Dogecoin is a cryptocurrency with a “doge” a short-lived internet meme as its logo. Its a Japanese Shiba in dog popularized by an internet meme in 2010. Created in 2013 and quite similar to Litecoin. It is an open source peer to peer digital currency and effectively the 3rd most popular cryptocurrency after Bitcoin and Litecoin. It is a new and fun cryptocurrency rapidly growing. Like other cryptocurrencies, it is also decentralized. Besides being completely anonymous it is extremely secure.
Though launched as a parody of the multitude of alternative cryptocurrencies this cryptocurrency first gained value of $1 billion on Christmas day last year and nearly two weeks after that crossed $2 billion barriers. In December it rose to more than 400 percent. Dogecoins provide superfast transactions, with no network congestion and transaction fees of 1 dogecoin (which is about $0.01 USD).
There are various ways to get dogecoins. They can be bought at online exchanges, get as a tip in the cryptocurrency and even mine them. Bitcoins are the most convenient method used to exchange for dogecoins. A bitcoin is either bought or mined and those coins are transferred to an exchange that has a Dogecoin market. There are communities that often tip in Dogecoin if you provide something useful to them. Another way to obtain Dogecoins is mining. It is similar to that of Bitcoin. They can be mined using computers with a capacity for mining and 24/7 power supply. It means having a computer program solve some complex mathematical equations. As a reward to solving the equations, the miners get dogecoins. The more powerful a computer, the faster it will mine and the more coins one will get. It can also be mined without using a graphics card, although the progress will be slower.
Dogecoin is a virtual currency can be used to purchase goods and services or to tip others or exchange it with other currencies. It can be used just like any other type of currency. The most important distinction is that Dogecoins exist just online and may not be held or traded like paper money. Dogecoin is different by means of something called a blockchain. It will help to keep everything in order. When Dogecoins are traded or traded, everyone these trades are stored at a public ledger which all people is able to see. Unlike the traditional banking transactions, in which details are only viewed by the parties involved in the transaction. Even though all Dogecoin transactions are public information, the names behind each and every transaction are anonymous. In this manner, only the quantity of Dogecoin traded could be understood and there’s absolutely no means of knowing who had been on the giving and receiving ends of those trades. This guarantees the people that one user isn’t just sitting back and producing Dogecoins to use as openly as their will.
Contrary to other cryptocurrencies that have a limitation on the number of coins which may be made or mined, there’s absolutely no limitation to the number of Dogecoins could be generated and consequently it an inflationary coin. Originally, Dogecoins were to really have a limitation of 100 billion coins, but this mark has been crossed. At this time, there are 113 billion coins in circulation. The blockchain verifies the number of Dogecoins being transacted and fits with the number of Dogecoins which exist currently.
No one can tell for sure what is the future of a particular cryptocurrency. Due to no limit to its production the value of Dogecoin is expected to inflate after some time but not in near future. Since its release in 2013 Dogecoin has taken the Altcoin scene by storm. With its current value over above $2 billion, this cryptocurrency has definitely made a mark in the virtual world.