What is Dogecoin?
Dogecoin is a peer-to-peer digital currency, just like Bitcoin and Litecoin. It was founded in 2013 by Jackson Palmer and “Shibetoshi Nakamoto”. The site and project are laced with homages to its mascot, a Japanese shiba inu dog. For those unfamiliar with the meme, “doge” is derived from the word, and the memes often revolve around simple-minded expressions of emotion such as “much wow”, “very crypto”, and “such moon” in Comic Sans font. Buy Dogecoin (DOGE) India – BuyBitcoin.
Dogecoin technology and economics
Dogecoin was created as a fork of Luckycoin, which itself was a fork of Litecoin. Therefore, Dogecoin contains a number of characteristics that are similar to Litecoin but not identical. For example, it uses the Scrypt algorithm which was originally designed so that bitcoin ASICs could not mine it. Of course, Scrypt ASIC miners exist today, but that was not the case back in 2013. Dogecoin also has a shorter block time than Litecoin.
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Dogecoin was designed to have a very large supply, for the express purpose of keeping the currency accessible. While the entire market Of Dogecoin today is worth more than $750 million, individual tokens are still usually worth under one cent. This, again, was done on purpose. Additionally, Dogecoin does not have a fixed limit on the total supply. It is currently estimated that an additional 5.2 billion units will be made each year. Some critics have argued that this is a negative trait of Dogecoin because it can potentially prevent individual token values from rising. The currency did see a big jump in price just recently, but the market has since cooled off again and returned closer to its normal range.
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- Dogecoins are fast, easy, fun, and friendly to use.
- Dogecoins offer faster transactional speeds compared to other digital currencies.
- The platform offers low transactional fees.
- So many charitable works have been realized from Dogecoin’s network
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