What’s DogeCoin? Our currency is being revolutionized into something new, creative, and unique and has taken the currency world by storm. It is called cryptocurrency. It is a digital currency where the transactions you make are verified by several offices and industries than that of one sole entity. It simply means it’s digital money that you can use to make different transactions as you see fit.
A new cryptocurrency has recently been developed, which was meant to be a joke, but now its making huge profits and rising rapidly. It’s Dogecoin. Dogecoin is a meme cryptocurrency that can be sold to investors, and you can spend it like money.
Dogecoin currency was invented by software engineer Billy Markus and Adobe Product Marketing Manager Jackson Palmer, who came up with creating a payment system where you don’t have to pay traditional banking fees. It was centered around a popular internet meme of a Japanese Shiba Inu “doge”.
Interestingly enough, this development started off as a joke or meme cryptocurrency where they decided to create undesirable money not to become serious, but it did over time. Individuals working in the crypto world are called miners; they use advanced machinery, such as computers, to solve complicated math problems to process transactions. They are then recorded on the DogeCoin Blockchain. In all things, both parties should be able to benefit from any agreement, and as such, the miners, for their hard work and supporting the blockchain ledge they earn additional Dogecoin. They can keep it for themselves or sell it on the open market to potential buyers.
The Dogecoin currency was commissioned and went viral on December 6, 2013. It amazed the entire community so much so that the Doge Reddit channel had over 19,000 users, and the price skyrocketed to 300%. However, the ban China had implemented against companies from using BitCoin. Dogecoin was a significant hit due to different factors. One of these factors includes: it gave users around the world the opportunity to freely play around with cryptocurrency, nothing too hardcore.
And also, the fact that it started as a comical meme cryptocurrency where it could easily be mined, and it didn’t cost as much to be purchased, unlike other currencies.
Dogecoin is useful for various things, including making payments and purchasing items, but it does not have many store valves. This currency is because there is no certainty as to the number that is mined as it is inflationary.
Here are few links to articles about DogeCoin cryptocurrency if you are interested to find out more.
Get out of Doge? Or should investors buy the dip? Read how investors analyse the current situation and what this means for the meme cryptocurrency.
Dogecoin lost USD20 billion in market cap after Elon Musk’s SNL appearance.
Starting as a joke, Dogecoin surged more than 16,000 percent the past year but was down 36 percent after Musk’s comment.
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