What is Dogecoin Cryptocurrency

What is Dogecoin

Description of dogecoin

Dogecoin is a cryptocurrency derived from Litecoin that uses a Shiba Inu dog from the Internet meme (Doge) as a pet. Dogecoin shares some similarities with its more well-known counterparts, such as Litecoin. But it has a couple of differences example the keys they use. Although cryptocurrencies are gaining acceptance as a currency to buy goods, dogecoin does not have much use in the real world. It has some niche markets, like tipping artists online.

History of dogecoin

At the end of 2013, software engineers Billy Markus and Jackson Palmer decided to create “Dogecoin”. The Dogecoin cryptocurrency was created by programmer and former IBM engineer Billy Markus. Who said Dogecoin with the hope of reaching a broader user base than the investors who created Bitcoin, which to this day they have not achieved.

On December 17, 2013, less than two weeks since the launch of the coin, 6% of the total amount of 100 million DOGE had already been mined, on December 11 and 19, the value of Dogecoin had risen more 300%, going from 0.00026 to $ 0.00099 $ 12 at a time when Bitcoin and many other cryptocurrencies were reeling from China's decision to ban its banks from trading Chinese yuan with Bitcoin.

On December 22, Dogecoin experienced its first crash, falling by 80% as large groups of miners saw the opportunity to exploit the small computational power that mining the currency required at that time.

On December 24, 2013, the first major theft of Dogecoins occurred, in which millions of coins were stolen in an attack on the Dogewallet.14 A cracker managed to access the wallet's filesystem and modified its send / page page. receive so that all coins will be sent to a static address.

On December 24, the Central Bank of India warned users of Dogecoin and other virtual currencies of the risks associated with them.

March 15, 2021 peaked at 0.1283 cents. By far exceeding the event of 2018, which until now had been the maximum in its history.

Funtion of dogecoin

Dogecoin is a cryptocurrency that allows digital payments through the Blockchain network. The cryptocurrency doge is mainly used to finance and tip cryptocurrency miners and digital content creditor.

Security of dogecoin

Millions of cryptocurrency users around the world trust our multilevel and multicluster system architecture and our insurance fund SAFU (Secure Asset Fund for Users) protect your account in (Dogecoin). that is why Dogecoin is a reliable platform today.

Pros of using Doge

  • Its price is extremely low, which makes it the perfect instrument for microtransactions.
  • The commissions for trading within the Dogecoin network are extremely low.
  • Good acceptance in small communities, which do not seek investment benefits, but use it to exchange value in forums and communities of small miners, faucets, etc.

  • Cons of using Doge

  • Adoption in serious environments is very low.
  • Its price has been quite volatile and sometimes shows erratic behavior that does not make it a reliable investment medium.
  • Many platforms like eToro that have not registered the Dog coin as a cryptocurrency.

  • How to mine Dogecoin?

    1º The first step to mine Dogecoin is to configure a wallet, as this is where you will receive your mining reward and you need to use a high security wallet that offers you this possibility.

    2º The second step is before you start mining, make sure that everything is properly configured to avoid potential setbacks. For hardware, it checks things like backup power or cooling. Also make sure that it is legal to mine crypto in your country.

    3º Enjoy Dogecoin mining.

    What Is a Dogecoin Wallet?

    A Doge wallet is a type of digital wallet used to send and receive Dogecoin. This is analogous to a physical wallet. However, instead of storing physical currency, the wallet stores the cryptographic information used to access Dogecoin addresses and send transactions. Some Dogecoin wallets can also be used for other cryptocurrencies.

    List of wallets that accept Dogecoin

  • MultiDoge is the most traditional Dogecoin wallet available on the market. Its desktop version is available for Windows, OS X and Linux.
  • Dogechain is an online wallet made only for the storage of Dogecoins. It has a light and functional interface, which allows the sending and receiving of DOGEs in a simple way.
  • The Ledger is a classic hardware wallet that supports dozens of cryptos, including DOGE. The great advantage of this cold wallet is its security.
  • Trezor is another reliable and efficient hardware wallet. It supports Dogecoin and hundreds of crypto assets.
  • The Exodus Wallet is a multi-crypto wallet that allows you to store more than one hundred types of currencies, including Dogecoin.