Hi, what is all this Dogecoin about? I have been mining Cryptocurrency since 2014 with my Gaming PC whenever I am not using it. I used to mine Dogecoin too, but Litecoin took it over and my hardware no longer supports mining Dogecoin, so I decided to write some details about what I have learned since Elon and all his wing flapping.
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Dogecoin, is a cryptocurrency created by Jackson Palmer and Billy Markus. Billy and Jackson were Software engineers who worked at IBM and Adobe Systems at the time of inventing Dogecoin in 2013, I remember it vividly. It can be used like any Bitcoin to send payments securely and instantly to anyone in the world, aiming to be fun and avoid any banking fees, as we all know what happened in 2007 with the banking crisis.
Increased vendors are accepting this cryptocurrency and the network has increased exponentially in value.
The ISO 4217 Code is: DOGE
The current Circulating supply when typing this article: 127 billion.
Released on the sixth of December 2013 and program within the language C++ Dogecoin is predicted to grow massively in the coming months and year, it has already doubled in the first two months of 2021. Elon Musk and other celebrities are boosting the confidence of investors in the currency by promoting and using the coin themselves. In the next 3 years, the coin should see massive growth.
Built on the Scrypt algorithm, Dogecoin is rehashed from the open source p2p cryptocurrency Luckycoin and Litecoin. There is no limit to the number of Dogecoin which can be mined from the block and with one-minute intervals it’s incredibly faster than other blockchains.
App for Dogecoin
There is a Dogecoin Wallet that integrates all the amazing features of blockchain wallets, which is powered by Freewallet. An extremely user-friendly Android app can be found on the Google play store: https://play.google.com/store/apps/details?id=doge.org.freewallet.app
Why is Dogecoin a joke?
Dogecoin was in fact created as a joke originally by Billy and was working in Oregon at the time. The crypto was initially anonymous and no one knew its creator.
So why is Dogecoin a joke? and why is it suddenly so serious? I read that Billy Markus wanted his cryptocurrency to be more publicly available and so got help from Jackson Palmer. He worked on the other side of the world in Australia, he purchased the domain name dogecoin.com representing the “doge” meme that was doing the rounds at the time. I know that doesn’t exactly answer Why is Dogecoin a joke? but that’s the fact of the matter, it was created as a joke.
Why is Dogecoin so popular, all the sudden?
How can something that started as a joke become so popular suddenly?
The total value of Dogecoin in circulation almost reached $50 Billion on the 6th of May 2021 which is no joke for a digital currency that started as a joke. Its continued increase just shows it’s here to stay so it’s time to take Dogecoin seriously.
On Tuesday, the 4th of May Dogecoin reached an all-time high and was trading for $0.53 halfway to $1. As there are countless different variations to account for when it comes to digital currency it’s extremely difficult to predict if dogecoin ever will reach $1 or not.
So, with the information we have will Dogecoin reach 1$? On the 06 of May 2021 Dogecoin reached $0.66 so it’s getting higher and higher even though it does drop back down again. See an up-to-date price here:
The only reason Dogecoin shot up so high is that Elon Musk has Tweeted about the digital currency, which can also negatively impact. If a celebrity or infamous celebrity were to use it for criminal activity and it goes into the news, the value of the coins would drop massively.
So, for now, I would say stick to Bitcoin if you were to invest or the coins with something more practical in the real world like Binance.
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Thanks again for being here. Please let me know what you think of the article.