The presence of innovation in technology made our world digital. The evolution of cryptocurrency also influences even the banking system. It is not just merely a banking system driven by the Internet but also away on the trading scheme. The cryptocurrency was treated seriously back then. That is why developers have made a fun coin. Another unit of the cryptocurrency called Dogecoin. Dogecoin is a way to send money online without a third party. The logo of this cryptocurrency is a combination of the Shina Innu’s face, a Japanese breed of dog, and a huge letter D on the coin.
Dogecoin was introduced actually in 2013 for entertaining purposes, but eventually, it got more attention when it was utilized as a coin status for celebrity. The community of Dogecoin had produced charitable funds in support of NASCAR drivers in the year 2014 during the Winter Olympics. Apart from that, it was used to collect money to construct water wells in the waterway basin of Tana Valley, Kenya.
Now, Dogecoin is commonly used in tipping wherein once you have posted a good content in the Reddit application, someone can tip you with a dogecoin. Anyone using Dogecoin can also use it to pay chattels and services like web hosting and gaming. There are also stores and business trade that accept Dogecoin, and these include Pex Pepper, Dogma Portraits, Perfumify, Clean It Supply, AFK Apparel, 97 cents, 3DEasy, and many more.
The Source of Dogecoin Technology
Blockchain technology is a non-controversial tool used in cryptocurrency. It sustains the public ledger, which holds all the records in blockchain networks. The information is decentralized as blockchain stores information in different nodes or computers. Take note that if your information is already documented, it can’t be anymore reverse or remove. All the operation in Dogecoin is kept in the Dogecoin blockchain to make it secure and work efficiently.
The transaction in blockchain goes like this. When you are about to send money to your family or loved ones using Dogecoin, there are several chains of digital signatures to be done first before you can receive anything. Once the operation is characterized as a block, the digital information is transferred to another party by the numerical manner of validation of the previous transaction. Individuals in the system will need to approve if the transaction is legal. Then, the record is transformed into a path, thereby transmitting the money from you and to the receiver of the Dogecoin. The transaction is said to be transparent because there is no third party included in the process.
Dogecoin confirmation and operation are faster compared to another cryptocurrency as it has a block time of one minute than a Litecoin, which has two points five.
When someone sent a Dogecoin to anyone, later on, the node or computer will confirm its transaction and gets a reward for it. That constitutes the Dogecoin mining, which is the occurrence of new Dogecoin. This includes predicting a code which is then added to the blockchain. Dogecoin takes place every single minute. That is why Dogecoin became popular as an online tip or contribution.
How to Earn Dogecoin
- There are several ways to get Dogecoin, and these include the following:
- You must have a Dogecoin wallet or a ledger. From here, you can buy Dogecoin from Bitcoin or Ethereum.
- Dogecoin can also be obtained using Bitcoin in CoinSwitch. This conversion platform can assist you with the prizes of Dogecoin.
- You may also trace your Doge address and trade to over 300 cryptocurrencies. One of those is the Changelly, which permits you to purchase Dogecoin with your fiat currency.
- The most popular cryptocurrency exchange is the Bittrex, wherein you can get Dogecoin by placing or buying a Bitcoin.
- You can use your credit card to buy other cryptocurrencies and then trade it with Dogecoin through Changelly.
- Similarly, with the use of PayPal, you can also buy bitcoin and transmit it to Changelly to trade for Dogecoin.
- You can also visit Dogecoin faucet wherein you may gain free Dogecoin by doing a task like playing games and watching ads.
On top of these ways listed above, you need to do your research when it comes to using any cryptocurrency wallet or interchange.
Storage for Doge Coins
The Dogecoin can be stored in a digital wallet. A paperless method wherein you will keep your money through a computer. Your dogecoin wallet contains information that you will need when you enter the trade in cryptocurrency. This includes a public key which is similar to an email address that can receive cryptocurrency. Aside from that, it has a private key with it that acts as the password for your electronic mail. Having mix storage of diverse wallets can help you secure your Dogecoin from any hacks. We have four types of Dogecoin wallets that you can choose from, and these are the online wallets, paper wallets, software wallets, and hardware wallets.
- Online wallets are a very flexible way because you don’t have to keep your Dogecoin within a computer.
- You may also try to print the Dogecoin in certain sites to help you secure your money.
- The software wallet has Dogecoin core and multi doge that you can download. The dogecoin core consumes more time to download and includes the entire Dogecoin blockchain. However, the multidoge takes less time to download, and it does not become a full node as it keeps adequate data to utilize the Dogecoin.
- This might be too expensive, but hardware wallets like USB sticks can also secure your Dogecoin.
The Dogecoin 2020’s Best Wallet
Here are the best Dogecoin wallets you may choose from to store your Dogecoin. This includes the following:
- The Ledger Nano X is a non-custodial wallet that secure keys even with the presence of a vulnerable device. This type is Bluetooth-powered so you can apply it with android devices and iOS with no OTG support. You can store more than one thousand cryptocurrencies. Moreover, it is a battery-supported device which makes it suitable for all cryptocurrency consumers.
- If you are looking for a cheaper tool or wallet for your Dogecoin, Ledger Nano S is the best for you. It’s quite different as it does not upkeep iOS devices, but the rest of its features are almost the same to the Ledger Nano X.
- The mobile wallet also exists with the existence of Coinomi. It is also a non-custodial tool where you can keep a few quantities of cryptocurrencies. This can also be used available for android and iOS devices. Apart from the private key, it is coupled with seed words that contain a copy of your data. You should keep it safe to avoid loss of funds.
- Exodus is a non-custodial desktop wallet that can support over 100 cryptocurrencies. It can allow you to trade Dogecoin within the application. Similarly, to Coinomi, it also has seed words to protect your wallet.
- Dogecoin wallet is still one of the best storages for your Dogecoin. It requires you to download the entire Dogecoin blockchain on the desktop. Then after, you can now definitely manage, mail, or take Dogecoin.
Why Should You Invest in Dogecoin?
The trading system is the only answer since we cannot trade totally without any permission. The presence of this friendly cryptocurrency addresses it well. Even with the presence of inflation in the currency of Dogecoin, it is still an advantage and a strategic way to survive in the future. This increase and decrease in value can sustain a consistent supply. Compared to other cryptocurrencies like Litecoin, Dogecoin transacts faster, and it also has a script algorithm that makes it obtain more coins. The script algorithm utilizes high-speed RAM to operate rapidly and make miners contribute well in cryptocurrency.
The community of Dogecoin is very vivacious, friendly, and supportive. This environment makes Dogecoin survive and grow in the past few years. Their good deeds reflect well as they have supported their colleagues and group of individuals. The community also gives rewards for interesting content and entertainment. That is why it is unlikely that you will lose your investment.
Moreover, this Dogecoin is more on transactional currencies that you can withdraw and store in your digital wallet. Once, you wanted to buy a car, or any stuff you have the currency with you that you can exchange for a product. This way, also you contribute to the circulation of money in the banking system.
What makes Dogecoin significant is the great consistency of distinctive daily transactions, which includes all your “Likes.” Even being decentralized, it seems to be united and reaches a diverse audience. Thereby, Dogecoin acquires non-interference of government in any of the transactions. Hence, its economic purpose is indeed for everyone.
Frequently Ask Questions
How much a Dogecoin worth?
As of February, one Dogecoin is worth $0.002622.
Who developed Dogecoin?
Dogecoin was created by Billy Markus and Jackson Palmer.
Can you mine Dogecoin?
Yes. This is because Dogecoin is a clone of Bitcoin. The difference only lies in the type of mining algorithm.