Dogecoin

Dogecoin

It is likely to happen that Dogecoin will get in the list at Forex, trading activity will increase and then its price will skyrocket.

DEFINITION of Dogecoin

Dogecoin is another example of peer-to-peer cryptocurrency in the long list of Altcoins. It was invented by US-based IBM software developers Bill Markus and Jackson Palmer in December 2013. This Altcoin originally was considered as a joke currency, featuring a likeness of the Shiba Inu dog from the “Doge” internet meme as its logo. But one month later, when the currency has been released globally, it immediately became third of the most valuable Altcoin having a market cap equivalent to 53 million USD.

BREAKING DOWN

Majority of people who makes use of this currency are college students and gamers. These people utilize the currency to send some money to their friends or use it to play games. What makes receiving Dogecoins very exciting to most people is that it is very satisfying. Behind the funny appearance though there is a well-made coin with a great potential. That’s why it became famous so quickly and nowadays is one of the biggest alternatives to Bitcoin. Its community even has a slogan, ‘To the moon!’ which shows their optimism and enthusiasm towards this virtual currency.

Dogecoin is based on Bitcoin protocol, but with modifications. It uses a scrypt algorithm and has 100 billion currency units and there’s no ceiling on the number of coins that would ever come into existence. Block time is 60 seconds and difficulty retargets every four hours.

Dogecoin deals with large numbers of coins that are lesser in value individually, making the currency more accessible with a low entry barrier and fit for carrying out smaller transactions. With these traits, Dogecoin is becoming popular for "tipping" fellow internet-goers for sharing or creating great content. 

Dogecoin is already widely accepted as a payment method and is definitely worth to get familiar with it.

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2022-04-19 • Updated

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