What is Dogecoin?
Dogecoin (DOGE) is an open-source cryptocurrency. Created as a joke of a meme with the image of a Shiba Inu dog on its logo, Dogecoin was launched for the first time in December 2013.
It is rapidly gaining popularity due to its remarkable features. Dogecoin uses a scrypt algorithm, containing its low price and unlimited supply. Interestingly, this coin was built to spread goodwill and fun throughout the crypto community.
The open-source protocol is a fork of the luckycoin blockchain, which means that the original dogecoin developers created a copy of the luckycoin source code and modified that source code according to their own preferences. Luckycoin is a fork of litecoin, which is itself a fork of bitcoin.
How does Dogecoin work?
Much of Dogecoin’s coding is a direct copy of Bitcoin's. Billy Marcus (one of the founders of the coin) said that he used the combination "ctrl + f" to scroll through the Bitcoin code and thus replaced all Bitcoin cases with Dogecoin. He also changed the term “mining” to “digging”.
Like bitcoin, dogecoin is decentralized peer-to-peer, open source network that utilizes a proof-of-work consensus algorithm. The network relies on miners for two actions: to secure the network from malicious users and to validate transactions. Unlike bitcoin, dogecoin uses the scrypt mining algorithm, which has lower hashrates and uses less energy than bitcoin’s SHA-256 mining algorithm.
Benefits of Dogecoin
- faster confirmation times
- lower transaction fees
- lower value which helps in tipping and gaming currency
- friendly community
- devoted community
How to buy Dogecoin?
- Create an account
- Verify your identity
- Fund your account and start trading Dogecoin on X1
What to do after buying Dogecoin?
You can safely store your DOGE in your account or your crypto wallet. If you seek to make a major investment in DOGE a hardware wallet is the best option.
You can trade DOGE for other cryptocurrencies.
You can send it to anyone and anywhere with their DOGE address.