What is Dogecoim, find out everything.

is an open source peer-to-peer cryptocurrency created initially as a “joke coin” on December 6, 2013, rapidly developing its own online community, reaching a capitalization of $ 60 million in January 2014. The currency uses as a “mascot / logo” the meme “Doge”, a Shiba Inu dog.

History

Dogecoin was created by programmers Billy Markus, and Jackson Palmer, who hoped to create a fun cryptocurrency that could reach a wider audience than Bitcoin. In addition, he wanted to distance himself from the controversial history of other cryptocurrencies. After receiving several mentions on Twitter, Palmer purchased the dogecoin.com domain and added a splash screen, which showed the coin’s logo and the text written in Comic Sans. Markus saw the website linked to an IRC chat room and started creating the currency after arriving in Palmer. Markus based Dogecoin on an existing cryptocurrency, Luckycoin. which presents a random reward that is received for mining a block, although this behavior was later changed to a static block reward in March 2014. The original idea for the Dogecoin network was to produce a total of 100 billion Dogecoins, but it was later announced that the chain would produce an unlimited amount of Dogecoins.

Growth

Compared to the other cryptocurrencies, Dogecoin grew rapidly, getting 100 million coins in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of June 30, 2015, 100 billion Dogecoins had already been mined. While there are few traditional commercial applications, the currency has gained traction as a tipping system on the Internet, in which social media users tip Dogecoin to other users for providing interesting or noteworthy content. Dogecoin is referred to as an altcoin

Supply

Unlike deflationary cryptocurrencies that have a limit on the number of coins that can be produced, there is no limit to how many Dogecoins can be produced, which makes it an inflationary currency. Dogecoin was initially to have a limit of 100 billion coins, which would have been far more coins than the major digital currencies were allowing. In February 2014, Dogecoin founder Jackson Palmer announced that this limit would be removed and that there would be no upper limit, which should have resulted from a steady reduction in its inflation rate over a long period of time.

Wallets

The main wallets to store this cryptocurrency are: Ledger Nano S, KeepKey (both software portfolios), Jaxx, Coinomi and Dogecoin Wallet. The Dogecoin Wallet is the official Dogecoin coin wallet and has a lightweight version available that is very quick to synchronize. There is also a full version that takes longer to synchronize and takes up more space, but has the great advantage of being able to mine the coin.

Capitation of resources

Winter Olympics 2014The community and the Dogecoin Foundation encouraged fundraising for charities and other notable causes. On January 19, 2014, a fundraiser was created by the Dogecoin community to raise $ 50,000 ($ 50,000) for Jamaica’s Bobsled team, who qualified for the Sochi Winter Olympics, but were unable to afford it. to go to the games. On the second day, $ 36,000 ($ 36,000) was donated to Dogecoin and the Dogecoin to Bitcoin exchange rate increased by 50%. [14] The Dogecoin community also raised funds for a second Sochi athlete, Shiva Keshavan.

Doge4Water

Inspired by the Winter Olympics fundraising event and small fundraising successes, the Dogecoin Foundation, led by Eric Nakagawa, started collecting donations to build a well in the Tana River basin in Kenya, in cooperation with Charity : Water. They decided to raise a total of 40,000,000 Dogecoins (about $ 30,000 at the time) before World Water Day (March 22). The campaign was successful, raising donations from more than 4,000 donors, including an anonymous benefactor who donated a total of 14,000,000 Dogecoins (approximately $ 11,000).

NASCAR

On March 25, 2014, the Dogecoin community successfully raised 67.8 million Dogecoins (about $ 55,000 at the time) in an effort to sponsor NASCAR driver Josh Wise.Wise ran with a paint scheme sponsored by Dogecoin / Reddit at Aaron’s 499 in Talladega Superspeedway.

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Is Doge worth it?

Despite the initial idea, the new cryptocurrency came to life and began to grow in value. In December 2020, Dogecoin’s fee was $ 0.00025 per currency, and a month later – already $ 0.0023: a 10-fold increase in just one month. Over time, growth has slowed and cryptocurrency has become as volatile as the others: rapid growth or long decline. Even so, the capitalization of the comic book project for a long time was around $ 400 million, until the bill reached billions.

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