Although Dogecoin started as a practical joke, it soon became a rage where users used it to tip contents which they love on the internet.
- Faster transaction confirmation: Dogecoin transactions are fast, and the confirmation is generally received within a few seconds. This can be attributed to a much shorter block generation time than bitcoin (one minute versus ten minutes).
- Lower transaction fees: Dogecoin charges a much smaller transaction fee than bitcoin (the average fee is 1 DOGE).
- More transactions per second: Dogecoin is much more scalable than bitcoin, and thus the network is ready to handle much more transactions per second.
- Extremely Low Value: Beneficial for micro-transactions and social media tipping service, Dogecoin values tend to be very small, with $1 yielding several Dogecoins due to the massive supply already in circulation.
- Helpful Community: The Dogecoin community is a closely-knit one and is very helpful to new users and anybody inquiring about Dogecoin. This has led to more widespread adoption of the coin as new users can easily climb the learning curve.
What is Dogecoin?
Dogecoin (DOGE) is a fully decentralized, peer-to-peer, open-source cryptocurrencies, like bitcoin or Litecoin. It can be used to transact within the network or converted to other cryptocurrencies at cryptocurrency exchanges. One of the first major cryptocurrencies to gain mainstream traction, Dogecoin is based around the popular Doge internet meme. Its logo is an artistic rendering of the dog of the Shiba Inu breed that is central to Doge memes.
Where to buy DOGE
DOGE is available on dozens of different cryptocurrency exchanges, with the best options being listed below:
Binance – 10 different market pairs
Gemini – DOGE/USD
Gate.io – DOGE/USDT & DOGE/BTC
Binance.us – DOGE/USD & DOGE/USDT
Coinbase.com – 5 different market pairs
KuCoin – 4 different market pairs
Kraken – 3 different market pairs
FTX – 4 different market pairs
How Dogecoin Works
Dogecoin is a cryptocurrency, just like bitcoin or Ethereum, and it works on the simple principles of cryptocurrencies.
Users of the Dogecoin network need to initiate a send command to complete a transaction. This command contains the receiver’s address as well as the amount of Dogecoin to be transferred. This data is carried via a blockchain to the Miners who are public ledger keepers. Once the miner approves (or disapproves) the transaction, the ledger is updated, and the amount is deducted from the sender and credited to the receiver’s account. Transactions are completely anonymous and secure.
History of Dogecoin
Billy Markus and Jackson Palmer created dogecoin. Dogecoin was launched on 8th December 2013, and by June 2017, the currency’s market capitalization is $340 million. Dogecoin has a fast coin production rate with over 100 billion coins mined already. The coin allegedly began as a “joke” after Palmer realized that it was actually rather easy to create a cryptocurrency and that anybody could make one.
On December 25, 2013, Dogecoin suffered a big hacking attack where millions of Dogecoins were stolen. However, other users of the Dogecoin network compensated for this loss and paid out to those who lost the coins.
Dogecoin has been used for some charitable efforts over the years and has received more media attention than just about any other cryptocurrency, with two notable exceptions being bitcoin and Ethereum.
There is a plan to put a Dogecoin made of gold on the moon’s surface, as a token of the popular saying in the community “to the moon,” which denotes its users’ hopes of a soaring price.