. What is Dogecoin?
Dogecoin Explained

No matter who you are, you have undoubtedly heard the name ‘dogecoin’ that has taken the internet since Elon Musk tweeted about it. Its price shot when everyone started buying it and hundreds of people made millions of dollars from it. So, in this article, let us know what dogecoin really is.

What is Dogecoin?

Dogecoin is one of the strangest cryptocurrencies on the planet due to several very exciting reasons. It started as a meme in 2013 and stayed hidden until 2020 when Elon Musk tweeted about it. Now the total worth of dogecoin that is in circulation is incredibly 50 billion dollars, which is not bad for a cryptocurrency that was just created as a meme. Dogecoin stands as the fifth most valuable cryptocurrency on the market. It blows our minds to know that dogecoin’s value has increased more than six thousand percent this year thanks to Elon Musk and a few people who just bought every single dogecoin in the market.

 

Dogecoin is one of the easiest and quickest cryptocurrencies that you can buy or sell like an investment. You also get the perks to spend it like money or transfer it like funds to anyone you want in just seconds. Dogecoin like all other cryptocurrencies allows you to make safe and quick transactions, sometimes even faster than bitcoin. 

 

Dogecoin has about 129 billion coins in circulation, while bitcoin has about 21 million coins in circulation. The number of Dogecoins is continuously increasing every day as more and more miners are mining them. Currently, you cannot buy goods using dogecoin due to their less acceptance as money in the market. But as it’s getting more popular, it will soon be accepted in more and more online stores.

How was Dogecoin started?

Dogecoin was created and launched in late 2013 by two engineers – Billy Marcus and Jackson Palmer. Palmer featured the company logo and selected the Shiba Inu dog picture that was a popular meme at the time. Even the name doge was deliberately misspelled. Dogecoin was created to make some memes and joke about bitcoin but no one knew that it will come this far.

Interesting facts about Dogecoin

  1. The easiest way to buy a dogecoin is to create a wallet and then use one of the reliable exchangers. Note that you will need to have bitcoins or other cryptocurrencies that will be exchanged to doge. 
  2. Dogecoin has several safety levels and is almost irresistible to hacking.
  3. Dogecoin was created as a prototype of Luckycoin which is based on Litecoin technology.
  4. Doge gambling allows one of the highest withdrawal speeds and it is one of the safest ways to provide online casino activities. Secured payments within the Dogecoin chain are beating fiat currency’s level of safety in many ways. Dogecoin gamblers are frequently getting lower fees than those gamblers who prefer betting with fiat currency.
  5. Dogecoin’s mining process is very fast. Within the first year of its existence, 100 billion coins were mined. 
  6. Transaction fees within the dogecoin network are about one dose per transaction. 
  7. Dogecoin is using a proof of work system of transactions verifying – the same system used in bitcoin.