Dogecoin was created during the rapid development of altcoins and their insane valuations. Billy Markus and Jackson Palmer created the Cryptocurrency in 2013. DOGE is the sign of this coin. Although the altcoin initially started as a joke, it later gained popularity. In places like Reddit and YouTube, the coin was used as an online tipping system.
The name and sign of the virtual currency were derived from the popular Doge meme. The meme displays the image of a Shiba Inu dog. The coin rapidly became popular thanks to the use of the attributes of the meme in marketing campaigns. The Cryptocurrency is based on a Litecoin-based coin called Luckycoin.
As a tipping coin, Dogecoin has been used to reward people for their content and even in fundraising activities. During the 2014 Winter Olympics, for instance, Dogecoin community helped the Jamaican team to raise $50,000 to participate in the event. In the same year, the community sponsored Josh Wise, the NASCAR driver.
Dogecoin Vs. Other Cryptocurrencies
Dogecoin can be considered to be more readily available than other Cryptocurrencies such as Bitcoin. Initially, the developers designed Dogecoin to have a maximum supply of 100 billion coins. However, they later changed it to infinite supply. The high supply of the coins is aimed at ensuring they always have a low price.
How To Get Dogecoin
You can get the Dogecoin through micro-wallets and faucets such as Moon Faucets. You can also exchange other altcoins for DOGE. You can send or receive the coin without paying large fees. Bittrex and Poloniex are some of the exchanges from where you can buy DOGE. If you are new in the Crypto space, Dogecoin could help you be better acquainted with rules of the sector.
Dogecoins are minable just like most of the other Cryptocurrencies. Although its mining does not require specialized mining hardware, it is dependent on the production of Litecoin Blocks. Whenever a LTC block is solved, DOGE is produced in unlimited supply.
Dogecoin is mainly used for tipping. You can also get Dogecoin in places like Reddit group free. When evaluating your wallet, you could also receive the tokens free.
Dogecoin was initially released without many areas of application. However, the coin has managed to remain relevant in the Crypto space. It has attracted a lot of attention from the community as a tipping currency. It also became used for payment of products and services such as electronic products, books, and apparel among others.
There have been concerns about lack of technology update on Dogecoin. The lack of development has left many people wondering whether this coin will still remain useful in the coming years. Although the team behind the project keeps promising to update it soon, that has not yet happened. This has made the project lag behind most of the other Cryptos.
If you are a beginner in Cryptocurrency market, Dogecoin could be one of the best coins, to start with. However, the Crypto has lost to other more advanced virtual currencies as an investment tool. The coin is not seriously developed and is highly inflationary hence not ideal for serious investors.