What is dogecoin and how many dogecoins can be mined? As one of the most unique offerings amongst the earlier digital currencies, Dogecoin has captivated cryptocurrency enthusiasts since 2014 and those questions have been raised. And in this article, I’ll explain them.
What is Dogecoin?
Dogecoin (DOGE) is an open-source cryptocurrency stemming from a fork of the Litecoin codebase. As the name suggests, it’s largely based on the Doge meme that took the Internet by storm in 2013. The original image depicts a dog of the Shiba Inu breed, whose inner monolog is displayed in comic sans font.
Billy Markus, a programmer from Oregon, initially came up with the idea for a sort of “joke” cryptocurrency. He reasoned that a more lighthearted coin would have a better chance of attracting mainstream attention than Bitcoin. Around the same time, Adobe’s Jackson Palmer stated that he was “Investing in Dogecoin, pretty sure it’s the next big thing” in a now-deleted tweet.
Following some encouragement, Palmer went on to create dogecoin website. When Markus stumbled across the website shortly after its launch, he reached out to Palmer to make it a reality and began work on what’s now known as Dogecoin.
Upon launch, the cryptocurrency rapidly spread across social media. Within months, it hit a multi-million dollar market capitalization.
What can you do with Dogecoin?
Like many other cryptocurrencies, there are several ways you can acquire Dogecoin. You could mine it yourself, or accept it as payment for goods and services. The easiest mETHod, however, is to purchase it via a cryptocurrency exchange. Typically, you’ll first need to buy Bitcoin or another popular coin, then trade it for DOGE.
Once you’ve got your Dogecoin, you can use it as you would any cryptocurrency – hold it for the long-term on a hardware wallet, trade it against other coins, exchange it for goods, or tip others with it. Bitrefill is perhaps the easiest way to spend, as you can purchase gift cards and vouchers for a range of retailers.
Closing thoughts
Despite being an asset whose existence revolves around an Internet meme, Dogecoin has developed a dedicated community of users. Six years on, it maintains a market cap of hundreds of millions of US dollars.
It’s not entirely clear whETHer the market values Dogecoin as a novelty currency, a viable financial asset, or something in between. But few cryptocurrencies have had the impact that the Shiba Inu currency has – if only for its status as a meme coin.
Hope this passage will help you to explore how many dogecoins can be mined and dig out more on your own.
