About Dogecoin

Only the lazy have not heard about digital currency now, because for the past few years this area has been constantly in the spotlight. This is not surprising, because the modern cryptocurrency world is represented by many different projects. And sometimes it can be difficult to figure out which digital currency is worth investing in and which one is better to bypass. Each cryptocurrency project was released with a specific purpose. Some development teams wanted to change the world and improve Bitcoin (which is open source), others just wanted to try their hand at new technologies or quickly get rich on the basis of the general interest in virtual money. However, there is another reason for the release of a cryptocurrency project. This is a banal joke on people who believe in the main principle of cryptocurrency existence, which is that its market value is formed exclusively by the level of demand for a project.

All cryptocurrency projects are trying to win followers through the introduction of new technologies, unique opportunities or new solutions. However, one project stands out from the rest. This is due to the fact that he was born as a joke. Thus, two programmers - Billy Marcus and Jackson Palmer - launched their own cryptocurrency project in 2013, which they called Dogecoin. The technical basis for the future project was the digital currency Litecoin (to be more precise, the fork of Luckycoin), and the ideological inspiration was one of the popular memes at that time - the Shiba Inu dog. As a result of the merger of these two names, Dogecoin came out (in Russian it is pronounced as Dogecoin, but if translated literally, it will turn out to be "dog coin"). The cryptocurrency platform, immediately after its official entry into the market, launched a cryptocurrency, which was assigned the DOGE ticker on exchanges.

Nevertheless, some time after entering the market, the DOGE cryptocurrency aroused the interest of many traders and crypto experts, who began to massively buy and invest in the project. It was then that the development team announced that their comic project had long ceased to be a simple joke, and now DOGE is pursuing high goals. The developers stated that their main task is to create the most simple and understandable, as well as accessible for everyone and convenient to use altcoin. I would like to draw your attention to the fact that all the technical characteristics of the project correspond to these goals, and the project may well become successful and fully realize all the possibilities on the crypto market. This is due to several factors:

Altcoins DOGE cost very little, and at the current exchange rate, only $ 10 can buy them about 4500. For this reason, this project is suitable even for novice traders, whose financial capabilities are usually very limited.
A huge number of DOGE coins are issued, they are also endless, which allows them to constantly participate in the auction.
This cryptocurrency has a real sphere where it is used. Users of this network use DOGE to carry out personal financial transactions, and also pay for various goods and services on the Internet.
Dogecoin is a decentralized digital currency that can be used to make mutual settlements between users. The project is interesting not only for novice traders, but also for experienced crypto investors. However, at present, DOGE has a number of serious questions, the answers to which have not been received by users. The main factor that scares off large investors is the lack of a Road Map for the project. It is worth noting that the DOGE platform has not had any updates for a long time, which also has a significant impact on the cryptocurrency rate, as well as the level of interest in it among ordinary users.

Dogecoin features

As mentioned above, the Dogecoin project cannot surprise with something fundamentally new or original, because it is based on the LTC fork, and was originally conceived as a kind of digital joke. However, since this joke has received strong development, the project nevertheless became a real cryptocurrency, which has won a worthy place in the modern digital market.

It must be said about the technical parameters that Dogecoin cryptocurrency possesses, although it is based on the Litecoin algorithm, but it has significant differences from the original source. It is worth noting the differences between these two projects:

full disclosure of one block takes only a minute (in the LTC network, this takes more than 2.5 minutes);
only 6 minutes are required to confirm the financial transfer (LTC has 15);
The reward for disclosing a block for a long time was not fixed and was calculated arbitrarily (since 2014 it is 10 thousand DOGE coins and a percentage of the commission for making a transfer).

Based on the above, it becomes obvious that although DOGE is based on the technical basis of another project, it has gone much further than its predecessor. It should also be mentioned that due to the differences between the two platforms, the DOGE project provides users with a much wider range of opportunities in the field of mutual settlements, which is an obvious plus.

I would like to point out that there are several possible ways to use DOGE. First of all, it should be said that DOGE coins can be donated (donated) to users of such social platforms as Reddit and Twitter, thanking them for high-quality content. If the user does not have a wallet for storing Dogecoin donated coins, then there are special chat bots that contain all the necessary information and instructions on how to open a wallet to store coins and receive them into their account. Thus, the Dogecoin platform is not only becoming more popular, but also encouraging social media users to care about the quality of the content.

In addition, Dogecoin coins can be used to pay for various goods or services provided, because today many sellers use these altcoins for settlements, and most stores that work with Bitcoin also accept Dogecoin. You can use a simpler method and simply transfer the public address of your wallet to someone who wants to pay for services, and then wait for the required amount to be credited.

Despite the fact that Dogecoin is not a unique project in its kind, it still managed to find its niche in the crypto market, gradually gaining fans who are attracted by some technological features. There may be several reasons for choosing Dogecoin:

ease of use and democratic platform;
extremely low percentage of charged commission - regardless of the transaction amount, the commission is only one DOGE token;
easy mining;
fast transactions;
decentralization and confidentiality;
no network scalability issues.
All these factors provide many opportunities for the Dogecoin cryptocurrency. However, you should pay attention to the fact that this cryptocurrency is not entirely suitable for investment, but rather acts as a secure means of payments and financial transfers.

How is Dogecoin created?

Anyone who is fond of cryptocurrency should first of all know how to get it. To begin with, it should be said that the issue of DOGE amounted to one hundred billion coins, so there is no shortage in the market. Dogecoin cryptocurrency can be obtained using various methods. For example, users note the easy mining process, which does not require extremely high equipment capacities.

Also, if DOGE mining is not interesting for the user, the participant can simply use the faucet site, where you can earn coins by entering captcha. However, even with such a simple method of distributing coins, the platform still wins, because there are always a lot of ads on faucet sites, for the placement of which the Dogecoin platform receives its percentage.

In addition, you can simply buy Dogecoin on one of the cryptocurrency exchanges. The bulk of trading is on the Fatbtc and P2PB2B exchanges. However, you can also buy DOGE on Bittrex, Poloniex, HitBTC, Yobit, CoinEgg.

Is Dogecoin infinite?

I would like to draw your attention to the fact that initially the DOGE project planned to issue a limited number of coins. However, later this decision was reconsidered, and after the initial placement of one hundred billion tokens, the platform developers announced that their coin would be generated indefinitely. At the same time, an additional 5.2 billion coins will enter the market annually. Currently, the total circulating supply exceeds 122 billion DOGE coins.

Dogecoins strengths

Naturally, in the process of reviewing any cryptocurrency platform, you need to pay attention to its advantages and differences from other projects. Speaking about the strengths of the project, it should be mentioned that:

due to the low cost of coins, DOGE is suitable for novice traders with a small start-up capital. The platform can give beginners the first experience in the field of digital currency;
although the cryptocurrency appeared as a kind of joke, at present it has been able to win quite a lot of fans, forming a solid community that contributes to the slow but steady growth of the projects popularity;
high level of security and reliability of the platform;
cooperation with many cryptocurrency exchanges and Internet platforms;
the opportunity to get the first DOGE coins completely free.
It must be said that this cryptocurrency project perfectly fulfills the functions of a means of payment, and is also much more convenient to use than Bitcoin.

The fact that the platform is decentralized also attracts users, as it helps to ensure security and privacy, which are extremely important in todays world. Dogecoin is one of the few projects that has been able to fully implement the fundamental principles of decentralization.

It is also worth paying special attention to the fact that, unlike most digital currencies, in Dogecoin, each user manages the transactions himself. This is an extremely important factor, because no financial transaction will be canceled due to circumstances beyond the users control. It doesnt matter to whom and for what the money is transferred: the transaction will still be executed, and only the user can cancel it.

Dogecoin in TOP currencies

Today Dogecoin cryptocurrency is ranked 31st in the TOP digital currencies according to the CoinMarketCap website. The total market capitalization exceeds $ 263 million, which is a very impressive figure. The average trading volume per day is at the level of $ 60-70 million.

This project has shown excellent results and has a good development trend. The project has been on the market since 2013, and during this time its cost has increased several times by hundreds of percent. It is worth noting that the rate jumps occur every 5–8 months, so if the trader has patience, then you can make good money on this.

However, Dogecoin is not suitable for short-term investments, and it is unlikely that it will be possible to get a solid profit from the rate jumps. Dogecoin is rather intended as a means of making payments and transactions.

However, the project also has problems. In addition to unlimited generation of new tokens, the lack of a Road Map is also a concern. In addition, you need to pay attention to the fact that Dogecoin has not had any updates for a long time. If in the future the development team does not begin to implement new technological solutions, and also does not expand the scope of their coin use, Dogecoin may lose its position in the market. Nevertheless, the project is promising, and I want to believe in its success.