Dogecoin came into existence in late 2013, forged by software engineers Jackson Palmer and Billy Marcus. Palmer branded the cryptocurrency logo. He used a marketable meme during that time which factored the wittingly misspelled word “doge” to illustrate a Shiba Inu dog.
It has been stated by Pat White, the CEO of Bitwave, that the purpose of Doge coming into existence was to take a dig at Bitcoin. In the initial days, a citizenry of devotees showed publicity stunts to elevate the profile. Amassed funds to send to the Jamaican Bobsleigh team to 2014 Olympics for instance, or sponsoring a NASCAR driver.
Earlier in 2021, Dogecoin procured a cult status on Reddit’s WallStreetBets message board. It tends to be the leading initiator behind the Gameshop venture in January, where aficionados had vowed to impel its worth to the moon.
In this day and age, having dramatically increased in value and obtaining more than 5000% in 2021, Dogecoin is no joke. One of its exponents is the CEO of Tesla, Elon Musk who regarded it as his ideal cryptocurrency. He further designated Dogecoin as the people’s crypto and undertook to plant a physical Dogecoin token on the moon.
How does it work?
Dogecoin is similar to Bitcoin and Ethereum, a cryptocurrency that runs on blockchain technology. Blockchain is a distributed, guarded digital log that stores all transactions made using a decentralized digital currency.
Like other cryptocurrencies, Dogecoin’s blockchain network uses cryptography to maintain all transactions unassailable. Holders carry an identical copy of the blockchain log, which is routinely revised with the latest proceedings in the cryptocurrency.
People categorized as miners use computers to puzzle out complex mathematical equations. This is done to process transactions and log them on the blockchain, the so-called proof of work system. In reciprocity for processing transactions and assisting the blockchain log, miners acquire additional Dogecoin. They can either sell in the open market or hold.
It can be used for purchases and payments. However, it isn’t a worthwhile store of value primarily since there’s no lifetime cap on the amount of Dogecoins that may be generated by mining. This implies that by design, cryptocurrency is highly inflationary. The miners are rewarded by the blockchain for their work by producing millions of new Dogecoins every day. This makes it challenging for conjectural price wins in Dogecoin to hold up over time.
Here’s how to purchase a Dogecoin:
Cryptocurrency exchange options like Binance and Kraken are available for you to make a purchase. The exchanges entail you to set up and fund an account with US dollars or cryptocurrency. This enables you to purchase and exchange cryptocurrencies, including Dogecoin. In particular, the leading crypto exchange Coin base also aids purchases of Dogecoin.
Online brokers like TradeStation and Robinhood also permit you to purchase it, in addition to prevailing assets such as mutual funds, bonds, and stocks. However, they don’t offer as many cryptocurrencies as exchanges, but Dogecoin is usually available.
Once you’ve purchased it, it’s prime to put your coins into a crypto wallet.
Coinbase allows you to securely buy, sell and store your cryptocurrency. The wallets are protected with a private password. Since the coins are held outside of the exchange, an additional layer of protection prevents and saves from any potential hacking attempts.
Prior to when Dogecoin broke out and rocketed sky-high in price, people used to be able to earn free coins for doing basic tasks online.Neil Gray, a partner in the fintech practice areas at Duane Morris LLP commented that for a lot of years people could perform tasks at its Faucets to obtain Dogecoin instead of purchasing it. The tasks involved things like taking a survey or watching an advertisement. Recently, it's been difficult to find any that work.