Cryptocurrency has taken the world by storm in recent years. Bitcoin is the biggest player on the market, but there are many alternatives hoping to take its place when (or if) it falls. Dogecoin is one of these currencies hoping for big things.
What is it?
Dogecoin developers describe their coin as “a fun, new and rapidly growing form of digital currency.” It’s based on Litecoin, which is in turn based on Scrypt – a different algorithm than that used by Bitcoin. This means that ASIC machines designed for mining Bitcoins are useless when trying to mine Dogecoins. Dogecoins are mined with regular computers, although specialized have been gaining popularity recently due to the rise in value of the currency.
Dogecoin is also much faster than Bitcoin, with transactions confirmed every minute (or less) compared to ten minutes for Bitcoin. It is expected that this will help it spread more quickly throughout the community and hold its value longer than other currencies.
Advantages of Dogecoin
The most notable thing about Dogecoin however – at least initially – is how easy it was for people to mine coins, give them away and get others interested. Initially, many were given away on Reddit. This has since slowed significantly but still goes on today, although most giveaways are now done through Twitter or Facebook. You can even trade Dogecoins on an open exchange if you missed out on the initial rush.
Dogecoin has been of interest to many because it’s a fun currency. It’s based on a meme that has been popular for years, and the friendly nature of the development team means that Dogecoins have been adopted by communities extensively online.
While there are a lot of different coins out there, Dogecoin is still far and away one of the most popular – it even has its own exchange called Doggieto buy dogecoin from. It also remains one of the easiest cryptocurrencies to mine from home. With add-ons for browsers like Chrome, you can turn your browser into a mining machine while you browse. In addition, websites exist which allow you to mine while you sleep – you just let your computer run and they will mine coins for you.
As with any currency, there are people who get into the game of mining or trading Dogecoins more heavily than others. For them, forums like Dogemarket are where to go when they want to sell their coins. Like other cryptocurrency exchanges, prices fluctuate according to demand but most transactions stay in the dozens of dollars per coin or even less. If you’re looking to get involved in this market these sites offer a good place to start.