Gradually, the cryptocurrency market is growing in popularity in internationally. Dogecoin has positively influenced the financial situation of many companies. That's why you need to know what Dogecoin is.
This digital currency was born with a fun and unpretentious proposal , but what was just a joke has grown to gigantic proportions and today earns billions of dollars. So, is this asset worth investing in?
This digital currency was born with a fun and unpretentious proposal , but what was just a joke has grown to gigantic proportions and today earns billions of dollars. So, is this asset worth investing in?
What is Dogecoin?
Dogecoin corresponds to a well-structured cryptocurrency like the others in the digital market. Because it is open source, it is available for anyone to use and its decentralization makes it useful on many computers. This feature benefits it in relation to Bitcoin , which needs powerful servers for its operation.Despite its high representativeness, Dogecoin was not born with the intention of being a major competitor in the digital currency environment. In a trivial way, it arose from a joke made by Billy Markus , one of its creators.
In 2013, Markus began working on the Dogecoin code to honor the Japanese Shiba Inu Dog meme , which shook social media that year. The retribution caused the animal to become a symbol of the currency.
The following year, the currency gained dimension among geeks (nerds), a profile in love with the cryptoasset market. Therefore, Dogecoin became important on Reddit , a forum-like social network where content is shared and topics related to the world of cryptocurrencies are discussed.
The strengthening of the brand came after the donation of $55 thousand by a Dogecoin community to sponsor the races of Nascar driver Josh Wise in the US Stock Car, making the dog logo appear on the vehicle of the athlete during three races. It is not surprising that after this campaign, the brand's visibility has gained an international level.
At another time, the monetary community raised $25,000 to guarantee the presence of a Jamaican team at the Winter Olympics in Russia .
The following year, the currency gained dimension among geeks (nerds), a profile in love with the cryptoasset market. Therefore, Dogecoin became important on Reddit , a forum-like social network where content is shared and topics related to the world of cryptocurrencies are discussed.
The strengthening of the brand came after the donation of $55 thousand by a Dogecoin community to sponsor the races of Nascar driver Josh Wise in the US Stock Car, making the dog logo appear on the vehicle of the athlete during three races. It is not surprising that after this campaign, the brand's visibility has gained an international level.
At another time, the monetary community raised $25,000 to guarantee the presence of a Jamaican team at the Winter Olympics in Russia .
And what is Dogecoin for?
As we saw what Dogecoin is, the cryptocurrency started as a fun project with the Shiba meme and grew through its accessibility. The currency's popularity shows its importance in the bitcoin market , so Dogecoin serves as:- It works like a cryptocurrency;
- Facilitates access to digital currency technology;
- Used as tips on the Reddit forum;
- Employed for financial investments;
- It offers fast transactions at low market cost, i.e. less than US$0.01;
- Transfer money.
What is the value of Dogecoin?
To know how much Dogecoin is worth, you must first understand Billy Murkis' opinion on the currency's notoriety. Surprisingly, one of the creators does not know the reason for the currency's appreciation and how it reached the level of 1400% accumulated between 2020 and 2021.
There were requests for Markus to return to the project, but he was emphatic when he said that he had already sold his dogs and would no longer be available . At another point, he stated that he would have no reason to limit the possibility of people becoming rich because of cryptocurrency.
On the other hand, billionaire Elon Musk, CEO of Tesla and Space X, managed to praise Dogecoin even more. Prior to this venture, the entrepreneur was able to leverage Bitcoin by 20% simply by using the hashtag #bitcoin in his Twitter bio.
Its arrival to the investment in Dogecoin caused the currency to rise in early 2021 with a rise of 60% in a few hours. Currently, according to data from MonedaMarketCap, the digital currency has already exceeded 50 billion dollars, making it the fifth most important in the world.
Mining is carried out through a Proof of Work consensus protocol, that is, proof of stake. Thus, miners must look for a compatible mathematical solution to validate transactions and thus be rewarded for their work. Let's say that with each reward, they insert new doge units (tokens) into the market.
So, to know how to mine Dogecoin up to a limit set by the protocol, know that the process is infinite, with no prior rules to limit mining.
There were requests for Markus to return to the project, but he was emphatic when he said that he had already sold his dogs and would no longer be available . At another point, he stated that he would have no reason to limit the possibility of people becoming rich because of cryptocurrency.
On the other hand, billionaire Elon Musk, CEO of Tesla and Space X, managed to praise Dogecoin even more. Prior to this venture, the entrepreneur was able to leverage Bitcoin by 20% simply by using the hashtag #bitcoin in his Twitter bio.
Its arrival to the investment in Dogecoin caused the currency to rise in early 2021 with a rise of 60% in a few hours. Currently, according to data from MonedaMarketCap, the digital currency has already exceeded 50 billion dollars, making it the fifth most important in the world.
How to mine Dogecoin?
The idea of knowing the value of Dogecoin strengthens the desire to mine the cryptocurrency . The mining procedure is like “creating” coins on a virtual network. Unlike Bitcoin, Dogecoin needs more basic equipment compared to the competitor.Mining is carried out through a Proof of Work consensus protocol, that is, proof of stake. Thus, miners must look for a compatible mathematical solution to validate transactions and thus be rewarded for their work. Let's say that with each reward, they insert new doge units (tokens) into the market.
So, to know how to mine Dogecoin up to a limit set by the protocol, know that the process is infinite, with no prior rules to limit mining.
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