It is new to you, right? well, you don’t have to panic. With the new revolution of currency, we are experiencing, it is not a surprise to see new terms and currency coming up each day. The good thing is that we have embraced about the changes and getting to learn about the new currency emerging.
Cryptocurrency is here with a bang. Long are gone when people used to transact with a centralized currency that is controlled by a local government. People are welcoming the new idea of having a uniform coin where you won’t have to be restricted on how you trade with it.
- 1 What is cryptocurrency?
- 2 What is Dogecoin?
- 3 Origin of Dogecoin
- 4 How does dogecoin work?
- 5 How is dogecoin mined?
- 6 Places where you can buy dogecoin
- 7 Where to store your dogecoin
- 8 Future of Dogecoin
What is cryptocurrency?
Before we talk about dogecoin as a type of cryptocurrency, it is essential for you to understand hat is cryptocurrency. A cryptocurrency is a digital form of currency. It is a standard coin that can be used in transactions wherever it is accepted.
Unlike the traditional currency, it is digital. That means that it is not tangible to the human hands nor can it be stored in a bank in a physical form. That does not mean it is fake or untrustworthy, it means that it is found online so everyone can access and use the currency from whenever they are.
Cryptocurrency has come to change how you and I do things. you can transact from wherever you are with no restriction on which country you belong to and hat time it is. The only requirement that is required is that it is acceptable to the parties doing business.
There are so many types of cryptocurrencies that have been invented so far. The most popular being the bitcoin. have you ever heard of it? yes, it has been the most talked about currency due to the way it has been accepted in today’s investors.
That does not mean the other digital currencies do not function or are not acceptable. There are other many digital currencies available and are currently being used to trade. The only difference is that they have not reached the level that bitcoin has. One of this cryptocurrency is the Dogecoin.
What is Dogecoin?
You might not have heard about it. this is because it has not been in circulation for long. It is a new coin with a dog image. Yes, it is an open source peer to peer mint for dog lovers. The amazing part of the coin is that it started as a joke coin and was meant to be a fun currency.
What started as fun turned into serious business when the coin was used for a noble Couse. Investors and doge community members started using the coin in charity work by giving a donation using the coin and that is where the popularity started. Let me take you to how it all started.
Origin of Dogecoin
For you to be able to understand the coin, you need to have a pick on its origin. Who came up with the idea? It all started with a programmer from Portland called Billy Marker in 2013 December 4 as a fun coin with a Shiba Innu dog as its meme, this surely was meant to be a fun coin, right?
Over the years, it has gained popularity as a friendly coin with a lot being used for charity donations and other good causes. When people kept on hearing about the digital currency used for a charity donation, they became curious to know more about the coin.
The coin was being used for noble causes. In 2014, the doge community raised 50,000 US dollars to help the Jamaican bobsled team to the winter Olympics. During the same year, they also 30,000 US dollars to help build clean water wells in the Tana valley in Kenya during the world water day.
The doge community has been involved in sponsoring and helping in a lot of charity projects and events and that has made the coin to be known to people who initially did not know about the coin. That has contributed to its popularity.
More information has surfaced around thanks to the doge community. The aim is to make more and more people aware of the coin and in the process start trading with the coin. By 2017, the coin has gained so much talk with many people mining and trading with the currency.
How does dogecoin work?
That must be the question ringing in your mind, right? well, like any other cryptocurrency, it behaves like bitcoin. it works in a decentralized place and is owned and stored digitally. The good thing about the currency is that it has made it easier and simpler for you to transact.
Asking why you should use dogecoin? That is because it charges the lowest fee for its transaction than any other digital currency. That is an advantage that has to draw people into using the currency other than the other ones available.
How is dogecoin mined?
There is no different when it comes to mining dogecoin and the bitcoin. they use proof of work mining algorithm. That means that every miner must show his or her own transaction block for them to be rewarded with it.
Mining dogecoin requires a lot of electricity. The good thing is that once you go to through the hustle of mining, there is no limit as to how many dogecoins you can mine with over 114 billion dogecoins in circulation currently.
What makes dogecoin the best among the other currency is the confirmation time. It takes an approximately one minute to confirm a transaction. That makes mining and the whole process easier than that of bitcoin and Litecoin.
Advantages of Dogecoin
With so many digital currencies available, you must look for a coin that you will get the best from it. it is for this reason that the dogecoin has gained popularity due to its advantages over the other coins. These advantages include;
- Low transaction fee
This would get any trader and investor attention, right? every business person wants to trade in a mean where profit will be maximized. With a transaction fee of as low as $ 0.01 with Dogecoin, you are set to get the best out of your trade, right?
- Saves time
In this world where you have fewer hours to do so much, you need to take part in a transaction that will take less of your tie. When it comes to dogecoin, it takes less time in processing and less when it comes to mining making your work easier.
- Simple to use
Cryptocurrency can be confusing. When you are new into digital currency, you need a friendly coin that is not complicated to use. that is what Dogecoin is all about. The developer has made the currency an easy to use and transact with a lot of ease.
- Customer friendly
There is so much information on the social media about the currency. That makes you confident when you are using the currency and in case of any question, you will easily get the answers you are looking for because they are famous when it comes to internet tipping.
Places where you can buy dogecoin
No, that you are getting to know the currency, it is expected that you will be interested to know where you can buy the coin. Cryptocurrency exchanges are sites where you can safely buy and sell digital currencies. There are several trusted exchanges here you can buy the coin. They include;
Where to store your dogecoin
So, you have known where you can buy your dogecoin and you have set all in place to buy some, where do you keep the coin. Just like mentioned earlier, the currency cannot be touched nor can be stored in a physical place. You need special places called wallet for you to store the coin.
Depending on the number of dogecoins you are willing to buy, there are four types of wallets in which you can store your currency. These wallets are
- Software wallets which include the dogecoin core and the multi doge.
- Online wallet which allows you to store the coin without you keeping on your desktop. An example is the doge
- Paper wallet which is printable and can be stored as a physical form.
- Hardware wallet which is removable and portable. It is expensive but worth when you are dealing with a large amount of the digital currency.
Is it worth investing in the dogecoin?
Well, it will depend on your evaluation. What is known is that the coin is not worth a lot now. It is worth 0.002383 US dollars. That can be considered less value compared to the others like the bitcoin and the Litecoin right?
Well, this might be true but what makes it more favourable for the transaction is that it has no supply limit. That means that you can transact with the coin without the worries of lack of supply. It is also suitable when it comes to small transactions that need to be done faster.
Ways in which you can get and trade with dogecoin
For you to maximize the use of the coin, there are three ways in which you can receive or use the coin. With these ways, you will be able to gain hat you ant or make money from the coin. They are;
- Invest in profit
It is buying of the currency with the current value and keep them in the hope of selling the same coin at a high value in the future. While it is risky with such a currency, when it comes to the cryptocurrency world, any coin is worth investing in.
- Gain dogecoin
There are some sites in which they give you task to perform and at the end, they end up rewarding you with Dogecoin. Though it is not guaranteed, it is an easy and quick way in which you can get some dogecoin into your wallet by just performing some tasks.
- Buy and sell online
Just like any other investor, you can make use of your dogecoin by trading with it online. It is slowly gaining popularity and with time, it will be easy to accept it as a form of trade in many countries. You can easily buy and sell goods online with the dogecoins that you have.
Future of Dogecoin
Bitcoin is considered as the digital currency that will shape the future of the cryptocurrency. With the only difference from the dogecoin being the limit part, we are yet to see what the future holds when it comes to the Dogecoin.
What is known now is that, it has come far compared to it was only considered to be a fun currency. So much seriousness has been taken into the coin and with the difference it has from the other currency, many people are optimistic about the future.
Just like investing in bitcoin and other currencies, we do it with the hope of a better future, with the hope that in the future the currency will play an integral role in our business community. We need to embrace the currency and hope that it will continue to improve and grow in popularity.
Cryptocurrency is going to take the world by storm in the future. It doesn’t have to be serious business like in the case of bitcoin, you can still have fun with the currency like in the case of dogecoin. Invented to be a fun coin and used to donate in a charity organization, nobody that it can be like this.
With features like the bitcoin but better when it comes to the cost of the transaction and the speed of confirmation, dogecoin is the coin to watch out for. The best way to be ready for what it has in future is to trade with it and have the experience yourself.