Dogecoin (DOGE) Explained: What Is It, How It Works, Why Is Its Price Exploding?
Dogecoin (DOGE), once made as a parody of the Bitcoin-based on a meme of a dog, is now worth more than 1 billion dollars. Dogecoin, created in 2013, is a cryptocurrency in the same ball street as bitcoin and now has a market value of over 1.5 billion dollars at the start of 2018.
Where Did The Name Come From?
Dogecoin (DOGE) is perhaps the best crypto coin ever made – depending on your sense of humor. The coin got picked up on Reddit, following the meme of a Japanese Shiba Inu dog. More specifically, Kabosu was removed from the shelter by the Japanese teacher Atsuko Sato.
On 13 February 2010, she posted some photos on her blog. The photo in which the dog with an eyebrow raised looks in the camera, started to lead a life on the internet. The font comic sans is often used to write down thoughts in their own street language.
No One Knew, Nobody Cared
In fact, after Jackson Palmer borrowed the currency in 2014 in blitz code from Litecoin and Tenebrix – the Dogecoin began to lead a life of its own as an underground payment tool on social media such as Reddit and Twitter. Where nobody really took the coin seriously. But the market says ‘no’ to that apparently, because years after trading around at $0.0002 has exploded since November last year. The rally is not over yet, because the Dogecoin price has increased by 40% in the last 24 hours.
The sharp rise in prices causes the co-founder of the cryptocurrency Jackson Palmer, who is no longer involved with Dogecoin, to express concern about the market and emphasizes that the price increase is remarkable in light of the fact that the project has not released a software update for over two years.
The reason why other so-called altcoins rise so sharply is that the two most famous cryptocurrencies bitcoin and ethereum are considered too expensive for new players in the market.
The creators of Dogecoin positioned the virtual currency as an internet currency, enabling users to easily transfer online. Several altcoins make it possible for them to solve specific challenges that we experience in our daily lives, as is the case with Dogecoin, for example. Issues where it would be beneficial to have our data or actions stored in a blockchain.
What distinguishes Dogecoin (DOGE) from other currencies is that the transaction volume is very high. DOGE is at the forefront of crypto money that is bought and sold the most in coin markets. Dogecoin has a circulation volume over 100 billion units. This number is about 80 times that of Bitcoin.
The block schedule works with the Proof of Work rationale using Script, which is set to 1 minute and is in the same Litecoin. In addition, it is recalculated by the network in 4 minutes.
Apart from this, when examining the technological infrastructure, it is carrying all the same features like Bitcoin. So anyone who can use other coins can easily use Dogecoin (DOGE). With the Dogecoin low value, it can be thought of as an experiment, practice coin for those who are just starting out.
How to Buy DOGECOIN?
Bitcoin is the most popular cryptocurrency, so there are many reliable wallets. But if you are looking for a reliable exchange for Dogecoin, we recommend you use the Dogecoin Wallet service at the official site.
After going to Dogecoin official website;
- Wallet tabs.
There are 3 different options in the pre-screen:
- New Wallet
- Existing Wallet
- Paper Wallet
The Existing Wallet option is used to enter your existing wallet. To open a new account, we click the Create Wallet button under New Wallet.
A small screen appears. On this screen, type your e-mail address in the first blank. You can click on the Create wallet button.
After this process, you will be sent an e-mail to your e-mail address. This includes Wallet-ID. Wallet ID will be needed in the future to ensure access to your account. For this reason, do not delete the mail or keep a copy.