Dogecoin isn’t like your regular cryptocurrency but rather a digital currency made sheerly out of fun. Dubbed as the Meme cryptocurrency, Dogecoin aka Doge was built in 2013 as a parody concept against bitcoin, a digital currency gaining a lot of social media attraction these days!
Meaning
- There is no central bank that prints the notes or controls the currency.
- Though created sheerly out of fun, Bitcoin and Doge both follow blockchain technology, which means it’s secure, transparent, and widely used.
- Transactions are Anonymous.
- The ‘joke’ currency, unlike Bitcoin, has no upper limit. Ergo there are more than 100 billion dogecoins in circulation.
So, to level the playing field, one would never know who is investing in what, but verifying a transaction in crypto is like finding a needle in a haystack!
In simplest terms, all transactions in Dogecoin are incorporated into blocks with complex mathematical problems that must be solved to manage to get a reward successfully. You see, in short, you must have the best of the internet, the fastest hardware, verify a bunch of transactions which then brings together a big block of numbers which then you put in a chain, and there you get a BLOCKCHAIN!
This job of solving complex mathematical problems is called mining, and you are the miner. However, the best part of Dogecoin is that you are not bound by token, unlike Bitcoin, where you are limited to 21 million tokens.
So how did dogecoin become so popular? It seems like the project’s light-hearted origin became the most significant contributor to the Doge’s success in the crypto world. Other than that, another major contributor to the global popularity of meme currency is its growing list of celebrity endorsers such as Tesla CEO- Elon Musk, Rapper Snoop Dogg, Lil Yachty. They have fueled Doge’s presence in the Crypto market.
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