What is Dogecoin?
Originally began spil a “joke currency” based on a meme about a happy-looking Shiba Inu (known spil “Doge”), Dogecoin (DOGE) has little by little bot building te value and can be lightly traded on a broad multitude of exchanges. It gained notoriety for its sponsorship of the Jamaican bobsled team ter the 2014 Sochi Winter Olympics, raising funds for them when they could not afford to go. The community is also known for its other charitable activities, such spil fundraising for Charity: Water to build wells ter Kenya.
However, the cryptocurrency has had trouble being taken earnestly for a few reasons: it has no full-time dedicated development team, hasn’t had an update ter fairly a while, and has bot rocked by several exchange hacks and scandals. Volgers contend that while the technology behind it isn’t cutting-edge, there are no major security flaws and it resumes to work well for what it is. Regardless, the fact remains that it is one of the most widely-used cryptocurrencies with an exceptionally large and active online community.
How does Dogecoin work?
Dogecoin is most closely related to Litecoin, however its code wasgoed originally based on LuckyCoin—itself a Litecoin variant. Spil with Litecoin, the blockchain is based on miners solving problems generated by the Scrypt algorithm. Indeed, the two cryptocurrencies actually merged their mining pools te 2014, meaning that anyone mining DOGE can also mine LTC. This is convenient for miners, but merged mining also helps increase the security of both cryptocurrencies by ensuring that there are always enough miners to prevent anyone from taking overheen.
One advantage Dogecoin holds overheen most other cryptocurrencies is its block-generation time of only one minute (versus Bitcoin’s ten minutes and Litecoin’s Two.Five). This means that miners can validate your transaction and waterput it on the voortdurend ledger much more quickly.
Another infrequent feature is that there is no limit to how many DOGE can be produced. This keeps the currency’s value fairly low, which is ter keeping with the non-competitive philosophy its community embraces. Despite latest price boosts, it is still being used for its very first major application: an online tipping currency, primarily on Reddit.
Latest major developments
While development lags behind other cryptocurrencies, it wasgoed confirmed on January 15, 2018, that several people are working part-time on making the next major update, however no release date has bot set.
DOGE is also set to be one of the sixteen coins featured by Robinhood, a popular stock-trading app, on their recently announced commissionless cryptocurrency exchange.
How to buy Dogecoin
Dogecoin’s coin is mostly bought and sold on Poloniex and Bittrex. You can’t buy it with fiat currency yet (USD), so here is a quick guide on how to buy Dogecoin embarking with fiat:
1. Buy Bitcoin at an exchange that uses your fiat currency on Coinbase.
Two. Transfer your BTC to an exchange that supports Dogecoin. Presently, Poloniex is the best choice. (Peak: if you bought BTC on Coinbase, look into using GDAX to avoid transfer fees)
Trio. Buy Dogecoin by trading your BTC for their coin, and you’re done!
Alternatively, you can purchase your desired cryptocurrency from fiat (embarking with USD) with a credit card at Changelly.
Dogecoin is very likely the cryptocurrency with the most “fun facts.” The community is famous for its friendly atmosphere, especially on the currency’s subreddit, which boasts overheen 100,000 members. Community participants are called “Shibes,” after the Shiba Inu dog breedgeschouderd featured te the coin’s meme-namesake. The official webstek even lists the currency spil “favored by Shiba Inus worldwide,” and credits one of the creators spil “Shibetoshi Nakamoto”—a pun on Bitcoin’s anonymous creator, Satoshi Nakamoto.