Last Updated on April 4, 2021 by Shounak
Unless you live under a rock or have no clue what’s is happening in the current world, you might have come across this seemingly random crypto coming out of nowhere!
It has risen from a few fractions of a penny up to a few cents now! The value of Dogecoin is on its way to who knows what!
But you might have wondered what’s behind the Dogecoin surge? Is it any better than the number of cryptocurrencies out there? What is Dogecoin?
We are going to answer just that today.
What is Dogecoin?
Simplified answer: It is just another cryptocurrency that came into existence when a joke went too far. The name Doge comes from a very popular meme based on the Shiba Inu breed of dog’s face.
Think of it as the internet currency, as per the official Dogecoin website.
Dogecoin is a decentralized, peer-to-peer digital currency. It enables you to send money online easily. It is non-regulated, highly volatile, and built on cryptocurrency blockchain like Bitcoin, the biggest cryptocurrency by volume.
Start of Dogecoin
Dogecoin was literally started as a joke as a tweet by Jackson Palmer while working at adobe. He was making fun of how many altcoins there were! He was like, “imagine there was this Shiba Inu powered dogecoin!” and the coin had a little picture of the meme on it.
What started as a meme just hooked on a lot and got traction from there.
So, Jackson Palmer collaborated with Billy Marcus from IBM, and they gave it a logo, registered it, launched it, and built the whole platform!
And now it’s real!
Can you mine Dogecoin?
Yes. Dogecoin can be mined in a couple of ways. You can mine Dogecoin in a Dogecoin mining pool or as an individual.
For those who are unfamiliar, a Dogecoin pool consists of a community of miners. Shared computing resources do the mining.
However, there is a fee that you’d need to pay, and the reward will also be smaller as compared to individual mining.
You needn’t pay any fee for mining individually, but mining your first block can sometimes take weeks to even months due to the competition.
What’s with Elon Musk and Dogecoin?
Elon Musk has always been a Bitcoin supporter and a crypto enthusiast. It shouldn’t come as a surprise because he founded Paypal as a platform to send and receive money globally.
A few weeks ago, he tweeted, “Bitcoin is a good thing,” and its value rose to $40,000!
Shortly after the launch of Falcon 9′, he tweeted “Doge,” followed by one more tweet “Dogecoin is the people’s crypto.”
This led to a lot of hype, and the Dogecoin value has been going up ever since.
How is Dogecoin as an investment?
Cryptocurrencies are always volatile, and you should only invest as much as you can afford to lose. This holds for most cryptocurrency investments.
But, Dogecoin has promised to have an unlimited supply, unlike most other cryptocurrencies. This means that the value of Dogecoin stays relatively stable but also stays very low.
Hence investors that are purely looking for short-term profits like to stay away from Dogecoin.
How can I get Dogecoin?
Like most cryptocurrencies, you can buy Dogecoin from cryptocurrency exchanges by paying real money. You can also trade other coins and get Dogecoin in return.
Communities like Reddit have started to use it as a currency too. Like a creator? Tip him through Dogecoin. Like an answer? Say thanks by donating Dogecoin!
The Dogecoin Community
The people that dwell by the thought of Dogecoin being one of the currencies of the modern world find themselves surrounded by a large group of likely-minded people.
The Dogecoin community is growing rapidly, and that same community has been known to be kind for good causes.
They raised Dogecoin worth more than $25,000 to help send the cash-strapped Jamaican bobsled team to the 2014 Olympics!
They also teamed up with one water charity, raising thousands to improve clean water access in Kenya through the Doge4Water initiative.
To sum up our answer to What is Dogecoin, we would say for sure that Dogecoin is one of the most interesting cryptocurrencies in all those known.
The Dogecoin community works for a good cause, and the people involved in the Dogecoin subreddit are very nice.
In essence, what started as a meme has become a cryptocurrency with one of the biggest potential!
I hope this article helps you and if you have any queries related to it then do leave your comment below. If you have not joined our community then you can now. We are very active there and have been sharing important information there.
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