Recently many people have been hearing this and hearing a lot about this cryptocurrency on the internet that went viral recently. This cryptocurrency is one of the most talked about cryptocurrency in the world right now besides Bitcoin and Ethereum. It has been promoted by many notable figures like Elon Musk who himself has invested in Bitcoin a few days ago around $1.5 Billion Dollars to represent that, the future is Crypto and it could be this Cryptocurrency.
Started out as a meme and became a viral sensation in 2013. Dogecoin was created by Jackson Palmer and Billy Markus. This Dogecoin was made to be a payment system that is very unique non-traditional, swift, exciting and free from standard banking system and fees. This cryptocurrency was being mocked by many in its start and was not recognized just as well as it should have in its early days like Bitcoin. The dogecoin also works on a blockchain technology to make secure and easy transactions. The dogecoin cryptocurrency was talked about on a reddit board where it was suggested that dogecoin should be made a cryptocurrency that is equal in value of a gaming retailer GameStop. The value escalated by 800% and reached its peak in 2021. The Dogecoin got even more attention after Elon Musk Tweeted about it, saying ‘Dogecoin could be the future of cryptocurrency’.
The market value of Dogecoin has reached nearly $8.4 Billion US dollars since then. It has been the 9th largest Cryptocurrency since then. It is a peer-to-peer digital currency that allows transaction of money between two users without the interference of a centralized financial organization that profits off of such transactions and has authority. Dogecoin on the contrary has a decentralized system that follows blockchain technology to help complete transactions between users to allow secure payment without one scamming the other. Dogecoin has one of the fastest block intervals making it quicker than other blockchain technologies. The algorithm that is used by Dogecoin is Scrypt Algorithm that uses password-based key that uses large amount of memory. It is an altcoin and an open-source cryptocurrency. It adapted its technology from Litecoin which uses Scrypt Algorithm and so does the Dogecoin.
The Dogecoin had a very good start at the time it debuted in 2013 and was most talked about cryptocurrency at the time and the value increased by 300%. The reason for Dogecoin hype was because it was a more quick, more versatile and better version of a BTC. Dogecoin has always been surrounded by controversy from the time it has been introduced in the cryptocurrency world. Many scammers tried to scam local users on dogecoin through exchange. A British citizen named Alex green by accident tipped $15000 instead of $1500 to a fundraiser and seeing that many people tipped the fundraiser $1.5 million worth of donations; which Alex Green used, to buy Bitcoin which brought him a very expensive lifestyle.
The dogecoin community is one of the most socially active crypto community that helps the dogecoin through exchange and makes money exchange through dogecoin on the internet like on twitter, reddit and many other social websites.
How to Buy Dogecoin?
There is a diverse range of ways through which an individual, investor or a trader can get the dogecoin. The user can buy them at a price by investing a particular amount of money, or the user can trade them, get tipped by any user that is willingly tipping the user for a chance to help, or the user can mine the Dogecoin, or the user can get them in another way. The user can get tipped by the dogecoin community. The user can also get the coin for free by a faucet. It is a website that gives user small quantity of dogecoin for free to help user, enter the dogecoin currency. For that the user needs a dogecoin address. There’s a specific faucet website named dogefaucet.com that when has users address gives user free coins. Dogecoin can be mined too. Mining is a process in cryptocurrency in which the user uses its computer to allow dogecoin transactions for other people and in return the miner gets rewarded for mining the dogecoin. Mining is a very complex process that includes the user’s computer to be a part of a peer-to-peer network and become a node and attaches a very heavy machinery with the user’s laptop to mine dogecoin and should be done by people who have a technical knowledge of mining is, or have a top level of expertise in computer processing.
How To Get Started with Dogecoin?
To get started, go to Dogecoin.com on your browser and click the getting started icon on the bottom of the page to go to getting started page that takes you towards further steps. Choose whether to get a mobile or a desktop wallet. Than chose the devices’ operating system, whether it is Windows, Linux for Desktop or Android for Tab or a Smartphone.
Than Download the wallet on the particular device with the link provided in the respective session. Than install the wallet on your PC in .exe format. Accept the license agreement and follow the next step. After that setup your wallet with the set of instructions that the program sets and complete them after 1 to 10 minutes of synchronization the wallet is setup and continue trading, mining or buying the dogecoin through the wallet.
Conclusion – Final Thoughts
The Dogecoin cryptocurrency is a very effective and easy exchange of cryptocurrency and it is a good idea to invest in such a cryptocurrency. Nevertheless, it is one of the un-stable cryptocurrencies that drops harder than other cryptocurrencies. The user should be a crypto community member and should have a cryptocurrency knowledge to enter dogecoin as dogecoin can drop its value sometimes and it might result in a loss, but not all the times. Many a times dogecoin is higher and has a stable value. For gaining maximum profit the user should be very particular about when to make an investment or buy a dogecoin and when to sell it. Dogecoin is being highlighted by many big names in the tech and business world and has been recognized very well and is a safe investment. Try to invest less at the first try and gradually increase the investment in dogecoin overtime. Keep the investment in the wallet for couple of months and then profit off of your dogecoin when market value skyrockets. Know the market and earn the profit.