DogeCoin is a digital currency split from Litecoin which has bagged its name from a dog meme. This is an open source crypto currency which was launched in 2013 and the design is inspired by a dog breed called Shiba Inus. Within no time, the market of this digital currency geared up and the currency marked its presence. From memes to serious fame, this cryptocurrency has got it all!
Let’s know about the investment scopes for this interesting and highly famous cryptocurrency:
What is DogeCoin?
DogeCoin is an open source and peer-to-peer crypto currency with the highest number of initial production compared to various other altcoins. Around 100 billion coins were supplied worldwide by 2015. From a joke currency, it developed into one of the finest cryptocurrencies with a whopping market capitalization of 1 billion USD in December.
The aim behind developing this altcoin was to develop an interesting, controversial and fun digital currency which is different from other currencies.
Special features of DogeCoin:
DogeCoin is a well established digital currency using which; you can make quick digital payments. Also it became quite popular in the crypto currency market than other Altcoins. Here are some exceptional points and features about this cryptocurrency:
The total supply of DogeCoins:
While a lot of cryptocurrencies offer limited supply, users can mine DogeCoins from around 100 billion DogeCoins available for mining. DogeCoin uses Scrypt encryption through which, the digital currency can be easily mined. Even the number of miners for DogeCoin has increased quickly. DogeCoin has a pool of miners where at a time, 500 people actively mine the coin.
In 2017, the value of DogeCoin peaked to $0.003. DogeCoin’s market has rapidly increased when the other cryptocurrencies were facing hard time due to China’s ban on cryptocurrency exchange. The current market capitalization of DogeCoin reached $2 billion in 2017 and is expected to increase even further. On December 31, the market capital of DogeCoin crossed $1bn and has now bagged its rank in the list of top 30 cryptocurrencies.
DogeCoin is not only a fun coin in the world of digital currency, but also an effective fund raiser for different causes. The community raised $50,000 during winter Olympics, $30,000 for water issues in Kenya while also raised more than $50,000 for NASCAR project. Apart from this, in 2013, when the DogeCoins were hacked, DogeCoin community started an initiative for recovering the losses through the “SaveDogemas” initiative and within a month, the community raised a lot of funds. This is surely a cryptocurrency to stay and has fought all the hurdles effectively.
The mining process of DogeCoin is costly. To send the DogeCoins, the transactions need to be included in a block. The miners verify the transactions and check the incoming and previous transactions. If double spends are not detected, miners are allowed to create a new block and new transactions can be done.
Other benefits and features of DogeCoin:
- The price of DogeCoin is comparatively lower than other coins, but as the prices will increase with time, the miners and people having coins will get benefited
- The transactions made using DogeCoin are fast, reliable and secure
- The community regularly gets involved in different fund raising events and charity
- It is a stable coin with strong community
- Tipping culture in the DogeCoin community it still alive and is great!
- Around 100 billion coins are supplied which provides a great scope for miners and traders
- DogeCoin mining is done by computers and hardware to make the transactions more secure and verified.
- The new DogeCoins produced, are paid to the miners as gifts
Why should you choose DogeCoin?
- If you are looking for a fun cryptocurrency to invest in, DogeCoin is a light and fun filled option to trade
- The transactions done with DogeCoin are fast and cheap compared to other altcoins
- It is simple to use than other currencies and is as useful as the other cryptocurrencies when it comes to trading
- Especially for small transactions, this is the most preferred cryptocurrency with a little cost
- The quick payments elaborate its scope for small transactions, online payments, gaming payments, donations and other uses
- It is a highly suitable cryptocurrency for long term as its value and price can increase with time
DogeCoin is a fun cryptocurrency to deal with. The transactions are cheap, safe, secure and highly reliable. The prices of DogeCoin are quite compatible and the scope of DogeCoin is wide spread to online payments, trading, mining, charity and especially small transactions. From a joke currency to a fully functional cryptocurrency, DogeCoin has managed to make its space in the digital currency market.