The basis of this cryptocurrency was laid out by the principles of Litecoin. Changes made to the algorithm are extremely small. The popularity of this type of electronic money is achieved, for the most part, by advertising and using the famous dog in the coin logo.
The currency itself is extremely unstable, for the entire time of its existence, the value has skyrocketed and fell. Along with the price, the attitude of users also fluctuated – if initially the Dogecoin cryptocurrency charmed with its dog mascot, then over time it disappointed with constant price spikes and hacker attacks.
History of occurrence
The new currency was first announced in December 2013. The creator of Dogikoin is the American programmer Billy Marcus. His goal was to create digital money that would not be associated with Bitcoins and their use in black markets. The development of the cryptocurrency was based on Luckycoin, one of the upgrades to the already famous Litecoin.
At the same time, the idea of the name itself belongs to a completely different person – the Australian Jackson Palmer. It was he who decided to combine the Internet meme and the idea of electronic finance. Marcus accidentally stumbled upon his website dogecoin.com. The programmer liked the idea so much that he suggested working together on a new currency.
Almost immediately after the release of Dogecoin, its price began to grow rapidly. At the end of 2013, the cost of one DOGE grew by 300%, which allowed cryptocurrency to take a place in the top ten most popular in the world. The growth trend continued in January, after which it began to subside.
Quite often, Dogecoin users held fundraising campaigns for charity. The first case was in January 2014, when more than fifty thousand dollars were raised for the Bobsled team in Jamaica – funds allowed them to pay for participation in the Winter Olympics. In March of that year, about $ 55 million was raised to support rider Josh Wise.
Initially, when mining, there was no fixed amount of remuneration for one block – it could vary significantly. Then, in March 2014, a single unit cost was established.
Another change that the currency has undergone is the emission limit. Initially, it was said about the amount of 100 billion coins, however, after a while, the restriction was removed completely.
On August 25, 2014, a critical drop in currency occurred – the cost of a DOGE unit fell to 22 satoshi. Many believed that Dogikoin would cease to exist in the near future. However, after reaching a kind of ‘bottom’, the currency began to rise again in price, and the history of Dogikoin continues to this day.
Features and principles of cryptocurrency Dogecoin
The work of DOGE cryptocurrency is based on the same principles as Bitcoin – a hash of public keys. The source code is also very similar – it has only been slightly modernized.
The main feature is a quick mining period. A reward is issued every 60 seconds. At the same time, there is no need to purchase expensive equipment – an ordinary personal computer will be enough to mine Dogikoin.
If at the very beginning of the start of the cryptocurrency there was no single cost for one mined block, today the price is unified, which made DOGE even more similar to other cryptocurrencies.
An important feature of Dogecoin is its endless emission. This, of course, slows down the cost increase, but so far the developers do not plan to change this indicator. Also, many users are attracted by a single commission for transfers. It doesn’t matter how much you transfer, the cost of the service is always the same.
The difference between DOGE and BTC
Since this cryptocurrency is based on the principles of Litecoin, and the latter, in turn, on Bitcoin, it is not surprising that there are practically no differences. There are only a few:
- Different perception of money: instead of working in black markets – use in charity;
- Unlimited issue of funds;
- Low cost of coins;
- Small commission for transfers – 1 DOGE, regardless of the amount;
- Simple mining without high requirements for the technology used;
- Fast issuance of remuneration;
- Dogecoin self-stabilization;
- The ability to make purchases via Bluetooth and by scanning a QR code;
- More reliable protection mechanism.
In all other respects, the work of Dogikoin is no different.
DOGE Course Predictions
To date, DOGE is not perceived as a serious competitor to eminent electronic currencies. Many perceive the Dogikoin cryptocurrency as a joke and are afraid to acquire it. However, there are also adherents who liked the cute concept and the cute little doggie face.
Due to the lack of restrictions in the issue of coins, the value of cryptocurrency does not particularly grow, but it does not fall either. The ability to mine independently, without the use of sophisticated equipment, as well as the speed of issuing coins for blocks, do not allow Dogecoin to begin rapid growth.
If the developers decide to return to the idea of a limited supply of coins, of course, the cost of DOGE will increase significantly. Many miners believe that this can happen relatively soon. In this case, there is every chance not only of a significant increase in the rate, but also the return of Dogecoin to the top ten cryptocurrencies.
Most participants prefer to obtain, but not spend, electronic money, as they highly appreciate the prospects of Dogecoin.
How to create a Dogecoin wallet
This procedure is carried out either directly on the currency website, or using a special application. You can download it on the official website. After downloading, click the Create Wallet button and fill in the fields that appear:
- Password confirmation.
The next window displays a personal identifier that provides access to your funds. It must be stored in a safe place or written down in a notebook.
As soon as you open your Dogecoin wallet, the Dogecoin address will be displayed below. It is used for transfers and mining. Also in the application you can check your current balance, receive notifications of new transactions and check their history. In addition, you can maintain your own address book with a list of required wallet owners.
The main drawback of local wallets is the size of the application. After installation and full synchronization, program files will occupy about 20 gigabytes. Of course, there is a lite version of the Multi application, but many users emphasize its unstable operation.
If you do not have enough free disk space or just the desire to download the application, you can create a wallet directly on the official website. The process is similar to creating a wallet on a computer.
Most users prefer to use local Dogikoin wallets because of their reliability, because you should stop working on the website and you will lose all your data.
How to get Dogikoin and where to exchange
Can you earn Dogikoins or exchange other currencies for them?
The main way to get coins is considered Dogecoin mining. It is this method that underlies the work of all existing cryptocurrencies. But this is not the only method of obtaining coins. Dogikoin can simply be purchased by exchanging other electronic money or funds on a bank card for them.
However, exchanging DOGE for other money is only possible when the withdrawal amount is a multiple of a thousand. The main reason for this restriction is the low price of coins. Perhaps if in the future the course grows significantly, this restriction will decrease.
In any case, an exchange is possible. You can do this on almost any exchange. The course can vary from site to site, as well as the size of fees. To make the selection of the exchanger easier, you can use the eminent BestChange service, where all relevant and, most importantly, verified exchanges are summarized. Moreover, you can view exactly those that work with Dogikoin, as well as find out the exact data on the current rate and exchange conditions.
There are also special crane sites where you can get cryptocurrency. This is true for many electronic money, including Dogikoin. It is worth noting that DOGE is very readily distributed, and the tasks performed are extremely simple – for example, many taps ask for a captcha. The number of such sites is huge – Dogecoin takes second place after Bitcoin in this indicator.
List of famous and honest Dogecoin taps:
- Land of dogecoin – every 60 minutes the system gives 5 coins.
- Moondoge – gives out coins every 5 minutes.
- Freedoge – gives out coins every hour. This is one of the most famous and reliable services.
- Clixdogecoin – you can get a new portion of money every 120 minutes. From 1 to 750 DOGE is issued at a time.
- Dogefaucet – Provides 3.8 DOGE every 15 minutes. The funds received are stored inside the system, the withdrawal is available from 150 coins.
Dogecoin mining features
The main reason that so many users mine this particular cryptocurrency is because it does not need a powerful computer. Any personal computer easily turns into a miner of treasured coins. For most miners, calculating a single block takes about three minutes.
The mining process itself is no different from mining other cryptocurrencies. To get started, you need to have a Dogecoin wallet and installed special software. It is recommended to download it from trusted sites – this way you will secure not only your computer, but also your wallet itself.
The Dogecoin community is committed to adding value to a favorite coin. When more and more merchants buy Dogikoin every day, the future looks bright. If more users and communities embrace a payment ecosystem in which Dogikoin currently plays a leading role, the community behind this altcoin may well see that its hard work is paying off.