What is Dogecoin? Here’s all you need to know

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Started out as not so popular cryptocurrency and fuelled to popularity by memers. It’s quite honest to say that Dogecoin or DOGE has become one of the most versatile cryptocurrencies in the world competing against Bitcoin and Ethereum.

The use of this particular crypto currency is quite simple, users buy it and hold it for a while to sell it when its price rises, in many cases when its price is higher enough to make you rich.

A brief history of Dogecoin

All cryptocurrencies are protégées of Bitcoin, the pioneer of all crypto. At the peak of crypto technology Bitcoin became an overnight innovation that would let users to virtually change digital cash at a very low cost and no one could trace its source.

Unfortunately, Bitcoin was designed as an open source project, which means anyone could copy its code and do whatever they want with it.

Meanwhile, Bitcoin protégées like Litecoin and Peercoin came out. With Litecoin becoming almost exactly like Bitcoin.

This is one of the very reason Dogecoin came into existence. In December 2013, software engineers Billy Markus and Jackson Palmer created Dogecoin, almost the exact replica of Bitcoin, this time with a Shiba Inu dog emblem.

With time the cute crypto with a doggy emblem became wildly popular among dog lovers and memers. Due to the expensiveness of Bitcoin most people opted for the Dogecoin to at least interact with the crypto world.

Unlike Bitcoin, Dogecoin has minimal maintenance and management, despite that it can easily persevere the most horrible market crash.

In 2018, the cryptocurrency world went crashing down when co-founder Jackson Palmer downplayed the booming scale of the crypto market.

“I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn’t released a software update in over 2 years has a $1B+ market cap,” stated Jackson Palmer.

Is Dogecoin secure?

Well, the answer here is quite complex, the fact that the crypto was born from a previous open source project someone can easily manage to figure out a vulnerability within the source code. But due to its rapid rise to popularity it’s quite honest to say that it’s secure, although not as secure as the decentralised Bitcoin.

Dogecoin and Elon Musk

Elon Musk the founder and CEO of Tesla and SpaceX has a very significant role in the rise of Dogecoin. A couple of times he has expressed his admiration for the crypto through his Twitter handle propelling its price.

During a Clubhouse interview in February, Elon Musk stated his admiration and potential future of Dogecoin.

“Arguably the most entertaining outcome, the most ironic outcome would be that Dogecoin becomes the currency of Earth of the future,” stated Mr Musk.

The fact that Dogecoin is a multi-billion-worth crypto joke, it has a number of celebrity endorsements including Snoop Dogg, Soulja Boy, Gene Simmons and business magnate Mark Cuban.

“I’m not recommending, nor am I not recommending, but yes, I bought a big position in Dogecoin. And yes, I’m a Hodler. FUM.” Gene Simmons.

“If I had to choose between buying a lottery ticket and #Dogecoin …..I would buy #Dogecoin. But please dont ask me to choose between it and anything else,” Mark Cuban.

How can I purchase Dogecoin?

The crypto is not yet widely supported in many exchanges, but there are some few major exchanges that support Dogecoin, these include Coinbase and Binance.

Immediately after purchasing Dogecoin from an exchange you’ll have to keep coins on either on the official wallet at the Dogecoin website or any other supporting exchange, and it’s about time to wait for the prices to rise.

We can conclude that Dogecoin is just a fun way of messing around with crypto that can never be taken to seriously like Bitcoin and Litecoin but has a very high growth potential.

About Post Author

Silvaro D'Silvas

An adventurer on pursuit for knowledge and to share it with the World.
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