Until the last decade, cryptocurrencies were a subject buried in the interest of technology citizens and finance experts. The situation has changed and at this point, there are probably more cryptocurrencies than banks. It’s not even funny, or maybe it is. It is time to know the cryptocurrency that bears the name of a “meme”: Dogecoin.
Dogecoin: the basics
Dogecoin is a cryptocurrency just like Bitcoin, except it has a “friendly” logo. Marketing seems to be concise: who doesn’t like dogs? While Dogecoin was introduced just for fun in 2013, it became quite serious when the public began to spin it and put it in the celebrity currency status. It also began to see some development, which only helped it grow more among the other cryptocurrencies.
Dogecoin was launched to the world in 2013 through Billy Markus, Jackson Palmer and “Shibetoshi Nakamoto”, an obvious joke about the name of the creator of Bitcoin: Satoshi Nakamoto. Shibetoshi is not a real person, of course, but it refers to the Shiba Inu dog breed whose faces make the popular Doge meme and the logo of this cryptocurrency.
The idea was to make a funny cryptocurrency that was free of the controversies that normally surrounded all the others.
The Dogecoin cryptocurrency originally intended to have a maximum limit of 100 billion chips, which was later removed. Its community has frequently raised funds for charitable causes, from the 2014 Winter Olympics to NASCAR.
In 2014, Dogecoin also obtained its first ATM, which was launched in Vancouver.
Technically, Dogecoin is simple internet money. It is a decentralized platform, which allows you to exchange your 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 undermined by ASIC and, instead, can only be mined by computer. This also makes the energy needed to undermine less.
Unlike Litecoin, the Dogecoin blocking time is 1 minute compared to Litecoin 2.5, which allows faster transactions and confirmations.
The mining reward limit was initially random, and anyone could receive the block reward of 1,000,000 coins. This was then changed to a fixed reward and reduced to 10,000 in 2015.
How to buy and store Dogecoin?
Dogecoin can be found in more than 50 exchanges worldwide. Popular exchanges include Bittrex, Cryptopia, HitBTC and more. It can be bought, sold and exchanged with a large number of cryptocurrencies. It offers interchangeability and a unified experience for almost all cryptocurrencies with a wide offer of all major exchanges. And it’s also available for swap in our platform.
Dogecoin does not run on the Bitcoin network, nor is it an ERC20 token. This means that you require your own dedicated DOGE wallet, called a Multidoge wallet, to store DOGE tokens. This wallet can be downloaded from the official Dogecoin website.
Who would not want a currency that is easy to trade with low transaction costs? Dogecoin is a beloved cryptocurrency that had the highest production rate during its initial phase. It is also expected to have greater value in the coming years. The association of the cryptocurrency with the popular Doge meme is what seems to have boosted its popularity almost by itself. Of course, it helps that the currency has become an accepted way to tip others on social networks, and as a currency for smaller and less valuable transactions in general.
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