Dogecoin Cryptocurrency Review: Buying Tips and Wallets to Store Your Coins
Dogecoin: From Joke to Beloved Digital Currency
Dogecoin is a digital currency that started out as a joke and has since gained an enormous following. The joke was adopted by founders Elon Musk, Snoop Dogg, and other celebrities who significantly increased exposure to the currency. The second goal of the currency was to allow people to use a digital currency in a simple and convenient way with an inflationary policy – meaning that a large and infinite amount of coins are created to keep the price of the currency low and make it accessible to everyone.
How Dogecoin’s Inflationary Policy Affects Its Coin Supply
The symbol of the Dogecoin currency is DOGE. Currently, there are around 140 billion coins in circulation, and approximately 5.2 trillion new coins join circulation each year.
Approximately every minute, a new block is generated in the blockchain, with a reward of 10,000 new coins per block.
The all-time high for the currency was $0.63, following its viral popularity among leading social media influencers on platforms such as TikTok, Twitter, YouTube, and other social networks. For example, this humorous video received nearly 3 million views in less than ten days.
Discover the People Behind the DOGE Coin: Who Created and Manages It?
Dogecoin: The Meme-inspired Cryptocurrency that Took the World by Storm
Dogecoin, a cryptocurrency created in 2013 by Billy Markus, a software engineer at IBM, and Jackson Palmer, an engineer at Adobe, started as a joke. The founders created it as a satirical take on the never-ending stream of new cryptocurrencies, whose market values reached absurdly high levels.
The currency’s founders used the famous “Doge” meme, featuring a non-Japanese dog breed as the symbol and mascot of their new digital currency. Thanks to a massive marketing campaign that included variations of the meme with phrases like “so buy” and “such coin,” the news of this new currency spread quickly throughout the internet.
Today, Dogecoin has a market capitalization of over $60 billion, with around 140 billion coins in circulation, and continues to attract attention from investors and traders alike. Its success proves that sometimes, even a joke can turn into a serious business.
How does the DOGE coin work? A beginner’s guide
Dogecoin was created as a fork of the Luckycoin currency, which itself is a fork of Litecoin, giving DOGE similar but not identical characteristics to Litecoin. For example, DOGE uses an algorithm called Scrypt, designed to prevent Bitcoin mining computers from mining Dogecoin. However, unlike Litecoin, DOGE has a faster block creation rate.
Dogecoin is a currency based on the Proof of Work protocol, which requires mining (though they call it “digging” because a dog digs, not mines) to validate transactions on the network.
Mining Dogecoin is like a lottery. Every minute, DOGE miners try to guess the code received by the last block on the blockchain network, and the reward for the first one to find the correct code is 10,000 new Dogecoins.
At the beginning of the currency’s journey, it was vulnerable to a 51% attack, so the creators of the currency established joint mining with Litecoin, making the networks more secure.
The Pros and Cons of Dogecoin (DOGE) as a Cryptocurrency
The currency is inflationary and therefore will always remain “cheap” and accessible to everyone.
Transfers are made quickly compared to other currencies. Transfer fees are low.
The currency is supported by many exchanges and exchanges.
A huge and hilarious community with days that brought Elon Musk to join the celebration.
The currency is inflationary, which is likely to cause the currency price to drop when the hype around it disappears.
No resources invested in developing and updating the currency’s technology.
Used for massive speculation and “pumping and dumping” due to the hype around it.
Recommended Dogecoin Wallet:
DOGE is digital currency, which means there is a wide variety of wallets available for it. These are the recommended wallets:
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1)Hardware wallets – the most recommended wallets. A hardware wallet is an external hard drive that is currently the safest way to hold digital coins.
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