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Dogecoin

What is Dogecoin?

05-11-2021

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?


  1. Create an account
  2. Verify your identity
  3. Fund your account and start trading Dogecoin on X1
 

What to do after buying Dogecoin?


  • Store/Hold Digecoin
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.
  • Trade Dogecoin
You can trade DOGE for other cryptocurrencies.
  • Send Dogecoin
You can send it to anyone and anywhere with their DOGE address.