What is Dogecoin?
In 2013, former IBM engineer Billy Markus and Adobe Systems worker Jackson Palmer partnered to create a new coin. They chose a small, agile, and extremely photogenic dog, used in memes and cute images since they understood that it is a perfect symbol for any digital product that you want to launch. As a result, their coin had a 300% increase in value in just 3 days. The choice of the Dogecoin name and symbols was made with the intention of being humorous. The project behind the DOGE platform was not developed by Palmer and Markus as a business attempt but rather, as a computer exercise and academic gamble, which ended up going well. The coin was officially launched in 2013, so Dogecoin’s foundation precedes that of many of today's major crypto assets. For this reason, and due to its origin as an intellectual exercise and a joke coin, DOGE does not have the high aspirations that other currencies do.
How Dogecoin works
Dogecoin is a cryptocurrency based on the Litecoin platform that mainly allows access to a number of exchanges and transactions much faster than its rivals. The function that it is given today is both speculative and designed for small payments, given that the reduced value of the currency does not place it in the same category as others such as Bitcoin or Ethereum. Today it can be used within the virtual currency environment, being able to make payments from portfolio to portfolio or between exchange platforms. Outside of the purely virtual world and cryptocurrencies, it will be difficult to use a currency that is so scarcely recurring as Dogecoin. Thus, DOGE has the function of serving in the first place, as a currency used for the exchange and acquisition of goods and services. However, over time, the crypto community itself has come up with a new feature for the coin. And it serves, today, as a means of expressing approval for the publication of valuable content on the internet. Sending DOGE is a symbolic payment to a content creator. Dogecoin has a number of interesting features. Among them, there is an average of daily transactions above 40,000, which is quite a high number among cryptocurrencies. It is also driven by the small commissions charged for using the DOGE platform. Even the DOGE blockchain was initially designed to grant random rewards to its miners. What is still curious, although it was replaced by a fixed reward. This curiosity additionally generates interest in users to investigate more about cryptocurrencies in general.
Advantages and disadvantages of Dogecoin
+ Dogecoin is a currency that was born at first as a joke and based solely on an Internet meme, but which over time has managed to grow enough to go from anecdote to project of some relevance and caliber. This achievement serves to remind us that innovation can come from anywhere but also to call our attention to the possibilities of stagnation.
- The essential reason for Dogecoin's birth was not to compete to become the world's leading cryptocurrency. Being in a state of its development as advanced as the current one, there is no possibility that it expands its sights and starts implementing new functionalities, climbing the ranking of the crypto world. In fact, Dogecoin's capabilities are rather limited and common, especially when compared to those of leading blockchains like XRP or Ethereum.
Where to get Dogecoin
The easiest way to get hold of Dogecoin is through exchanges or exchange platforms. It is available in several of the main services today, which greatly facilitates its expansion and adoption. When it comes to acquiring any amount of this currency, the most recommended places to do so are Poloniex, Bittrex, Cryptopia, and HitBTC. The current price of Dogecoin is significantly lower than that of other better-known currencies and, therefore, this causes it to be purchased in a larger quantity. If you are interested in starting to operate with cryptocurrencies and you do not have much interest in getting a large amount of Dogecoin initially, you can always go to certain places where they are offered completely free to users who already have a virtual wallet address hosted by another service. This is the case of DogeFaucet or InDogeWeTrust, where one can obtain a small amount of this cryptocurrency without any cost and in a very short space of time. Dogecoin mining is one of the preferred options for those seeking to take the first steps in the field of mining. Due to its volume and characteristics, this is a very simple cryptocurrency to obtain through mining, so it is not necessary to have resources as large as in other coins’ cases like Bitcoin or Ethereum, which demand greater computing potential and consume many more resources. You can also get DOGE on the SwapSpace cryptocurrency exchange aggregator, which is a quick and easy way to obtain the required amount of DOGE.
How to exchange DOGE on SwapSpace?
- On SwapSpace homepage, select DOGE in “You send” section and the cryptocurrency you would like to receive in “You get” section. Enter the amount of DOGE you want to exchange.
- Choose the instant exchange service that suits you most.
- Specify the recipient address and check if all the data is correct.
- Send your DOGE coins to the address you will see on the screen.
- Wait until the exchange is complete.
Where to store Dogecoin
Naturally, when one buys cryptocurrencies, it is necessary to ask yourself where you want to keep these. While it is true that many of the platforms offer storage in the form of a virtual Dogecoin wallet, the ideal option is to use third-party services that offer greater security, such as MyEtherWallet, or make use of physical wallets, such as the Ledger Nano S. You can also create a virtual portfolio from its official page.