Description

Dogecoin is an open-source peer-to-peer (P2P) digital currency that uses blockchain technology. It was designed as an alternative complement to other cryptocurrencies like Bitcoin. Dogecoin has its basis on Litecoin and uses the same proof-of-work technology.

Founder(s)

Billy Markus, Jackson Palmer

Category
Social Media
Features

The features of Dogecoin are:

  • Low price
  • Unlimited supply
  • Peer-to-peer
  • Decentralization
  • high transaction speed
Pricing

Like other blockchain products, Dogecoin does not have a fixed price. It is volatile. Dogecoin has 131.68 billion in circulation, higher than that of Bitcoin, which has a limited supply. So for Dogecoin, higher supply translates to lesser price and lesser demand.

Cost

0

FAQs

Is Dogecoin easy?

Dogecoin is easy to mine but relatively easy to use. To easily mine Dogecoin, however, miners need GPUs and ASICs.

Is Dogecoin expensive?

Dogecoin is not particularly an expensive cryptocurrency. It also has a highly volatile price with a very low guarantee of a higher price.

 

How does Dogecoin work?

Dogecoin network has a Proof-of-Work protocol as its basis, which ultimately means Dogecoin can be mined just like Bitcoin. Miners verify, authenticate, and validate transactions and secure the network from breaches and malicious intents.

Can Dogecoin be used as a form of payment?

Dogecoin can be used to make payments and also purchases. However, it is not a very effective store of value. This is majorly a result of the fact that there is no guaranteed lifetime cap on the number of dogecoins that may be created by mining. In other words, the cryptocurrency is naturally highly inflationary.

How does Dogecoin gain its value?

Dogecoin had a price surge when it got celebrity endorsements from Elon Musk and Snoop Dog. It also boosted when it was reported that a renowned cryptocurrency platform would accept the coin.

 

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