What is DogeCoin? Dogecoin Course, Forecasts Where to Buy?
By Space Coast Daily // January 11, 2023
Dogecoin was created on December 8, 2013 at the initiative of Jackson Palmer and Billy Marcus. They wanted to create a cryptocurrency that was not associated with the Silk Road Bitcoin scandal.
In this cryptocurrency review you will learn where you can buy Dogecoin, what are the prospects of this cryptocurrency, and why buying a cryptocurrency may be a sensible solution.
DogeCoin – project description
Dogecoin is an online peer-to-peer currency based on a modified bitcoin protocol. DogeCoin is an inflationary cryptocurrency other than Bitcoin (a deflationary cryptocurrency). The concept of coin creation was inspired by the famous meme, which met on social networks in the public around the world.
The creators decided to take advantage of this passion and create a cryptocurrency with its image. Their intention was to reach a wider audience than in the case of Bitcoin.
The project is not developing very dynamically. However, he did not die, as many users continue to mine Dogecoins and thus maintain the network.
Today, the Dogecoin rate to ruble fell. The prerequisites for strong digital currency growth are not yet in place.
DogeCoin has gained the sympathy of the cryptocurrency community, thereby promoting the fashion of creating altcoins. The initial interest in Dogecoin was so great that its cost increased more than six times in just three days.
However, due to the lack of ideas for the development of the project, the price began to fall, and the popularity of Dogecoin declined every day.
Dogecoin’s strengths are community and low price, not innovative technical solutions. The cryptocurrency’s low cost attracts more and more new users. Doge BTC exchange on specialized platforms is especially popular. The popularity of DogeCoin can also be explained by numerous tweets of Elon Musk.
Dogecoin Specification
Dogecoin is an inflationary coin, meaning that there is no limit to the coins that can be obtained. There are already more than 100 billion DOGE, which have a very low cost. Each doge is divided into 100,000 decimal places.
At first, the fee for the dug-up blocks was random and could range from 0 to 1 million, with a gradual decrease of every 100,000 blocks. The award is currently set at 10,000 DOGE. Blocks are mined relatively quickly, about every minute.
How is DogeCoin different from Bitcoin?
The Dogecoin network processes blocks every minute, while Bitcoin does it every 10 minutes. DogeCoin does not have a fixed number of coins, like fiat currencies.
Therefore, it is dangerous to wait for an advantageous exchange rate of cryptocurrency. Bitcoin is a deflationary currency limited to 21 million coins.
How to mine Dogecoin?
DOGE is a cryptocurrency based on the SCRYPT algorithm, similar to Litecoin. Doge and other SCRYPT-based cryptocurrencies are no longer effective on conventional computers, and ASIC is now used for this purpose.
In addition, a system was once created that allows two or more cryptocurrencies to be mined on the same algorithm at the same time, this method is called Merged Mining, so that the DOGE cryptocurrency can be mined simultaneously with the LTC.
