Dogecoin Explained: Straightforward guide to Doge (DOGE)

What is Dogecoin?

Dogecoin, a cryptocurrency created by software experts Billy Markus and Jackson Palmer as a joke has now become one of the most discussed cryptocurrencies in the space and has enticed many to invest in their first digital asset.

The objective of Dogecoin is to spread goodwill and charity while also being a usable cryptocurrency. Dogecoin wants to lower the barrier to entry for others.

Dogecoin (DOGE) is a peer-to-peer cryptocurrency that was created based on the popular dog meme. A Shiba Inu is featured in the currency’s logo. Dogecoin was among the first cryptocurrencies, which used a Proof of Work system. Dogecoin’s code was originally based on Luckycoin (which was based on Litecoin).

Dogecoin Supply

Dogecoin began with a total supply of 100 billion coins. By 2015, 100 billion coins had been mined, with an additional 5 billion coins produced each year after that. Dogecoin creator J. Palmer announced in February 2014 that the limit would be lifted to allow for a more consistent decline in inflation over time.

Dogecoin differs from other cryptocurrencies like Bitcoin in that it does not have a limit to the number of Dogecoins that may be produced.

Dogecoin Utility

The cryptocurrency meme began as a joke, but it has since grown into a huge crypto community.

On May 4, 2021, Dogecoin’s value first surpassed $0.50. On May 9, 2021, SpaceX announced a Moon trip entirely financed by Dogecoin, making it the first spaceflight to be funded using cryptocurrency.

The Dogecoin community uses its size to support good causes all over the world.

In 2014, the Dogecoin community donated $50,000 to send the Jamaican Bobsled Team to the Sochi Winter Olympics.

On World Water Day (March 22, 2014), devoted Shibes raised $30,000 to support the Tana Valley’s clean-water well construction.

Shibes have even attempted to compete in NASCAR (North American Stock Car Auto Racing). Shibes sponsored a driver named Josh Wise for $55,000 in March 2014. Wise drove in a Dogecoin-inspired vehicle!

Dogecoin has a devoted following on social media. The subreddit for Dogecoin on Reddit is quite active, with members exchanging Dogecoin tips for providing outstanding material. They may also utilize the site to raise money for charity.

Gene Simmons and Snoop Dogg took to Twitter to express their support for Dogecoin. Dogecoin’s price rose even higher after that.

Just like Bitcoin and other popular cryptos, every transaction that’s made with Dogecoin is stored on the Dogecoin blockchain.

A blockchain is a distributed database that maintains records of transactions across numerous computers called nodes. This is why blockchains are known as decentralized networks. Blockchains do not rely on a single server.

Dogecoin Mining

When a node attempts to validate a Dogecoin transaction, it is put into a lottery. This lottery requires guessing a code supplied to the most recent block of transactions added to the blockchain. The prize (or reward) for the node that finds the correct code is 10,000 DOGE.

Every minute, a Dogecoin lottery is conducted. This means that a new batch of Dogecoin transactions are confirmed every minute.

Is Dogecoin Safe?

Dogecoin has had several security problems since its launch.

On December 25th, 2014, a Dogecoin wallet called Dogewallet was hacked. The hackers stole 21 million Dogecoin, which was worth about $12,000. 

Since 2015, no major modifications have been made to the network. Dogecoin is maintained by a small team of three volunteers who are only part-time employees. One of Dogecoin’s greatest features is its lighthearted and sociable community. However, this is also a liability because other currencies are considerably more advanced and more effort is going into growing the technology and securing the network.

Jackson Palmer has said that cryptocurrency is a bubble. He has also said that any tech that hasn’t been updated in three years isn’t worth hundreds of millions of dollars.

Dogecoin wallets and exchanges

Cryptocurrency exchanges are websites where you can buy and sell cryptocurrencies. You can buy and sell Dogecoin on most crypto exchanges. 

Here are some popular and trusted exchanges where you can buy Dogecoin (DOGE)

Coinbase, Uphold, and Kraken offer Dogecoin. 

In conclusion, the cryptocurrency meme began as a joke, but has since grown into a huge crypto community. It is safe to say that Dogecoin is a worthy contender in the cryptocurrency field but it’s all about timing.

Dogecoin’s “Twitter-famous” Dogecoin holder Glauber Contessoto, known as the “DOGE millionaire” who keeps losing and regaining value as DOGE rises and falls, has stated that he has lost nearly half a million dollars on his favorite meme currency in recent months.

https://twitter.com/ProTheDoge/status/1440207273490464775