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Dogecoin Overview Dogecoin was born on December 6 2013, out of a half-serious attempt at creating an alternative to Bitcoin, a new cryptocurrency to act as a fun tipping complement to its predecessor. The story of how this currency came to be is an interesting one and unique among all other of its digital siblings. Its founders, Billy Markus - a programmer from Oregon, and Jackson Palmer - a manager at Adobe, were inspired by an internet meme featuring an adorable Shiba Inu rescue named...

Dogecoin Overview

Dogecoin was born on December 6 2013, out of a half-serious attempt at creating an alternative to Bitcoin, a new cryptocurrency to act as a fun tipping complement to its predecessor. The story of how this currency came to be is an interesting one and unique among all other of its digital siblings. Its founders, Billy Markus - a programmer from Oregon, and Jackson Palmer - a manager at Adobe, were inspired by an internet meme featuring an adorable Shiba Inu rescue named Kabosu. Her whimsical expression paved the way for the satirical currency whose popularity still baffles the co-founders.

While Dogecoin does have roots in Bitcoin, and perhaps even more in Litecoin, the creators were, in fact, motivated by their collective shortcomings and what they have become during the later stages of development, as opposed to what they should be. Palmer, who has since moved on to other ventures, often talked about his vision of Dogecoin as a small, fun and friendly currency, and especially as an interesting way for people to learn about the crypto economy. Insisting it should be used primarily as a store of value without an exchange, and to buy and pay for services instead of, like Bitcoin, being held and viewed as an investment asset, he later called it '' just a dog on a coin''.

Soon after the inception, the currency received an official website, as well as a subreddit community, sparking an unprecedented interest and taking off at a rapid pace. There was a massive hype about a quirky new viral money within a month. In 2013, its value soared to 300%, and by 2015 the marked reached 100 billion coins. After a promising start, however, its progress slowed down coming to a stall around 2015, with no new development or upgrades implemented since. Some have predicted an impending technological death and questioned its longevity. Despite this, the community remains very active, and the current developers intend to keep working on the network as long as it generates enough interest. in January 2018, the price saw a record increase of more than 400%, which is a promising sign pointing to a still stable and viable market.

How Does Dogecoin Work?

This digital derivative shares all pivotal features of its counterparts: it is a peer-to-peer, anonimous, safe and decentralized currency circulating in cyber space. It is intended for online use on desktops and mobile devices, to buy and pay for goods or services, or trade for other cryto and traditional currencies and items of value. When it first appeared, it was predominantly used for tipping internet and social network community members, as a way to support or show appreciation for what is perceived as good content, by giving something of real value in return.

Dogecoin

To get started with Dogecoin, you need to choose between desktop, mobile, online or paper wallet, download and set it up. While any of these will do, it is highly recommended to opt for a desktop wallet for safety reasons and in case you want to store larger amounts of coin. The most popular wallet is MultiDodge, a light wallet for day to day transactions, which can be downloaded for all major operating systems and installed easily. Once the installation is complete, launch the app and wait several minutes for it synchronize with the network.

Dogecoin Wallet

The next step is to obtain the actual coin and proceed to purchase desired items. Just like Bitcoin, you can buy at exchanges like WeSellDoge, LocalDogecoin and ANXPRO, trade or mine for them, but most beginners usually get their first Dogecoin via tipping, which means you must join and participate in the community. Alternatively, you can can acquire a small amount of coins for free from a couple of faucets. Before using any of these, do your own research and make sure the outlets are trustworthy.

Pros and Cons

One major advantage of Dogecoin is a friendly, devoted and generous community, which is of immense value to beginners who need accurate information and advice when just starting out. The currency is primarily a microtransaction coin with much lower fees and faster transaction times compared to any of its digital siblings, but not as secure or widespread. It is still relatively new which makes it much easier to mine, and due to lower value it is also cheaper to use - currently worth only $0.00031. There is an added element of fun and leisure to it as well, and if it's something you would gladly take over any practical aspects, than Dogecoin might be a good choice.

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