Dogecoin Review-A Crypto-Joke Currency
Dogecoin is also known as a joke currency. It was rolled out on the 6th of Dec 2013 with the symbol “Ð”. Ever since then it has gained popularity, it is capped at 1 billion USD. Dogecoin was intended to be a 100 billion USD currency but it’s now an infinite currency. It is one of the leading Cryptocompare currencies in the market.
History of Dogecoin
Dogecoin was invented by a Portland programmer named Billy Markus. His intentions were to create a crypto currency for entertainment. It was a fantasy coin until it was made popular by a member of Adobe System marketing department Jackson Palmer re-tweeted it after getting many Twitter mentions. He also went as far as creating it’s official logo and website. when Markus saw it was no longer a fantasy but becoming a reality, he contacted Jackson, and then started working on it to be created. Initially, it started as a reward under luckycoin which was under Litecoin. This means that the first users of dogecoin acquired it without payment but as a reward for mining a block.
In 2013 a hacker gained access to the file system and modified the platform which sent all coins to a static domain address. Ever since that incidence, Doge coin strengthened their system and also started a campaign ‘SaveDogemas’. This campaign helped users that lost their currency regain their coin in less than a month.
It was on record that dogewallet hackers took away over 21 million Dogecoins valued at $12,000. A team known as team-ooga were reported to be responsible for this menace.
Dogecoin Script Algorithm
Dodge coin is simply mined just like other altcoins and pays its workers in dodge. It uses the same script algorithm with Litecoin. It could be mined using specialized hardware Application-Specific Integrated Circuit(ASIC) chips.
- Doge coin uses a technology called scrypt with a proof-off alogrithim. This means that its online wallet is very secured and different from other currencies which also means that hackers will find it difficult or won’t penetrate it with any form of DOS or DDOS attack. It is also a fast rising coin.
- It has no limit to how much currency it can produce unlike other crypto currencies out there. This means that a user can accumulate infinite Doge.
- Doge has been used to buy quantities, with this you will know that you’re not the only one using the coin. Your businesses are safe with this coin because it is not just a virtual or digital coin, you can also cash out your coin to get fiat currency.
Advantages of Dogecoin
A survey carried out in 2015 showed that 70% of crypto users prefer Doge because of its secured wallet
It is ranked as one of the trending coins in the world now and it is one of the top rated
Widely Accepted : Doge is the most common coin used for tipping users on social media. If you are familiar with Twitter or Reddit, you will notice that it been used to tip users for posting quality materials or funny posts.
It is very historical, in 2014 it was recorded that an English man bought a house with doge coin. Cars and groceries have also been purchased with this coin.
HOW DO I INVEST IN DOGECOIN?
When we talk about investment in Dogecoin. This can be done in three ways:
- Buying and Holding coin till it appreciates then you can sell. This is just like Forex trading or buying of stocks. Doge has been on steady rise (as of September 2017). Although recently there is a sharp decline in every cryptocurrency which makes now a good buy time.
- Paying/tipping other users
- Joining the community
Sending or receiving Dogecoin is a very easy process. If you are to send:
- Enter the receivers address. This is done after you must have initiated a send command. You copy the recipients address and paste in the field provided for that or you scan receivers QR code into your mobile wallet.
- Enter the amount of Dodge you intend to send. While entering the amount of Dodge you want to send ensure it doesn’t exceed your balance to avoid failed transaction.
- Send your coin. This is a very vital section, please verify transaction charges before sending. Some wallets such as coinomi have options for default, high priority or low priority fees. The fees varies and can be very high sometimes. Receiver might not get the sent coin immediately due to confirmation processes.
Where can you buy or sell Dogecoin
You can buy it in any Walmart shop around you. It can also be gotten through the black market, websites such as paypay, Coindirect, WesellDoges etc are good places to purchase this coin. Those in Nigeria can get it from Ngexchanger, Binance, Coinomi, Bittrex etc. Currently 1 NGN is equivalent to 0.8 XDG
Dogecoin is a coin with great potentials and has proven itself worthy. Dogecoin community is working hard to promote this coin. The more investors embrace the coin the more the value strengthens. If more people could adopt the tipping ecosystem where dodge is seen as a trailblazer, then users of this altcoin will get to smile sooner. Nevertheless this coin has an unlimited quantity in circulation which is a strong hindrance to its growth.
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