What We Have Covered in This Article
- 1 What Is Dogecoin?
- 2 How Does Dogecoin Work?
- 3 Where Is Dogecoin Used?
- 4 How to Buy Dogecoin?
- 5 Is Dogecoin Worth Investing In?
- 6 Conclusion
Last Updated on February 1, 2022 by Editor Futurescope
Cryptocurrency is on the verge of popularity today, and more and more people decide to give it a try. However, while many consider getting a Bitcoin wallet, this currency is not the only one. If you don’t want to put much money into crypto, you can choose a cheaper currency to start – for example, Dogecoin.
While it may not be as known as Bitcoin and a little riskier, Dogecoin’s popularity is rising. Many people worldwide switch to it – probably thanks to the famous Ilon Mask’s tweet. If you want to check it out yourself, you’ve come to the right place. In this article, you’ll learn everything about Dogecoin you need to know: how it appeared, how it works, how to use it, and if it’s worth investing in it.
Read on – and decide whether you need to buy some Dogecoin now or check out some Doge slots.
What Is Dogecoin?
Dogecoin was created by Billy Markus and Jackson Palmer, a programmer, and a marketer, respectively. The two were inspired by the popular Doge meme. This coin was meant to be a “funny joke currency” at first, but it gained popularity quickly.
The creators wanted to make Dogecoin usable for tipping on Reddit and other social media platforms. It worked: Dogecoin became one of the most popular ways to tip online.
Dogecoin has been growing in popularity ever since its launch in 2013. The coin reached its peak in December 2017 and stayed there until February 2018, when it fell down and went back to its original price. While it’s not as known as Bitcoin, the coin is gaining popularity quickly.
How Does Dogecoin Work?
While it was created as a fun currency, it still has its uses. Dogecoin works similarly to Bitcoin – it’s a digital currency that you can use to pay for goods and services.
Dogecoin is based on Litecoin, which means that it uses a Scrypt encryption algorithm instead of SHA-256. This algorithm is more accessible for miners – therefore, it’s easier to mine Dogecoins than Bitcoins. Dogecoin’s block time is also much shorter: only 1 minute compared to 10 minutes for Bitcoin.
If you want to mine Dogecoins, you won’t need a powerful computer – just a regular CPU will be enough. You can try mining Dogecoins on your own, but it’s not worth it today. There are pools that allow you to join their mining efforts – they will split rewards with you. However, these pools require registration and payment of certain fees. Another option is to simply buy Dogecoin and store it in your crypto wallet.
The biggest difference between Dogecoin and Bitcoin is that while Bitcoin is more serious, Dogecoin is more fun-oriented. If you want to use it as a payment method, go ahead – but don’t expect it to be accepted everywhere. It’s mostly used as a tipping currency nowadays – although Elon Musk has announced that SpaceX is launching a mission funded by Dogecoin in 2022.
Where Is Dogecoin Used?
Dogecoin is mostly used for tipping on Reddit and Twitter. It’s also used in games, such as FIFA World Cup 2014, Counter-Strike: Global Offensive, and League of Legends. Apart from that, people also use this and other cryptocurrencies in online casinos.
How to Buy Dogecoin?
First, you need to get a wallet to store your cryptocurrency – you can do that by visiting Dogecoin’s official website and downloading the wallet. You can then buy some Dogecoins on the exchange platform that supports major cryptocurrencies. Also, if you already have Bitcoin or another currency, you can exchange it for Dogecoin, too.
Keep in mind that these exchanges require registration, and they charge fees – so if you only want to try out this currency, it may not be worth it.
Is Dogecoin Worth Investing In?
Dogecoin is a great option for beginners who are just starting their adventure with cryptocurrencies. It’s cheap, so you won’t risk much of your money. If you want to see how cryptocurrencies work, Dogecoin is an excellent choice.
If you’re interested in investing in Dogecoin, there are two ways to do that: you can either buy it on the exchange or mine it. However, many people claim that mining is not worth it – the price of the coin is too low for it to be profitable, and you can get more valuable coins with the same effort.
If you do decide to buy Dogecoin, make sure to do your research first. Don’t just pick any exchange platform – check out reviews and other users’ opinions about them. Find one that has a good reputation and won’t take your money without giving you anything in return.
Dogecoin is a great option for beginners who want to try out crypto. If you’re not ready to risk your own money, you can use this coin – it’s cheap, but it still has its uses.
If you want to buy Dogecoin, make sure to do your research and find an exchange platform that won’t take your money without giving you something in return. Also, if you decide to invest in this currency, be prepared to wait for the price to go up – that may take a long time.