dogecoin – Like Bitcoin and Ethereum, but in a very different way from the two, Dogecoin is a cryptocurrency. Dogecoin took its name from the once popular meme, which was a mild joke among crypto enthusiasts, and was conceived. Despite its bizarre origin story, Dogecoin has exploded in popularity in 2021 – as of writing, it has become the fifth-largest cryptocurrency.
- What is Dogecoin?
- How does Dogecoin work?
- Dogecoin: How to Buy
- Is Dogecoin a good investment?
What is Dogecoin?
A coder named Jackson Palmer came up with Dogecoin in late 2013 along with Billy Marcus. In order to brand the cryptocurrency, Palmer deliberately misspelled the word “Doge” to describe the Shiba Inu dog in a popular meme at the time.
According to Bitwave CEO Pat White, Doge started to mock bitcoin. The community raised funds for the Jamaica bobsled team to participate in the 2014 Olympics or sponsored NASCAR drivers, among other publicity stunts.
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It gained cult status on Reddit’s WallStreetBets message board in 2021, following GameStop’s troubles in January, where enthusiasts said it would “go to the moon” (before cryptocurrency discussions were banned).
Its value has gone up by more than 5,000% since 2021 and it’s no joke. Tesla CEO Elon Musk is one of the biggest boosters of cryptocurrency. According to Musk, a physical token of Dogecoin will also be planted on the Moon.
How does Dogecoin work?
Like Bitcoin and Ethereum, Dogecoin uses blockchain technology. This decentralized ledger records all digital currency transactions that take place using a distributed, secure ledger.
The blockchain ledger is updated frequently with all new transactions, so each holder has identical copies. All Dogecoin transactions use cryptography, as do other cryptocurrencies.
The Dogecoin blockchain is a decentralized database in which, through complex mathematics, transactions are recorded using computers, known as miners. By supporting the blockchain ledger and processing transactions, miners earn, hold or sell additional Dogecoin.
It can be used for payments and purchases, but it’s not great for storing value. The high inflation rate is large because there is no lifetime limit on the number of coins created by mining. By generating millions of Dogecoin every day, the blockchain rewards miners for their hard work, making it difficult to sustain the immense value gains in Dogecoin.
Dogecoin: How to Buy
Binance or Kraken, for example, is a cryptocurrency exchange where you can buy Dogecoins. A US dollar account or cryptocurrency account is required to use the exchanges. A cryptocurrency exchange with Dogecoin is then available. Dogecoin cannot be purchased through major crypto exchanges such as Coinbase.
In addition to buying stocks, bonds, mutual funds and ETFs, you can also buy Dogecoin with some online brokers like Robinhood and TradeStation. Dogecoin is generally available, but not as much as on exchanges.
Just like with other cryptocurrencies, it is best to transfer a crypto wallet after receiving it. It is possible to keep Dogecoin in many different wallets, from exchanges (you can’t buy it on Coinbase, but you can store it in your Coinbase Wallet) to your mobile device or even on your computer . Password is used to secure the wallet. Since an exchange does not hold your coins, they are safe from hacking.
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Dogecoin used to be free to earn before going mainstream and increasing in price.
Dogecoin was traditionally earned by completing tasks ‘on tap’ rather than being bought. He is a partner at Duane Morris LLP in the fintech practice sector. Tasks included things like watching ads and answering surveys. There has been a decrease in the number of skilled laborers in recent years.”
Is Dogecoin a good investment?
Dogecoin has no lifetime limit, and millions more are issued every day, so it is very inefficient to hold it for long. Because there is a lifetime limit on how many coins can be created, the value of bitcoin continues to grow.
Doge differs from bitcoin in that it is intended to be used as a spending currency rather than a digital currency like DASH.
In the past, it has been extremely cheap per coin, around $0.003 for most of 2020. Therefore, it is more likely to be given as a gift. The cryptocurrency was created to reward or “tip” users who share content on social platforms such as Reddit, Twitter and Facebook.
It may not sustain the gains for long after the gains seen in 2021. We are yet to see whether the tipping culture and donation culture of crypto will continue.
In 2021, those investing in Dogecoin have reaped rewards. Nevertheless, White remains cautious about investing in Dogecoins. The addition of new coins to the market has led to a steady decline in their value.