Dogecoin is a cryptocurrency based on Litecoin by a programmer, Billy Markus, and a marketer, James Palmer. Initially, the creation of the cryptocurrency in honour of the Internet meme “Doge” was a joke based on Bitcoin’s radical growth trend in 2013.
Hundreds of cryptocurrencies have emerged in recent years, but only a handful of them became famous immediately. Dogecoin owes a lot of its success to a smart marketing strategy. Dogecoin has sponsored many notable events, including the Nascar Races and the Winter Olympics. This coin has not found widespread, use but has become a currency for tipping on the Internet.
This chronological chart for DOGE shows how the currency’s rates have been changing throughout the years. At the end of 2014, DOGE issued 100 billion coin units, and now it is releasing about 5 billion per year. The coin's value had a peaking point during the first year, after which its value was fluctuating. Until now, DOGE is not included in the top 20 coins, but it remains one of the most popular and recognisable tokens on the cryptocurrency market.
Soon after its launch, Dogecoin experienced a hacker attack, which was rather severe for a young project. The flaw in the program code allowed hackers to steal tokens equivalent to $ 12,000. However, Billy Markus and Jackson Palmer immediately reimbursed the depositors’ losses and solved the problem promptly.
The official DOGE wallet is available for download on the project developers’ website. You can install:
● MultiDoge is a “lightweight” wallet. It syncs with the blockchain via a remote server.
● Dogecoin Core is a full version of DOGE’s wallet. It is necessary to download a copy of the blockchain for synchronisation.
Please note that for mining, you will need to download Dogecoin Core. After installation, it will download 122 GB of blockchain data. Only after that, you can start mining.
Many multi-currency applications are suitable as Dogecoin web wallets:
The DOGE cryptocurrency based on the fork of Litecoin (LTC) differs from the underlying cryptosystem:
● Block generation period (1 minute, versus 2.5 in the LTC network)
● Transaction processing speed (6 minutes)
● Unlimited emission (Litecoin has a maximum number of coins of 84,000,000 LTC)
The first stock market place in terms of trading volume for the DOGE coin is Binance. It supports the following trading pairs:
● DOGE / BTC
● DOGE / USDT
● DOGE / BNB
Dogecoin exchange is available on the following platforms:
● Huobi Global
So, what is DOGE most useful for? There are three main ways Dogecoin can be of use:
● Receive and give tips. Creating good content (whether it is free art posted online, articles, or funny comments on Reddit) can lead to tips being sent from Dogecoin users. Tips are often low, rarely going over $ 0.20, but are an excellent way to reward people for taking the time to create good content. Tipping not only rewards these people, but also spreads the word and philosophy of Dogecoin.
● Products and services. Many merchants who provide their products and services online already accept Bitcoin and DOGE.
● Invest in Dogecoin. Similar to buying stocks or Forex trading, you can buy Dogecoin and wait for its value to rise.
The community is what Dogecoin really stands out with. It is a cryptocurrency with a massive fanbase that often participates in fundraising for charity and supports sports teams from developing countries.
Dogecoin is a well-marketed cryptocurrency based on the recent hype around the underlying meme. DOGE has had its ups and downs and yet managed to retain the clients’ trust. You don’t want to miss a thing about DOGE! Follow our blog for reliable Dogecoin live news.
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