Dogecoin: Everything You Wanted to Know
When it comes to altcoins, projects other than Bitcoin, a majority of them are innovations in their respective industries. Ethereum, ZCash, and DASH are just a few such ideas. Most of them are successful and have incredibly bright futures as well.
- What’s a Dogecoin?
- Which are the Dogecoin’s Communities?
- Is it worth investing in Dogecoin?
- Where can you pay with Dogecoin?
- How can you purchase Dogecoin?
- How to transfer Dogecoin?
- How to make money with Dogecoin?
- Why is Dogecoin sometimes called as Internet’s favorite altcoin?
- Future of Dogecoin/what’s next for Dogecoin?
However, because this is the internet, there’s bound to be a project or two born out of a joke. In this case, that joke is Dogecoin. Based off of the popular meme from years ago, Dogecoin blew up in popularity from that alone. It was initially made as a joke, but the internet did what it does best and made it valuable.
In this post, we’re going to break down the history of Dogecoin, what it does, and why it’s valuable. We will also discuss the potential of Dogecoin and what its future may be like.
Plus, we’ll provide advice on investing in it and whether it’s worthy or not.
What’s a Dogecoin?
Dogecoin is reminiscent of the “Doge” meme where users react to situations with a shocked looking Shiba Inu. The entrepreneur Jackson Palmer created Dogecoin as a meme mocking Bitcoin, releasing it in late 2013. However, the project started to blow up.
It’s been incredibly volatile just like every other cryptocurrency, quickly rising through the ranks into the top 100 projects. Funnily enough, it’s even called the “joke currency” and rightfully so.
Sometimes, users use Dogecoin to “tip” others over upvoting them. So, as much as it started as a joke, Dogecoin turned into a real use-case currency.
Initially, Palmer wanted Dogecoin to be different than Bitcoin and other significant cryptocurrencies. Unfortunately, that didn’t really happen, and the project is pretty similar to Bitcoin overall. That said, it hit the top 10 cryptocurrencies on coinmarketcap in September 2017.
Which are the Dogecoin’s Communities?
Since 2013, Dogecoin has grown active communities via Github, Reddit, BitcoinTalk, and even Twitter. A few of them are incredibly dedicated, while others have died out over time.
Everything started on the BitcoinTalk forum, however. Like most cryptocurrencies, the project was announced here on the forum. That said, not everyone believed or even believes in the idea now. On BitcoinTalk, you’ll still find discussions talking about its future failure or success.
That’s what forums are for, however: discussion.
The subreddit is relatively widespread, with tons of subscribers and posts every couple of hours. A lot of talks is around the current use cases and fundraising discussion surrounding Dogecoin.
The Dogecoin Github page, however, hasn’t been used since 2015. That said, even when it was used, the conversation wasn’t anything super impressive in the first place. It doesn’t help that Palmer ended up leaving the project in 2015, with Github being his primary source of interaction.
Their Twitter is in a similar position. While it does post every so often, there isn’t much going on there. That’s a bit odd, as most popular projects consistently post on Twitter.
Is it worth investing in Dogecoin?
Sure, Dogecoin is a standout cryptocurrency. It’s one of the only projects made entirely as a joke, only to see some sort of success. Plus, Dogecoin is also one of the oldest projects in existence.
However, because there isn’t much of a unique use case here, Dogecoin is arguably not going to last. As the 6th ever cryptocurrency, some users consider it a “scam” due to the joking nature behind it. Yet, if it were a scam, it wouldn’t be worth millions.
Also, Dogecoin has 10,000 coins mined a minute, with over 5 billion new coins every single year. That means the value is a bit diluted due to how common they are. So, it could be seen as a safe but uneventful investment, to say the least.
That said, Dogecoin is sponsored by a ton of different groups. This means the world knows about this project, even if they don’t all invest in it. Dogecoin has been seen on Nascar race cars, a Jamaican bobsled, and in helping water projects in third world countries.
Dogecoin also has an incredibly welcoming community. It makes sense, as the entire project was built around a meme. It’s doubtful that hateful, angry people would surround that. This works because it may encourage new investors to jump on board.
As mentioned earlier, Dogecoin is mainly used for tipping people online. Authors, video creators, and other online marketers receive revenue from it. It’s quicker and more comfortable than PayPal, but other crypto projects are doing the same thing and more.
Like with most projects, it is hard to predict entirely how Dogecoin will be in a couple of years. One may not say it’s the best investment, as there are safer, more easily profitable ones in existence.
Where can you pay with Dogecoin?
Like I stated earlier, most of Dogecoin is used to tip creators and online publishers. Places that do web hosting and photographers like Joey Stamp accept the token. There isn’t a ton of markets for it, though. So maybe Dogecoin is better used in rare cases.
Forums are arguably the best place to find users that will accept Dogecoin. Especially when you get to deeper web places where people know all about crypto, you’ll see users asking for it. Creators on Reddit are also a good bet, and DeviantArt as well.
Social media is another space to find people who accept Dogecoin. Just search the hashtag, and you’ll find jobs related to it.
How can you purchase Dogecoin?
A large variety of cryptocurrency exchanges work in Dogecoin. Places like CoinSwitch, Bittrex, Changelly, and Cryptopia accept it as of now. All you need is a verified account on any of those places to purchase it. Some let you buy with fiat currencies, while other sites require Bitcoin or other cryptos to buy.
How to transfer Dogecoin?
Like with nearly every cryptocurrency, you can transfer Dogecoin between two wallet addresses whenever you’d like.
First off, you must own some Dogecoin and store it in a wallet that can support it. Then, you must receive the wallet address of your recipient and go to the “send” section of your own wallet. Copy and paste the wallet address you’re sending to, enter the amount you’d like to send, and hit send.
Once the coins are sent, they will be removed from your wallet. The recipient will have to wait for the amounts to process. When done, the recipient can do what they’d like with their new Dogecoin.
How to make money with Dogecoin?
You can make Dogecoin by creating content and having consumers tip you for it. Just make sure you publicize your wallet address so others can donate to you.
These tips also apply to goods and services online. If you’re a web developer, social media advocate, or anything else, you can get paid in Dogecoin.
You can also buy Dogecoin on different exchanges and even from other holders. However, be careful in doing so because the prices are incredibly volatile.
Why is Dogecoin sometimes called as Internet’s favorite altcoin?
Dogecoin can be considered the internet’s favorite altcoin because it’s based on a meme. The internet somewhat runs on memes, with new ones being made every single day. The fact that a cryptocurrency was created out of a meme is slightly ridiculous, which is why everyone loves it.
However, the lack of seriousness may turn some more severe investors off of the project. For one, because there are so many of them, Dogecoin is somewhat of a low priced coin. Users trade it or tip it without much effort or even thinking about it.
Also, most altcoins simply don’t make it very far. Sure, there are a couple of incredibly unique ones, but most are still early on. However, the simplicity behind Dogecoin might be a positive thing, as users don’t expect complexity from it. Instead, they’ll use it for what it does and not question its potential.
Future of Dogecoin/what’s next for Dogecoin?
Apparently, the community under Dogecoin would love for the coin to take off. It would make all of them a lot of money, and Internet’s favorite altcoin would see success.
Plus, some merchants are starting to pick up Dogecoin alongside other cryptocurrencies. While it seems like a joke at first, there’s so much money put in that the value will be spread. If more people become aware of Dogecoin and blockchain in general, we may see it stick around after all.
Feature Image: Shutterstock.com
In-Post Image: Shutterstock.com, dailydot.com
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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