Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

What is Dogecoin?

Dogecoin is a Cryptocurrency that uses the symbol Ð or D , and whose code is DOGE . This cryptocurrency is derived from Litecoin, and we all know it by the “Doge” meme seen on the net.

Therefore, Dogecoin uses the dog of the Shiba Inu breed as a pet .

As a curiosity, it is the first cryptocurrency with a parodic religion, and more than 80% of the total cryptocurrency has already been mined, which is limited to 100 billion Dogecoins .

What is your story?

Programmers and friends Billy Markus (former IBM engineer) and Jackson Palmer (of Adbobe Systems) created Dogecoin.

As a curiosity, the cryptocurrency came as a joke but had so much acceptance that it ended up becoming one more.

At the end of 2013 and after the development work of the portfolio was launched, and just two weeks later, 6% of the total available DOGEs had been mined, and its price rose by more than 300%.

Days later he starred in his first crash falling by 80% and the first Dogecoins theftoccurred in an attack on the Dogewallet wallet.

Dogecoin was created from Litecoin, which uses scrypt technology with its POW algorithm.

Today it continues to grow and progress, and can be considered a fairly safe currency and a good investment to generate profits in the future .

How are the transactions?

Dogecoin uses public key cryptography, in which the user generates two keys, one public and one private.

The private key is the one that can decode the information that has been encrypted with the public key. So the owner of the keys can distribute the public key without anyone being able to access the information that is encrypted.

The addresses of Dogecoin are all public keys , a string of 34 numbers and letters, starting with the letter D.

The public key is the one we will use as the address of the Dogecoin wallet or purse, to which the other users can send us the Dogecoins.

In order to obtain DOGEs, we can go to exchange houses in the network, in which exchanges of cryptocurrencies are carried out . Among the most common options we find the exchanges between DOGE / BTC (Dogecoins and Bitcoins), DOGE / LTC (Dogecoins and Litecoins) and DOGE / USD (Dogecoins and US dollars).

It is a cryptocurrency that has been active since September 2014 , and since it is relatively new, its price is quite volatile.

However, there are many who rely on investing in this cryptocurrency for next year 2018, and it can be a very interesting option.

In fact, there are those who even exchange real goods for these DOGEs in online communities like Reddit .

What are the differences with other cryptocurrencies?

Taking into account that Dogecoin has derived from Litecoin we will see below some of the differences between the two.

And also between Bitcoin, which today is the most popular and most used virtual currency in the world.

  • Dogecoin has an average of 40,000 transactions per day (Bitcoin is the only cryptocurrency that surpasses it, since Litecoin would fall below this limit).
  • It is the second cryptocurrency that has more followers in the Reddit social network.
  • In Bitcoin it takes at least 10 minutes to complete a transaction, Litecoin improves the time with 2 and a half minutes, but is that transactions with Dogecoins can be done in just 60 seconds .
  • The price of your quote also helps that the commissions both for sending and receiving DOGEs be cheaper than in any of the other cryptocurrencies .
  • With a limit of 100 billion issuance , currency circulation is facilitated and speculation is avoided .

As we said, Dogecoin is one of the cryptocurrencies considered to invest next year 2018, so this could be your chance to get to know it and get benefits.

Data by CryptoCompare API

The post What is Dogecoin? appeared first on Digital Bodha.

This post first appeared on Cryptocurrency News | Bitcoin Mining Hardware | Dogecoin, please read the originial post: here

Share the post

What is Dogecoin?


Subscribe to Cryptocurrency News | Bitcoin Mining Hardware | Dogecoin

Get updates delivered right to your inbox!

Thank you for your subscription