What is Dogecoin and its prospects

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

Frequently asked questions

What are the crypto pairs?

In general, trading crypto pairs is trading coins one for another. Just like with Forex, there is a “base currency” and a “quote currency”. However, at FBS, there are various kinds of crypto pairs. For example, it is possible to trade crypto coins for fiat currencies, like USD, EUR, AUD, or even metals, gold, and silver.

With FBS, crypto becomes a great asset to trade because you can trade it 24/7 and have a great choice of coins and pairs.
What are the benefits of trading cryptocurrencies with FBS broker?

FBS broker offers many opportunities for crypto trading. Firstly, the broker offers more than 100 crypto assets to any taste. Secondly, with FBS, you can trade cryptocurrencies with 1:5 leverage. It means you can enter bigger trades with the same deposit. Thirdly, FBS can offer a choice of trading platforms to trade crypto. For example, you can trade on the MetaTrader 5 platform, or opt for the FBS Trader app, a platform of FBS.

At FBS, cryptocurrency is an advantageous asset to trade because there are great conditions for traders.
How to trade cryptocurrencies?

At FBS, you can trade 100+ crypto assets 24/7. When trading cryptocurrencies you don’t actually own the coins, so you are free to speculate on price movements. You can go long (buy) if you think the cryptocurrency will rise in price, or short (sell) if you think it will fall. Read our daily cryptocurrency market analysis to make profitable deals.
Is there a demo crypto trading?

If you want to try out crypto trading, a demo can be a good option. FBS broker has a Demo Crypto account with 10K USDT to practice and test trading strategies. The account offers more than 100 crypto assets, and it is fully risk-free. A trading demo is an excellent opportunity for beginners and pros to grow skills and decide if crypto trading is for them.
How to open an FBS account?

Click the ‘Open account’ button on our website and proceed to the Personal Area. Before you can start trading, pass a profile verification. Confirm your email and phone number, get your ID verified. This procedure guarantees the safety of your funds and identity. Once you are done with all the checks, go to the preferred trading platform, and start trading.