What Is Dogecoin? And Are Dogecoins Worth Buying?

 

What Is Dogecoin? And Are Dogecoins Worth Buying?

What-Is-Dogecoin


What is Dogecoin?

Dogecoin was launched in 2013 to be a fun and friendly cryptocurrency and began as a joke and in its infancy was called the “truly terrible cryptocurrency”. Its marketing has since evolved with the circulation and Dogecoin is now an alternative to Bitcoin. Dogecoin is different from Bitcoin in two ways; Dogecoin is decentralized and very fast, the transaction can go through in a matter of seconds compared to Bitcoin which takes anywhere between 10 minutes and 2 hours for the transfer to be completed. Dogecoin isn’t centralized and can be used on the Dogecoin decentralized exchange. Dogecoin will be integrated in the Samsung NEXT blockchain enabled S1 phone. What are the benefits of Dogecoin? Dogecoin has several advantages over Bitcoin.


Who Makes Dogecoin?

The core team for dogecoin is Sergey Brin and Jackson Palmer, they received a considerable amount of media attention in the last year and also managed to have Reddit accept Dogecoin. The leading multi-signature wallets on the market today are dogetoken and Holdit, A Brief History of Dogecoin (2010 - 2016) On February 2, 2013, an initial coin offering was held with a $30,000 price tag that was quickly raised to $12 million within 30 seconds. This is still the largest coin offering in existence. This initial coin offering was from a social media site called Dogewallet.com that existed for no longer than a week. Since then, Dogecoin has gained popularity, especially after raising the price of Dogecoin to $.008 on January 17, 2014.


Who Created Dogecoin?

Andrew Jackson "buffoon" Pitts from Shiba Inu. He released a program that mined the first known transaction for one Dogecoin. The first ever Dogecoin block was mined on the 22nd of December, 2013 with 18,000 dogecoins (roughly $11), What's The Big Deal About Dogecoin? Although it is mostly used as a digital currency, there are now several mobile apps for users. These apps allow you to do everything from tip your server, buy goods, or even invest in a fund or exchange it for other virtual currencies. There is a network of software developers that create and maintain apps for the digital currency. Many of these developers focus on finding and improving functionality for the app.


How Dogecoin Works

The Dogecoin core software maintains a peer-to-peer network in order to secure the validity of each transaction through an auction system (which goes by the name "Proof of Work") where cryptocurrency miners are rewarded for confirming transactions. This currency isn't backed by a physical asset like fiat money, instead it's backed by Internet karma. The currency uses an inflation-proof system based on an algorithm called "Shibes." "Shibes" can be bought and sold through a decentralized exchange that uses the Bitcoin blockchain and its own algorithmic marketplace in order to settle trades. Shibes also work similarly to Monero, with the added benefit of being backed by a fun meme.


What Can Dogecoins Do?

Coins and Miners help Dogecoin maintain a distributed and decentralized infrastructure for storage and the transfer of value between wallets in a peer to peer network, where each dogecoin is assigned to a unique address and is assigned to a task to be completed by the owning wallet, Dogecoin is the first currency created as an internet meme in late 2013 and has gained a cult-like following of enthusiasts and crypto-enthusiasts who have turned the currency into a gaming platform, a tipping system, a video sharing service, a service for content creators and a crowd funding mechanism for charities and crypto startups. So Are Dogecoin Prices Going To Continue To Rise?


How Dogecoin Differs from Other Cryptocurrencies

These are all 100% U.S. dollars or the equivalent, to trade these you have to buy/sell them with USD/BTC or other altcoins. So it isn’t a pure peer-to-peer currency, it’s actually a centralized currency. Also, because there is no central bank, these digital currencies are effectively floating, and usually a currency will go up when there are more people buying/selling it. Eli Afram @justicemate Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design.


What is the Value of Dogecoin?

Value of Dogecoin is determined by the market price of the “coin”/cryptocurrency. In terms of exchange rates, a Dogecoin price can be fairly readily calculated by the following formula: Here is how Dogecoin’s market price has fluctuated over the last three years: Why Are Dogecoin Prices So Bad? The short answer is that there are no decent tools to calculate the “market price” of Dogecoin, and there are no exchange rates. A number of websites and online tools, however, provide online exchanges that allow you to trade dollars, pounds or euros for Dogecoin.


Conclusion

The great thing about this dogecoin, is that it is totally free to download and use, and the concept has been worked out in detail to ensure maximum utility and minimal costs for any business that needs to accept bitcoin. It is available in $BTC, $LTC, $BTC-$LTC, $LTC-$BTC and $LTC-$BTC exchanges and is a good unit of currency for a barter.