So I was talking to a friend of mine last week, and we were discussing different cryptocurrencies, as you do! And Dogecoin came up. I was shocked at the way he thought it was an inferior coin and his small minded attitude towards what I think is a brilliant community and fantastic project. So I thought, thats it.. Time to do a video on Dogecoin!
What is Dogecoin
Dogecoin is a peer-to-peer digital currency, just like Bitcoin and Litecoin, that is mainly used for micro transactions and tipping. There is lots of places, where you can use Dogecoin, and I’ll pop a link below to sites that accept Dogecoin.
The token is designed to have over 100 billion coins, a stark difference between that of its competition Bitcoin, which will only have 21 million total tokens. Indeed Dogecoin was created with the hope of creating a fun cryptocurrency that could reach a wider demographic than Bitcoin.
Dogecoin operates just as any other cryptocurrency; it can be mined or purchased on most exchanges. However, Dogecoin has no supply limit. This means that there is an endless amount of Dogecoin and so the price will not increase as much as other coins like Litecoin and Bitcoin which have limited supplies.
This coin has been around so long, it has one of the largests online communities and a proven track record. It’s also a community that is very friendly, doesnt take takes to seriously and has a fun lightehearted vibe to it! But that doesnt mean it shouldnt be taken serious..
What is Dogecoin technology? Well, all cryptocurrencies are based on blockchain technology. Blockchains are huge digital databases (sometimes called ledgers) that store transaction information. Every transaction that’s made with Dogecoin is stored on the Dogecoin blockchain.
Dogecoin has a reputation for trying to do good in the world. Dogecoin has a large and lively Reddit group where they the platform to raise money for good causes.
-In 2014, the Dogecoin community raised 50,000 US Dollars to help send the Jamaican Bobsled Team to the Sochi Winter Olympics.
-For World Water Day (March 22nd 2014), loyal Shibes raised 30,000 US Dollars to help build clean-water wells in the Tana Valley, Kenya.
-Shibes (Dogecoin followers/holders) have even tried NASCAR (North-American Stock Car Auto Racing). In March 2014, Shibes paid 55,000 US Dollars to sponsor a driver named Josh Wise. Wise raced in a Dogecoin themed car!
Current market information
So where can you pick Dogecoin up? It has been widely adopted by the exchanges, although its not on Binnace, it is on lots of other exchanges, such as Poliniex and Bitrex
You will find plenty of people that look down on Dogecoin, or fell that it below them. But one of the things that sets Dogecoin apart from other cryptocurrencies, is Dogecoin is building a community. It is building a place where people can have fun, perform good deeds and learn about cryptocurrency. At the end of the day, Dogecoin is a Top 50 cryptocurrency, and it is out prefroming a lot of other cryptocurrencies that have massive financial backing, and it still has a market cap excess of $400 million dollars and has had an ATH of over $2 BILLION!
Dogecoin has been able to accomplish something that few tokens can. It has been around for over 5 years, and that alone graners some respect! A lot of new cryptocurrencies, claim to be established to help and improve the lifes of others but really they just help the founders or early investors. Blockchain technology is an amazing development and if projects like Dogecoin use it to actually help others, then I think we should all be supporting that.