What is Dogecoin? Everything you need to know about this funny cryptocurrency
A few months ago, users of the cryptocurrencies website expressed their interest in Dodgecoin. But it’s interesting to know that this interest is also high among international users.The high interest in Dodgecoin can be attributed to the high ranking of this digital currency in the market, as well as its very low price, which brings a lot of people with dreams of becoming wealthy to invest in it. But things are not about investing. Some people love Dodgecoin for their own sake and the goal behind it.
In order to understand what is dogecoin lets dig into it’s story. In December 2013, every bitcoin hit $1,000. The world now had a serious look at digital currencies. At the same time and four years after mining bitcoin’s first block, programmer Billy Marcus, started developing his own coin. With the help of Jackson Palmer, product manager and data analyst at Adobe, Dogecoin was introduced to the world in the last days of 2013.
The Dogecoin creator, regardless of whether it was accepted by people or not, used the logos derived from the “Dog Shiba Ino” photograph to create a popular internet joke and an friendly online payment system.
A few months after Dogecoin began working, since every digital currency should have a goal, Dogecoin’s goal was introduced as an online money for internet activists and donations to charities, which helped greatly boost its supporters.
This digital currency, with all of its technical issues, will continue to provide great support for Internet users. Some of them are so fond of Dogecoin that they have put it’s logo on all their home and personal belongings.
On the Reddit Forum, Dogecoin has a preview page that it’s fanatics support distinguishes it from other pages of the reddit. Over the past two or so years, Dodge fans have been donating to Doge-based content producers. There are also great charity programs with Doge.
Some Dogecoin supporters believe that this digital currency can be used better than Bitcoin and any other digital currency.
One of the reddit users wrote in a critic of Doge:
What is the benefit of Dogecoin? I do not find any white paper dogecoin. I also heard that this coin is more or less a joke other than being a problem solver. Do you Confirm me?
Another user replied to this critice:
Dogecoin solves the problem of greed. This is the only currency in which its price is not very important. Of course we would like it to go higher, but even if the price reaches the floor, we’re just as pleased. Do you find another digital currency that could remain a “currency”, not an investment tool?
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If you were asking what is doge coin, then probably your next question would be about it’s price. When writing this article, doge is worth about 0.0032$. Yes, this digital currency does not have much value, and that’s just one thing: its production will continue forever! Unlike Bitcoin and many other digital currencies, for Doge coin, no quantity limit has been identified and its mining can continue forever. While the number of mined bitcoins is limited to 21 million units, there are currently more than 116 billion units of Doge coin circulating.
According to the above photograph taken from the official Dogecoin GITHUB, each year about 2.5 billion Dogecoin units join the previous market. For this reason, long-term investment on this digital currency may be a bit risky. Nevertheless, this feature has a positive effect and makes this cryptocurrency useful for small transactions.
Of course, the unlimited number of coins does not always mean that investors can not profit from it. In 2015, the price of each doge unit was about $ 0.0002; in early 2018, the price of each Doge coin unit reached $ 0.017, which means an 8.400% increase in price in just three years!
Dogecoin mining and technology
Dogecoin is based on the Lightweight Digital Codes and with general changes. This digital currency, like bitcoin and many other altcoins, is based on the blockchain and minable. Doge coin mining is powered by miniseries of this network.There are many doge miners so that decentralization has been made in real terms. The doge Blockchain Bonus is 10,000 doge units, with block times set to 1 minute. The Doge mining algorithm is the same as the Script mining. Doge can be mined with the CPU and GPU, but its predominant mining is done by ASIC.
Due to the large Doge coin units and therefore its low price, the transaction fee for this digital currency is greatly low. For a better understanding of this topic:
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Suppose someone wants to donate another 10 cents to another useful content on the social network. This person will pay BTC $ 0.000006 if he wants to pay Bitcoin, at the current bitcoin price. Sending this amount is not reasonable considering Bitcoin network fees, but in Doge, it will be 10 cents equivalent to about 4 to 5 DOGEs, which can be fully executed.
On the other side, many developers do not work on Doge coin, and the technology progress is completely unknown. There has long not been a major update to the Dodgecoin Gateway, and the majority of Dodgecoin community management have been volunteers. Jackson Palmer dismisses the development of this digital currency, with only three major developers working on it.
Even Jackson Palmer recently said in a video posted on YouTube that he loved Dodgecoin, but called it a bubble and a pump, saying that for such a currency, which has been around for three years without updating, such a price increase is not logical.
Nevertheless, one of the current developers of Dodgecoin Ross Nicole has announced that he is working on a new version of the code that will make it more stable and secure.
There are plenty of wallets from Dodgecoin. This digital currency has all kinds of wallets, including desktop, mobile, web, paper, and even hardware. To download and install Doge’s official wallets, just visit its official site. To keep your Doges safe for more, you can use physical and hardware wallets. Note that make sure to back up your wallets so that you can regain your investment in case of any problem.