Dogecoin – What Is It and How Can You Invest in It?
Dogecoin is a cryptocurrency created in 2013 by Billy Markus and Jackson Palmer. Dogecoin is based on the popular “Doge” Internet meme and features the face of the Shiba Inu dog from the meme as its logo.
The price of Dogecoin has fluctuated throughout its existence. However, it has never been very high, peaking at $0.0015 per coin in January 2014 before experiencing a steep decline during that year’s market crash.
What is Dogecoin?
Dogecoin, a cryptocurrency first introduced as a joke in 2013, has quietly grown into one of the most popular digital currencies on the market.
With its name derived from an internet meme featuring a Shiba Inu dog, Dogecoin has been steadily increasing in value since its inception. The cryptocurrency got created as a response to the influx of alternative cryptocurrencies. These began to flood the market at the time.
While other altcoins were attempting to solve technical problems or improve upon Bitcoin’s codebase, Dogecoin was intentionally designed as a lark: “Doge” was meant as an homage to doge speak—the slang language used by Shiba Inus on social media sites like Twitter and Reddit.
In 2016, Dogecoin had over $1 billion worth of transactions processed through its network; by 2018, the number had risen dramatically to over $2 billion worth of transactions per month!
Why was Dogecoin created?
Dogecoin got created as a joke by Billy Markus from Portland, Oregon. He got inspired by the hype around Bitcoin, which had just reached the mainstream and was being discussed daily in news articles and financial media coverage.
The craze of cryptos is visible in how people are routing for them. They are opting for new-age crypto exchanges that allow users to buy crypto with a credit card, debit card, or any digital payment. You can check these too if you are looking to buy cryptocurrency or convert cryptocurrency (to fiat currencies).
In 2013, Jackson Palmer wrote “Dogecoin: very currency, many coins.” The article explains how Dogecoin could get used online to tip people for good content or services.
It set off a chain reaction of positive messages about Dogecoin’s future potential as a cryptocurrency meme. It is similar to its own unique culture, like how memes are created in chat rooms or on social media networks today.
At first glance, it may seem strange that two strangers from different sides of the globe would create this cryptocurrency together in their spare time. The internet has made it possible for us to connect regardless of where we live or what language we speak. Sometimes these connections lead us on incredible journeys like creating cryptocurrencies together without even knowing one another beforehand!
What Are the Benefits of Dogecoin?
The second benefit is the low transaction fees. A standard Bitcoin transaction can cost you around $1, which makes it prohibitively expensive for everyday purchases like buying a cup of coffee or lunch. Dogecoin transactions cost just a fraction of that, making them ideal for everyday use.
The third benefit is the very fast transaction times for Dogecoin. They are among the fastest coin transactions in all of the cryptocurrencies. It makes sense because they got created as an alternative to Bitcoin by people who wanted something faster and cheaper than BTC. And still secure enough to keep their money safe from hackers and thieves.
The fourth benefit is the community-driven nature of Dogecoins themselves. Most cryptocurrencies have been influenced heavily by their founders’ politics (and sometimes even religion).
Dogecoin has largely got shaped by its users through donations, charity drives, and other grassroots movements. These are specifically to help others around the world who need help most urgently right now. Such as Syrian refugees fleeing war-torn cities such as Aleppo, where ISIS militants have destroyed much civilian property. It includes hospitals or schools where children once learned about science or literature before being forced out due
They can also get used as currency within certain gaming apps such as Farmville 2 on Facebook. Here, players can buy seeds with dogecoins instead of real money, if desired. Those less fortunate will never feel excluded from playing games. This type of system helps keep costs down while encouraging others to participate actively in their community.
How Is Dogecoin Different?
There are some key differences between Dogecoin and other cryptocurrencies.
- Dogecoin has no limit on the supply of DOGE tokens, while Bitcoin has a cap of 21 million coins, and Ethereum has around 97 million.
- Because there is no cap on the supply of Dogecoin, it won’t be as expensive as other cryptocurrencies.
- It is making it easier for new users to get started with their first investment in the crypto space.
- The project was created as a joke by founder Billy Markus in 2013.
- But over time it became increasingly popular and now boasts a market capitalization worth over $1 billion.
What Can You Do With Dogecoin?
You can use Dogecoin to buy things. And also, can use it to pay for services and play games. You can even invest in other cryptocurrencies (though we don’t recommend that).
One of the best things about Dogecoin is that you’re not limited in what you can do with it. If there’s something that catches your eye, chances are there’s a way to get it using DOGE.
How Do I Purchase?
You can purchase Dogecoin on a variety of cryptocurrency exchanges. These can include OKX, Bittrex, Cryptopia, etc. To purchase Dogecoin with fiat currency (that is, US dollars), you must first exchange your money into Bitcoin or Ether at an exchange like OKX, Coinbase, or Gemini.
Once you have Bitcoin or Ether in your account on Coinbase, you can use it to purchase Dogecoin through one of the above-mentioned ones.
So, Dogecoin is an open-source cryptocurrency that got originally released as a joke by programmer Billy Markus (under the pseudonym ‘Jackson Palmer’). It has since experienced widespread adoption with a vibrant community that supports its use and development.
The name “Doge” is a reference to the Shiba Inu dog breed popularized by the “Doge” internet meme. Such references seem fitting for something intended as much for fun as for serious use.