About Dogecoin (DOGE)weiss-badge

Overview

Dogecoin (DOGE) is a decentralised, peer-to-peer digital currency designed to be 'the internet currency.'  The cryptocurrency was initially created as a joke, which referenced a Shiba Uni that became an internet sensation in 2013. The Shiba Inu is now the face of Dogecoin. Since its creation, Dogecoins popularity and value has increased dramatically. Further, the currency boasts a massive online community with many loyal fans. The Dogecoin subreddit has over 120,000 subscribers, and that number continues to grow. Because there are over 100 billion Dogecoins, the value is relatively low, transactions fees are low, and transaction speeds are relatively quick, it is the ultimate platform for microtransactions. Dogecoin, for this reason, is one of the most popular cryptocurrencies used for tipping content creators over the internet. For example, tipping someone $0.10 in Bitcoin equates to 0.000009689 BTC, whereas tipping the same amount is about around 24 Dogecoin (at the time of writing). Dogecoin offers a much simpler conversion rate.

Technology

Dogecoin wants to be a simply cryptocurrency transaction platform. They are not trying to develop any ground-breaking technology. Much of the technology is based off Litecoin, which means all changes or updates made to the Litecoin network will apply to Dogecoin as well. A Proof of Work (PoW) consensus algorithm is used, similar to Bitcoin. However, Bitcoin uses the SHA-256 mining algorithm, whereas Dogecoin uses scrypt. Scrypt uses a more memory intensive algorithm, which makes mining more accessible to everyone, rather than SHA-56, which is very expensive and power-intensive.

Future Focus

One element of Dogecoin that trumps competition is the size of their vibrant, friendly and open community. A community that welcomes everyone with open arms and actually uses the coin as payment, rather than holding for long-term investment. Looking forward, Dogecoin hopes to see continued growth within the community and an increase in payments made online. 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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POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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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.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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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