Dogecoin: Everything about this cryptocurrency

What we might think is a distant future, in reality it is not, since today we see the arrival of cryptocurrencies like Dogecoin closer and closer. Although there is still a long way to go before they surpass a card, little by little they are gaining ground.

Such has been the boom for cryptocurrencies that today what seemed like a joke has become a reality. That's right, today we will tell you more about one of the most fun, bizarre and also fastest growing cryptocurrencies that we can find in the world of virtual money.

➡What is Dogecoin? ✨

Dogecoin is a cryptocurrency that emerged as a joke, as it is inspired by the famous dog Doge, a meme inspired by the Shiba Inu breed. This currency, which seems like an internet joke, has little by little gained relevance in the world of digital currencies.

Developed from the Litecoin Blockchain and its open code, this cryptocurrency operates under the P2P scheme which has a decentralized code. The objective of this currency is to create a much cleaner, transparent and, above all, accessible coin for users.

This simple and low-cost transaction system becomes a much more relevant alternative payment method than other cryptocurrencies. In fact, its very creators say that Dogecoin was actually born as a parody of Bitcoin, so it was not the product of an attempt to make money as is the case with companies.

In addition to being designed to be much more transparent, this virtual currency has been one of the main drivers of profit projects. And it is that its developers have launched initiatives such as funding water projects in Kenya, for example, or promoting Paralympic athletes.

➡Differences between Dogecoin and Bitcoin✨

Although it was born as a parody of Bitcoin and they have a similar system, since Dogecoin is inspired by Litecoin which in turn uses the improved Bitcoin blockchain, we can find important differences. Here we will tell you which are the main differences between the puppy's cryptocurrency and the rest.

  1. Transaction speed: One of the main characteristics of Dogecoins is that the speed at which transactions are made is very good. Litecoin requires 2.5 minutes to validate, Bitcoin 10 minutes, Dogecoin only needs one minute to do it.
  2. Safety: While not much is known about the security systems behind Dogecoin, a Reddit user set about conducting research to determine which are the safest cryptocurrencies. The Japanese puppy coin, which we are talking about here, sneaked into second place.
  3. Accessible mining: Another great advantage is that, Compared to other cryptocurrencies, mining this currency is much easier. All you need is a simple computer and some programming and mining knowledge. Instead, Bitcoin requires very complex and expensive equipment to operate.
  4. rentabilidad: One of the goals of the creators of Dogecoin was to create a virtual currency that was much more accessible not only in complexity, but also in cost. We can see this with the very low commissions that this currency has, which makes its operation very economical.
  5. Volume of transactions: Finally, you should know that the volume of transactions that Dogecoin can support is very high. While Bitcoin surpasses it, the average of this virtual currency is 40 thousand daily transactions which makes the volume very large gaining more and more ground.

Dogecoin

➡Technology behind✨

You could say that the creators of Dogecoin took the best of both worlds. From Bitcoin they took their Blockchain which has a widely proven operation. On the other hand, they took the open source of Litecoin with the aim of creating an open, functional and higher capacity platform.

In order to offer security to users, Dogecoin incorporated a Proof of Work or PoW system which is responsible for preventing hacker attacks. In addition to this, the Scrypt and SHA-256 algorithms were incorporated to improve the operation of the cryptocurrency and its mining.

➡Mining✨

The workings behind Dogecoin mining are very simple. The miners are in charge of validating the transactions in the Blockchain system, in return, they receive a coin for its validation. In this way, the more users participate in the process, the more Dogecoin is they generate.

To perform Dogecoin mining you do not need a complex equipment, as it happens with other types of cryptocurrencies. According to users, all you need is to have a conventional computer and a special program. In addition, you must have some knowledge to help you program the computer to mine automatically.

➡How to use it? ✨

Being one of the most used cryptocurrencies in the market, only surpassed by Bitcoin, Dogecoin is widely used in online stores. And it is that more and more places accept this type of virtual currencies as a form of payment.

That is why you should know that an advantage of the virtual currency of the Japanese puppy is that every day there are more businesses that accept them as a form of payment. This makes them useful for buying, selling and even as payment for services or exchange transactions, etc.

dogecoin

➡How to get Dogecoin? ✨

There are two ways to get Dogecoin. The first is mining this cryptocurrency, for this you need to join the Blockchain and start validating transactions. Thus, you will receive a virtual currency for each of the transactions validated and added to the blockchain, thus earning a Dogecoin.

Although this coin is not one of the most valued, it is one of the most popular on the market. That is why Dogecoin is found almost in all of the best exchange houses or Exchange. In this way you can easily acquire or exchange these cryptocurrencies.


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About Pedro Martinez Gonzalez

I'll tell you a little about myself! I am a financial analyst and economist with a master's degree in finance.

About my studies: I studied at the University of Salamanca for a Degree in Economics and then did a Master's in Finance in Madrid.

Do you want more information? You can read more about me here in my biography.

2 comments on «Dogecoin: Everything about this cryptocurrency»

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