Dogecoin!! A comedic waste or something to rely on??

doecoin crypto currency

Cryptocurrencies are some serious kinds of stuff. Anything related to money or investment is considered to be a serious matter as it involves financial risks. Generally, it is advisable to take investment decisions seriously keeping in mind the returns. But if you are new to crypto investing and came to know about Dogecoin, you must be shocked. Maybe you are wondering how a joke turned into an $80 Billion (and growing) market.

Well, it is something to scratch your heads for.

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What is Dogecoin??

Dogecoin is a cryptocurrency that saw its launch on December 6, 2013, by two engineer friends. Founder Billy Markus (aka Shibetoshi Nakamoto) was a video game software engineer at IBM and Jackson Palmer was a software engineer at Adobe.

Billy Markus
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Jackson Palmer
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Dogecoin is a peer-to-peer digital currency that runs on Blockchain technology. It was initially created to make worldwide transactions without any charges or middlemen. At the time of its launch, meme culture was new to the world. In 2013, a new meme was trending in which a dog’s image in posts was trending with funny text in broken English on it. The dog’s breed was Shiba Inu, but it was known as Doge (dou-jee) in meme language.

Another most prominent reason for Dogecoin to be made was it aimed to become a currency of the internet. When it came out, internet content creators were on the rise and people were shifting to the internet for entertainment. Therefore, the creators of Dogecoin felt a need for a digital currency that can be used to tip these creators for their work.

Difference between Bitcoin and Dogecoin

Many would argue that why do we need multiple cryptocurrencies and why can’t the world settle for just one. It is a valid question but we do not have any answer to that. But the situation that we are seeing now is that there are more than 4000 cryptocurrencies in the market and each has different things to offer. Some are fast, some are environment friendly, some are more secure than others and much more. We do not know what this crypto scene will be like in the upcoming decades because this is just a starting phase of crypto where the masses are starting to know about it.

It would take time to accept it globally as a medium of exchange, but let’s hope for the best…..

Dogecoin and Bitcoin are currently the most famous cryptocurrencies in the market right now. There are some differences between them. Bitcoin has a supply limit of 21 million coins whereas Dogecoin has no limit on its supply. Also, Bitcoin uses insanely high energy for its mining whereas Dogecoin uses very little energy in comparison.

But the most common factor between their popularity is Elon Musk’s Tweets. Elon Musk is one of the most influential people on the internet today. He is so influential that his tweets even lead to the crashing of share markets. He had endorsed both Bitcoins and Dogecoins.

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He once said that Dogecoin might be his favourite cryptocurrency. He has also announced that he will take Dogecoin to the Moon. This means he will be launching a rocket to the Moon named Doge-1 and this mission will receive its funds using Dogecoins.

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Interesting Facts about Dogecoin

  • In 2015, the founder of Dogecoin sold all of his holdings to buy a Honda car. Now, with those shares, he could have bought more than whole of Honda Motors.
  • Developers of Dogecoin said that they created Dogecoin within just two hours.
  • It has one of the largest communities of cryptocurrencies.
  • There are more than 135 billion Dogecoins in circulation today.
  • Shiba Inu is a hunting breed, opposite to its cute representation in memes.
  • Elon Musk tweeting about Dogecoin said that he would pay all the large holders of Dogecoins in dollars if they void their accounts.
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But is it just a meme??

Many economists and experts argue that Dogecoin is just a trend that would be off the market after some time. Many also argue that Dogecoin is just standing because of Elon Musk. Also, there are high chances of its value going high because of the mission announcement by Elon Musk. Elon Musk also recently put a poll on his Twitter account asking whether they should accept Dogecoin in Tesla as currency, in which most of the people answered Yes.

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Even though Dogecoin was a joke, it has now grown so enormously and has funds from so many investors and marketers that it has now become a worthy contender to put your money on.

No matter what the debates are, in the end, it is your money. And it should be up to you to decide where you want to invest. We have just tried to explain Dogecoin in our best possible way. We do not advise anyone to invest in Dogecoin or any other crypto without a lack of knowledge about it.

Visit the official Dogecoin website by clicking here to learn more about it.

This was all for now, if you want to watch the video explaining the same click here.

Hope you gained some knowledge and Comment down if you have DOGECOIN in your crypto portfolio.

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Till then Stay Safe , Stay Sarcastic !

Written by sarcasticsindhi

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