Dogecoin, the only humorous cryptocurrency
If you are an investor, entrepreneur or just an individual who loves a sense of humor, stop at Dogecoin to make an investment. This currency was originally designed to bring pep to the world of cryptocurrency. Although its vocation is not taken seriously, virtual currency has advantages and is useful. Discover in this article all the originality of the Dogecoin virtual currency.
Presentation of cryptocurrency
Dogecoin (DOGE) is a special currency, this first part describes its definition, its history, the Dogecoin foundation and the transactions made with the platform.
What is Dogecoin?
Dogecoin is a decentralized electronic money. It ensures peer-to-peer transactions, securely and quickly. Operations are lower cost. During its creation, its founder was based on a humorous approach, hence the name Dogecoin. Even if the basic idea was based on humor, the currency was quickly successful with its community.
Like Bitcoin and Litecoins, Dogecoin is a digital currency. It was created by Jackson Palmer and Shibetoshi Nakamoto. The project and the site are represented by a Japanese breed dog shiba inu as a mascot. More than 100 billion tokens are in free circulation on the market, a glaring difference with the number of BTC distributed.
History of cryptocurrency
To overcome Bitcoin, programmer Billy Markus had the idea of creating a fun cryptocurrency by creating Dogecoin. Jackson Palmer purchased the dogecoin.com domain. Dogecoin is based on another cryptocurrency: Luckycoin which, in turn, is based on the Litecoin cryptocurrency. Dogecoin was officially launched on December 6, 2013.
On December 19, 2013, the Dogecoin price increased by 300% in value, going from 0.00026 dollars to 0.00095 dollars. Its first crash occurred 3 days later, recording an 80% drop. On December 25, 2013, the platform was hacked, resulting in the theft of millions of pieces. A month later, an equivalent sum was paid to cover the theft. In 2018, Dogecoin reached a market capitalization of $ 2 billion.
The Dogecoin foundation
Like the majority of cryptocurrency communities, the Dogecoin community was generated by a nonprofit organization to encourage the use of money by will and charity. The latter is known as the Dogecoin Foundation.
The Dogecoin Foundation believes that it generates a maximum of massive efforts to help people. To gain influence and notoriety, the organization marks its presence on the web, especially in social networks. She has an active Twitter account.
Minimal transaction costs with Dogecoin
Unlike Bitcoin, Dogecoin was created with the aim of carrying out transactions at a lower cost. The platform claims that its transaction fees are akin to tips. The cost of a transaction with Dogecoin is always below 10 euros.
This minimal cost allows for micropayments, such as tip transfers, purchase of apps and music. The team plans to distribute 100 billion tokens. After reaching this level, it plans to add 5.2 billion tokens each year. Today, the number of tokens distributed is unlimited.
How does cryptocurrency work?
Dogecoin was not originally intended to be a functional cryptocurrency. After its success, it integrated many rather useful functionalities.
The trading pair and the fundraising
Like ETH and BTC, Dogecoin is used to carry out buy / sell operations. To do this, simply go to the exchanges that have the most pairs exchangeable with DOGE, in this case Cryptopia, CoinExchange and Trade Satoshi.
By organizing fundraisers, the DOGE has been used many times to help any individual in need as an example, the Winter Olympics in Sochi were an opportunity to collect funds. The sum raised enabled the Jamaican team to participate in the event.
Use the DOGE to rescue victims
The DOGE is useful for reimbursing owners who are victims of theft. In fact, the December 2013 piracy and theft were an opportunity for the Dogecoin community to organize a crowdfunding. The purpose of this initiative was to correct the flaws and reimburse DOGE holders.
Funds are also raised to meet the need for drinking water for populations who do not have access to it. The community regularly organizes collections to finance the creation of wells in the most remote villages of Africa.
The pros and cons of this cryptocurrency
This humorous virtual currency raises some weaknesses and strengths which are nevertheless to be taken in the second degree.
The main advantage is the Japanese dog used as a logo. Dogecoin cryptocurrency has the audacity to claim its uselessness. Instead of investing in a scam (an Internet scam), it is best to invest directly in DOGE tokens. If you join the Dogecoin community, you are sure to be one of the most unique communities in the world of cryptocurrency.
Dogecoin virtual currency is not to be taken seriously, as it is a new kind of prank on the Internet despite its notable capitalization. In addition to fundraising and humanitarian aid, no usefulness can be identified. If your goal is to generate profit, Dogecoin is arguably the worst choice for an investment.
How to buy this cryptocurrency?
The Dogecoin price stagnate at 0.001838 €. If you want to invest in this virtual currency, follow the following steps.
The procedures to buy Dogecoin
If you wish, despite the risks, to buy DOGE tokens, go to Cryptopia, HitBTC, Poloniex or Bittrex. You can invest knowingly. DOGE cannot be purchased directly with physical currency. The only solution is to buy BTC or ETH tokens before exchanging them for DOGE.
How to store DOGE tokens?
For security reasons, store your DOGE in a hard wallet. It is an electronic wallet that takes the form of a USB key. The best known and most popular hard wallets are Ledger Nano S and TREZOR. You can also keep your tokens on the Dogecoin official wallet: Dogecoin Wallet.