What Is Dogecoin? Invest Te Blockchain

According to their colorful webstek ,

Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.

This altcoin wasgoed originally created spil a joke, referencing a meme about a funny-looking Shiba Inu dog that gained broad popularity on the internet.

Yet, since its creation, the cryptocurrency’s popularity and value has skyrocketed. A massive online community has developed overheen the years with many loyal ventilatoren of the coin. The community has done some incredible things with Dogecoin, from utilizing the cryptocurrency to raise funds for the Jamaican bobsled team to go to the Sochi Winter Olympics to funding a project to build a well ter rural Kenya to provide access to drinking water.

Recently, Dogecoin has reached overheen $1 billion te capitalization. Despite its tongue-in-cheek beginning, Dogecoin is literally going to the Moon—no, indeed. Thanks to crowdfunding efforts, a gold coin signifying the cryptocurrency is scheduled to reach the moon’s surface te 2019.

What Does Dogecoin Do?

Dogecoin is based on Litecoin , which means all switches and updates made to Litecoin will also apply to Dogecoin.

Dogecoin never set out to create any groundbreaking technology on the blockchain or do anything fancy and new—it’s just a elementary cryptocurrency transaction podium, with a dog smacked on its face.

Dogecoin has stayed low ter value with very puny transaction fees, permitting it to be a cryptocurrency that people actually use, instead of just hold on to spil an investment. Dogecoin has become the most popular coin to peak people overheen the internet ter appreciation for their content.

Let’s say a person wants to send Ten cents to someone for their helpful comment on Reddit, for example. Ter Bitcoin, that’s presently 0.000006 BTC. But Ten cents translates to 6.02 DOGE, a much lighter conversion rate. Plus, the transaction will be much quicker and cheaper than BTC. For this reason, Dogecoin has become the most popular coin to use for rewarding others quickly and lightly. It’s a common occurence to see Reddit and Twitter users tipping each other petite amounts of DOGE for entertaining content.

Jackson Palmer, the creator of Dogecoin, wasgoed very pleased about this, telling te an vraaggesprek :

It is one of the few digital currencies that is predominantly being traded spil a currency, rather than being bought up spil a speculative investment. It’s being traded and tipped, rather than people holding it and waiting for a market fluctuation to sell it—which is awesome, because that’s what digital currencies should exist for.

Another thing that sets Dogecoin chic from other coins is their friendly, open, and hefty community. The Dogecoin subreddit boasts almost 100,000 subscribers that love tipping each other ter DOGE. The community (they call themselves “shibes”) is generally very positive, friendly, and welcoming.

Just take a look at this latest popular postbode , where user change1378 writes,

Spil Dogecoin starts gaining serious value, wij voorwaarde concentrate on keeping this community about being friendly to each other, money corrupts, and I would hate to see this beautiful community turn into a money greedy brute.

They go on to say, “it’s significant to reminisce what makes dogecoin unique. Wij should find a way for dogecoin to thrive, while keeping a friendly and welcoming attitude.”

User Redz0ne agrees, adding, “The doge meme makes people smile. This should be the aim of dogecoin spil well.”

The Dogecoin community actually founded a nonprofit organization called The Dogecoin Foundation. Their purpose is “to facilitate the use of Dogecoin through goodwill, promotional and charitable endeavors.”

The very first cause they raised funds for wasgoed te January 2014, when the Dogecoin community managed to successfully raise $50,000 ter DOGE for the Jamaican bobsled team, which had qualified for, but could not afford to go to, the Sochi Winter Olympics. Thanks to Dogecoin, the team wasgoed able to contest ter the Olympics that year.

Inspired by the fundraising success, The Dogecoin Foundation began collecting donations to build a well ter the Tana sea basin te Kenya, te cooperation with the nonprofit organization Charity: Water. They succesnummer their objective of 40 million DOGE ($30,000 at the time), collected from more than Four,000 donors.

On March 25, 2014, the Dogecoin community successfully raised 67.8 million DOGE (around $55,000) te an effort to sponsor NASCAR driver Josh Wise. He participated te several races with his car decorated te a Dogecoin/Reddit-sponsored paint scheme.

The Dogecoin community even managed to raise enough funds to send a physical representation of a Dogecoin to the actual Moon, set to occur ter 2019. Yes, Dogecoin is literally going to the Moon.

Wij can surely expect the Dogecoin community to proceed to raise more funds for worthy causes (and for some funny causes, spil well) te the future.

History of Dogecoin

On November 27, 2013, Jackson Palmer, a Sydney-based marketing geek, sent out a joke overheen Twitter:

Investing te Dogecoin, pretty sure it’s the next big thing.

The joke captured the rente of Billy Markus, a Portland-based software engineer, who contacted Palmer about making Dogecoin a reality. Just a little overheen a week zometeen, on December 6, anyone could mine and trade Dogecoin cryptocurrency.

Internet hype overheen the fresh coin exploded. What began spil a joke poking joy at people going crazy overheen fresh digital coins, quickly became a serious currency.

Creator Jackson Palmer began actually believing te Dogecoin spil a legitimate currency:

The reason I’ve gone from that pisstake stance to where I am now, wanting to make something work, is purely because of the community that has grown around it. Dogecoin has got the most active community I’ve seen out of any cryptocurrency, including Bitcoin. They’re a group that don’t take themselves too gravely, and they want to use this for online tipping specifically. It’s wooed mij that it’s not just another ponzi scheme.

Ter the same vraaggesprek, Palmer foreshadowed what wasgoed to come:

Spil long spil the community never takes itself too gravely, I’ll always be behind it. The 2nd that some people say ‘let’s make this thing worth a hundred bucks and let’s metselspecie out’, I’ll just say ‘peace out’, because I don’t want to associate myself or be involved with another of those crazy ponzi schemes. That’s why I did the pisstake ter the very first place.

Two months after it wasgoed introduced, Palmer’s joke wasgoed worth $50 million. By mid-2015, 100 billion coins were ter circulation. Unluckily, the enormous financial success attracted greedy and unsavory characters. One scammer raised $750,000 from Dogecoin volgers for a crypto start-up that never materialized. Hackers have stolen thousands of dollars of DOGE from users’ wallets.

Palmer quickly became disturbed by the commercialization of his joke currency. He never collected Dogecoin for himself and turned down offers to contant te on the hype—including turning down a $500,000 investment suggest from an Australian venture capital rigid.

Ter 2015, Palmer announced he wasgoed leaving Dogecoin behind, spil he promised he would if people embarked taking his joke too earnestly, telling ter an vraaggesprek that the cryptocurrency market “increasingly feels like a bunch of white libertarian bros sitting around hoping to get rich and coming up with half-baked, buzzword-filled business ideas which often fail ter an effort to attempt and do so.”

Still, Dogecoin has continued to rise ter popularity and value, even to this day. While it stagnated for a while, Dogecoin recently eyed a fat surge ter value, hitting a $1 billion market cap te late December 2018.

The Dogecoin Team

The Dogecoin team is made up entirely of volunteers.

It wasgoed originally created by Jackson Palmer and Billy Markus, who now goes by the name “Shibetoshi Nakamoto”—a joke on the name of Bitcoin’s creator, Satoshi Nakamoto.

Developers include Max Keller, Ross Nicoll, and Patrick Lodder.

Competitors and Challenges

Competitors to Dogecoin include all of the top cryptocurrencies out there, such spil Bitcoin, Ethereum, and Ripple . Yet, it’s significant to note that Dogecoin wasgoed never created to become the most valuable coin out there. The creators specifically desired the coin’s value to remain low so it could lightly be used to peak puny amounts of money to people online.

The largest challenge Dogecoin has presently is they haven’t released a single update ter overheen Two years. If they don’t keep up with the permanently evolving crypto world, it’s possible Dogecoin could eventually be left te the dust.

However, even without any updates, the coin proceeds to be on the rise. This seems like it should be a positive thing, but for Dogecoin’s creator, Jackson Palmer, it’s very disappointing :

I have a lotsbestemming of faith te the Dogecoin core development team to keep the software stable and secure, but I think it says a loterijlot about the state of the cryptocurrency space te general that a currency with a dog on it which hasn’t released a software update ter overheen Two years has a $1B+ market cap.

Palmer is deeply troubled not only by the way Dogecoin has turned out, but by the entire cryptocurrency sphere spil a entire. While the community and the developers are celebrating the coin’s latest surge ter value, Palmer believes they’ve all totally missed the point of what cryptocurrencies were created for te the very first place.

“The fact that most conversations happening ter the media and inbetween peers concentrate on the investment potential is worrying, spil it draws attention away from the underlying technology and goals this movement wasgoed based [on],” Palmer lamented.

Albeit the original creator feels this way, most of the Dogecoin community are very optimistic about where the coin is headed ter the future.

How to Purchase and Store Dogecoin

There are several ways to obtain Dogecoin.

According to a guide posted on the Dogecoin subreddit, if you live ter the EU, the best places to buy Dogecoin are on AnycoinDirect and LiteBit .

For buyers outside of the EU, you’ll need to very first buy some Litecoin from Coinbase and then exchange it into Dogecoin.

Another way to obtain Dogecoin, without buying any, is to get involved te the Dogecoin community on Reddit. If you are active and postbode content that people like, it’s likely that sooner or zometeen someone will peak you te DOGE.

Spil for storing Dogecoin, you’ll need a Dogecoin-compatible wallet . There is the original Dogecoin wallet that you can download here . There are also many other wallet clients online that are compatible with Dogecoin—a popular one is Coinomi .

Conclusion

What began spil a little joke poking joy at the cryptocurrency craze has evolved into one of the top digital coins on the market today.

Dogecoin may not have any fancy features or lofty goals to convert the blockchain, but it does have one of the largest thriving communities of any cryptocurrency out there, utter of friendly, lighthearted members that don’t take things too gravely. That’s what sets Dogecoin chic from all the other cryptocurrencies, and why it’s bot such a successful coin—the loyal community welcomes everyone with open arms, and they actually use the coin instead of just letting it sit tucked away ter a wallet for the long term.

Even tho’ the original creator left the project years ago, Dogecoin has continued to rise to the top—and it’s all thanks to the thriving and sultry Dogecoin community.

About Zoe Biehl

Zoe is a full-time writer and editor te the blockchain world. With a background ter anthropology, Zoe is especially fascinated by how this groundbreaking technology is affecting societies around the world. Zoe also writes about the marihuana industry and drug policy. She presently lives te Tel Aviv, Israel.

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