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What is DogeCoin?

24 December 2017 | 0 comments | Posted by Che Kohler in Money Talks

What is Dogecoin?

The internet in all its glory and wonder has birthed a range of human innovations over the years, from social media, eCommerce to of course Memes. Memes have carved out a powerful cult following on the internet and achieved mainstream success with social media and instant messaging apps literally swamped with this comical concept. So would it not make sense for something with so much widespread appeal to get into the cryptocurrency market?

Well Billy Markus from Portland, Oregon thought so and sort it out to develop DOGE to be a fun currency, naming it after the Shiba Inu “doge” meme. Soon after its release, it grew in value, with thousands of users and entire Internet communities designed around sharing information making use of the currency and posting memes about the coin online.

The hype paid off, putting it among the top cryptocurrencies on the market. While Dogecoin (DOGE, Ð) began life as a joke it has some pretty serious applications, you can use it to buy goods and services, or trade it for other currencies (both other cryptocurrencies like Bitcoin or traditional currency like US Dollars or Euros).

What is Dogecoin (DGN)?

While Bitcoin may be the poster boy for the crypto market taking all of the attention and also the flack in mainstream media Dogecoin like its Meme inspired background lives cosily on corners of the internet and survives on attracting like-minded forum and social media subscribers to get involved in its ecosystem. Dogecoin is an altcoin designed to reach a niche no one really took note of, but clearly exists and has a use I feel the internet is crying out for.

Additionally, Markus, the developer behind it, wanted to keep Dogecoin fresh and fun, in order to distance it from the controversial past of bitcoin (for example, is widely used in online black markets like the Silk Road). As of September 2017, Dogecoin has become one of the top ten coins on the market, with several online exchanges offering DOGE/BTC (bitcoin) and DOGE/LTC (Litecoin).

While many other altcoins are attempting to become something bigger than a simple currency transaction platform, Dogecoin stuck to its roots and is now widely used on platforms such as Reddit and Twitter to tip other users for useful information or content they feel has merit such as funny posts, or whatever else is deemed tip-worthy.

Why should you pay attention to Dogecoin?

While many users of Bitcoin are buying up currency merely to hoard it due to its fluctuating value Dogecoin users are making use of the medium for trade and the transaction chain will small in value is high in the number of transactions, making it a great coin to get into as one of your first altcoins.

Its transaction speeds are also great for noobs, trust me there is nothing more heart wrenching than to be waiting an eternity while clenching your butt cheeks hoping you've sent your coins to the right address. Doge is great for users who want to make trades with friends, test out what cryptos can do without spending too much cash. Its also gets you into the game without nailing you on transaction/mining costs as other cryptos do.

What is Dogecoin being used for?

There are two primary ways you can use Dogecoin at the moment:

1. Tipping users on social media

If you’re a user of popular social media platforms Twitter and Reddit, you can set up a tip bot and always tip other users for posting informative, educational, funny, entertaining or simply amusing posts. Tips are often low, rarely going over $0.20/ R20, and are a nice way to reward people for taking the time to produce good content. Tipping not only rewards these people but also spreads the word and philosophy of Dogecoin. If a user doesn’t have a Dogecoin wallet set up, some tip bots even send information via private message on how to get one and should save the dogecoin for at least 3 days for you to claim.

2. Products and services

Many merchants providing their products and services online are already accepting bitcoin and they often also take DOGE, if not you can use services like shapeshift to convert your Doge into BTC or ETH which are more widely accepted.

Can you mine Dogecoin?

Dogecoin is a decentralised system that uses blockchain technology which means it can be mined by the individual or by those in mining pools. Dogecoin can be mined using either CPU or GPU processing power and is a great coin to find your feet in the mining game.

Can you earn Dogecoin without capital?

Faucets A Dogecoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a dogecoin for visitors to claim in exchange for completing tasks like a captcha or task as described by the website.

If you want to try your hand at faucets, check out one of the more popular sites freedogeco.in

Gaming

There are a few desktop and mobile games that make use of Doge as their reward system. If your an avid micro or mobile gamer this could be a way to turn your spare time into cash.

Gambling

When money is involved gambling is never too far behind, and online betting and casino microgames using doge are starting to pop up all over the net, all it takes is a simple internet search.

Tipping

Subscribe to social media groups that make use of tipping and start contributing quality content and earn some internet brownie points in the form of Doge.

Mining

As mentioned earlier Dogecoin can be mined; this can be done by setting up a pc with the software or a fully customised rig and start mining solo or in pools.

Begging

There is really no shame in the Dogecoin community and if you have no problem humbling yourself before the internet then check out Dogebegging on places like reddit. Practice your grovelling, and you could earn your first crypto.

Where can you buy Dogecoin?

Dogecoin is listed on a few international cryptocurrency exchanges and is actively traded on websites like

  • AEX
  • alcurEX
  • BCEX
  • Bit-Z
  • Bitcoin Indonesia
  • BitFlip
  • Bits Blockchain
  • Bittrex
  • Bittylicious
  • Bleutrade
  • BTC Trade UA
  • BtcTrade.im
  • BX Thailand
  • C-CEX
  • Coinbe
  • Coindirect
  • CoinEgg
  • CoinEx
  • CoinExchange
  • Coingi
  • Coinhouse
  • Coinsquare
  • CryptoBridge
  • Cryptomate
  • Cryptopia
  • Exmo
  • Exrates
  • Fatbtc
  • Gate.io
  • HitBTC
  • Koineks
  • Kraken
  • LiteBit.eu
  • Livecoin
  • Mercatox
  • NIX-E
  • OpenLedger DEX
  • Poloniex
  • SouthXchange
  • Stocks.Exchange
  • Tidex
  • Trade Satoshi
  • Tripe Dice Exchange
  • Tux Exchange
  • Upbit
  • YoBit

Should you invest in Dogecoin?

The cryptocurrency continues to provide value to a group of people that together trade anywhere between $50,000 and more than $200,000 per day at the moment and no sign of slowing down. The dogecoin’s community is set to send their favourite coin’s value soaring in the coming years with more and more users are diving into the (sometimes silly) world of Dogecoin. Whether that comes from spreading memes on social media, buying products and services online with DOGE, or tipping other users online, this cryptocurrency has been seen to respond well to healthy community activity.

This positive community activity often results in an increase in the value of a coin, especially if it’s shadowed by an increase in the value of bitcoin beforehand. With more and more merchants embracing Dogecoin every day, the future looks bright. If more users and communities adopt the tipping ecosystem, in which Dogecoin currently has a leading role, the community behind this altcoin might very well see its hard work come to fruition. While Doge will never reach the soaring values of its big brothers in the market, it is definitely a worthwhile coin to invest in. We've seen its value sore as high as 250% and depending on your capital outlay could turn a pretty profit.

For more on Dogecoin check out their official website or check out Blokt's Dogecoin guide

Contact us

If you want to know more about cryptocurrency, don’t be shy we’re happy to assist. Simply contact us

Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.

Tags: Cryptocurrency, dogecoin, blockchain

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