People are working dedicatedly on crypto assets and blockchain, which came into existence to solve problems in the existing monetary systems. Dogecoin is a crypto asset that’s just like a fun-loving kid, among the whole system. Yes, it is important to find solutions to problems and have advancements to existing systems, but the creators of Dogecoin had a whole different idea behind creating this coin. It was to create a fun, lively community of enthusiasts.
Dogecoin was started in December 2013 by Jackson Palmer as a joke to mock numerous Altcoins being created at that time. He even tweeted that he had invested in a coin that was based on a very popular meme about the Shiba Inu dog, as a joke.
Dogecoin is an Altcoin that is based on Litecoin’s (another Altcoin) proof of work hashing algorithm, the Scrypt method. When created it had a cap of 100 billion Dogecoin. Later on, this limit was removed, and now the network allows unlimited supply and mining of Dogecoin. Dogecoin comes with many advantages in itself like:
- Speed and cost — It has fast transactions (as the result of the Scrypt algorithm it uses) and low transaction fees. Since Dogecoin was so cheap, people started using this as a token to tip on Reddit and other platforms as their way to appreciate good content, posts or anything they liked.
- Unlimited supply — Originally the Dogecoin was capped at 100 billion coins, but it was later changed to an unlimited supply. That keeps the price relatively stable and low.
- Community — Dogecoin has a very lively and fun community. They have raised funds for many noble causes in the past. They raised more than $25,000 in Dogecoin for the Jamaican bobsled team to the 2014 Olympics. This helped them participate in the Olympics that year. They also came together to raise money for charity to help improve facilities for clean water access in Kenya.
Since the Dogecoin stays stable and is supported on many exchange platforms, it is being used by people as a medium to switch between different exchange platforms and coins. Dogecoin’s unlimited supply limits the coin’s potential to have a high value per unit, like bitcoin or Ethereum. So this isn’t a coin to be considered for a long term investment. Still, Dogecoin comes with all the above-mentioned benefits and we can even be a part of its nice community. Dogecoin is currently one of the very popular coins and has even been noticed and spoken about by Elon Musk.
Though Dogecoin had no intention to become so huge, the trends and the internet fueled it and made it this big. This is not any financial or investment advice, but we cannot predict where this trend will land the value of the coin.
To trade Dogecoin at Unocoin, you can download the Unocoin application or sign up at www.unocoin.com.
Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.
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Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).