About Dogecoin (DOGE)weiss-badge

Overview


Dogecoin is an interesting cryptocurrency that started as a joke. The coin’s founders thought that cryptocurrencies were being taken too seriously. They thought that the digital currencies were supposed to be about fun and not just money.

Dogecoin is majorly used for tipping. However, it is also acceptable as a method of payment in some establishments. The cryptocurrency with the ticker DOGE can be used to buy food and household supplies or pay for meals and drinks.

Unlike most cryptocurrencies, Dogecoin was never pre-mined and had no ICO. Furthermore, it has no supply limit. This means there is an endless supply of the coins. Currently, its circulating supply is 127,804,028,166.

If you are looking to buy and start using Dogecoins, they are listed in several exchanges, including Binance, Huobi, Kraken, and OKEx. When it comes to storage Dogecoin can be stored in several crypto wallets, including Ledger, Trezor, Coinomi, and Exodus.

Over the years, Dogecoin, also known as the meme cryptocurrency, has become quite popular, thanks to its friendly approach in the crypto space. As of writing this, Dogecoin is ranked 26th by CoinMarketCap with a market cap of $1,314,952,248.

 

History


Dogecoin first entered the market in December 2013. At the time, it was the only friendly cryptocurrency in the crypto space. Most cryptocurrencies were either political or money-oriented. DOGE hit the market trading at around $0.0002.

In January 2014, DOGE was trading at around $0.002, almost 10% more than in 2013. The same year Dogecoin and Litecoin began merged mining. This was to help Dogecoin avoid 51% attacks. At its launch, Dogecoin was at risk of a 51% attack.

2014 also saw Dogecoin, through its impressive community, support several good causes around the world. For example, the Dogecoin community raised $50,000 to help send the Jamaican Bobsled Team to the Sochi Winter Olympics. The community also raised $30,000 to help build clean-water wells in the Tana Valley in Kenya.

On a negative note, On December 25th, 2014, the Dogecoin wallet called was hacked. The hackers managed to steal 21 million Dogecoin worth about $12,000. The Dogecoin Community came together to salvage the situation by raising $13,000 to pay back users who had lost money.

In 2015 the price of DOGE dropped considerably, hitting a low of $0.0001. The same year Jackson Palmer one of the co-founders of Dogecoin, departed from the community. According to Jackson, he left because of Ryan Kennedy, the founder of the infamous Dogecoin exchange called Moolah.

Between late 2017 and early 2018, like the rest of the crypto-verse Dogecoin saw a price increase. At its height, DOGE was trading for $0.018 and had a market cap of over $2 billion.

In 2019 like the rest of the crypto market experienced another bull market. 2019 was also the year Dogecoin was listed on Binance, the largest crypto exchange in the market. This helped with Dogecoin’s credibility and popularity.

 

Team


Dogecoin is a community-based cryptocurrency that volunteer developers support. They come from all corners of the globe and help keep the blockchain up to date.

Jackson Palmer, an Australian marketer and software developer, and Billy Markus, an IDM developer, are the brains behind Dogecoin. For a while, Jackson Palmer was a member of the Dogecoin community before leaving in 2015.

Billy Markus is a software engineer. He is the brain behind the modification of an existing Litecoin wallet to create dogecoin-qt. He lives a very private life, unlike other crypto creators.

Some of Dogecoin’s developers include Patrick Lodder, a core developer, Max Keller, Ross Nicoll, and Michi Lumen. Patrick Lodder is also a member of Dogecoin’s Board of Directors. Other members include Debbie Ballard, Josh Mohland, Jens Wiechers, and Felix von Drigalski.

 

Technology


Unlike other cryptocurrencies, Dogecoin uses a unique proof of work consensus mechanism known as Auxiliary Proof of Work. This consensus mechanism allows miners who mine Litecoin, which uses proof of work and script technology, to mine Dogecoin at no additional cost simultaneously. The process is known as merged mining.

Merged mining helped make both Litecoin and Dogecoin network more secure. Charlie Lee, Litecoin Founder, brought the idea forward. With merged mining, Dogecoin’s survival literally relies on Litecoin’s.

Proof of Work is a widespread consensus mechanism used by a lot of cryptocurrencies, including Bitcoin. The mechanism requires miners to compete to solve complex mathematical problems to verify transactions and add new blocks to a blockchain. The first miner to solve the problem gets rewarded.

Over time proof of work has come under huge criticism from environmentalists due to its electricity usage. Many see it as a harmful practice to the environment.

Because Dogecoin has no supply limit, one block is mined every minute. The current reward price for mining dogecoin blocks is 10,000 DOGE.

 

Future Focus


Dogecoin’s future is hard to predict as it has no definitive roadmap or white paper. The last time the coin’s developers made any changes to it was in 2015.

It is no secret that this cryptocurrency has had its fair share of good and bad moments. The coin has seen its co-founder leave. It has suffered a hacking attack. A member of its community, Ryan Kennedy though a crypto exchange stole from the community. Worse, it was removed from the Exodus wallet. All this led to some Dogecoin fans abandoning the cryptocurrency.

However, even with such negativity, Dogecoin still stands strong as a cryptocurrency worth some attention. The cryptocurrency’s goal remains the same as it set out to accomplish in 2013.

At the moment, Dogecoin is still a low-cost, easy to acquire, and friendly cryptocurrency. Anyone can easily own and start using the coin without having to spend a lot. Its easy accessibility and affordability make it the best place to start when looking to invest in cryptocurrencies.

As more people turn their attention to the crypto space, there are high chances Dogecoin will also benefit. The coin is bound to have more developers join its community to make it one of the best and most available cryptocurrencies in the market.

For more information regarding Dogecoin, visit the official site.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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