Dogecoin is an open source peer-to-peer cryptocurrency that allows you to easily send money online. Dogecoin was created in December 2013 by Billy Markus from Portland, Oregon, who hoped to create a fun cryptocurrency that could reach a broader demographic than Bitcoin.
The coin’s underlying technology is based on the Scrypt algorithm and has an average block time of only 60 seconds.
Unlike Bitcoins, which are mined through complex mathematical computations, Dogecoins can be “mined” by simply participating in the transaction validation process so they have a relatively low barrier to entry for new members of the network.
Dogecoin is one of the most rapidly growing cryptocurrencies, the popularity of which peaked in December 2013. The coin’s success is a result of a well-publicized campaign that raised funds for the Jamaican bobsled team to go to the 2014 Winter Olympics.
The campaign was so successful that it helped increase its popularity worldwide and sparked a rise in demand, which was only natural given that it is considered a good vehicle for online tipping.
In fact, Dogecoin can be used as a form of payment even on Reddit, so it’s quite popular among users who enjoy tipping others for interesting or useful comments.
It also has an active community on Twitter and many Dogecoin-based applications have been created. This Crypto Circle X blog post will give facts about dogecoin.
Facts about Dogecoin :
- Dogecoin was created by Billy Markus from Portland Oregon in December 2013, although its origins are unclear. It is actually named after “Doge” the Shiba Inu dog that is popular on the internet.
- As of August 2015, Dogecoin had a daily aggregate market cap of USD $106.7 million according to Coinmarketcap.com.
- Dogecoin has a block time of 60 seconds and an average block reward of 25 coins per block at the time of this writing (January 2015), which means it has a monthly yield of approximately 4%.
- Its total circulation is capped at 100 billion coins and is estimated to be mined by the year 2033.
- Dogecoin was added to the Microsoft and IBM developers’ sites in 2014.
- Dogecoin has an active community on Twitter, Reddit and Facebook.
- Bitcoin, Litecoin and Dogecoin have been listed on Mt. Gox for sale on their exchange. In Bitcoin’s case, his sale was conducted two weeks after the initial sale of Bitcoin Cash in August 2017 that occured on Finance.
Bitcoin sold at a price of 80 million Dogecoin at that time. Bitcoin sold again in November 2017 at a price of 0.093129167 BTC for 0.093129167 DOGE (price is measured in US dollars) .
- Dogecoin has auxiliary applications that can be used by its users.
- Dogecoin is the cryptocurrency that has the highest market capitalization in relation to the number of coins issued.
- Dogecoin is currently ranked at number 6 on Coinmarketcap, with a market share of more than $ 450 million and 3 billion dollars in daily transactions.
- Dogecoin’s price peaked in December 2013, reaching a market capitalization of more than $ 100 million before falling sharply in early 2014.
From this point, its value continued to grow steadily, being able to exceed the billion-dollar threshold on January 13, 2018.
- Dogecoin is not considered a very good investment due to its low rate of return compared to the major cryptocurrencies.
- Many miners have stopped mining Dogecoin because of the high difficulty level of generating blocks since the large increase in users on the network.
This is termed “Dogecoin Death” by some users on Reddit and other social networks like Facebook and Twitter .
- Dogecoin has several applications available online. One can buy the cryptocurrency directly on the platform itself or you can use third-party services.
- CoinPayments is an integrated payment service that allows you to accept payments in DOGE, LTC, DASH and other cryptocurrencies without having to register an account with any exchange or payment processor.
Instead of having your payments sent to a bank account, you will receive them in your wallet in real time.
- Dogecoin has many active users on Reddit, Twitter and Facebook where they can share articles about it in order to create awareness for the community members who are not very familiar with it yet.
- Dogecoin has users all over the world who are spreading their stories of how they use it. They can share their opinions on forums, blogs, groups and social networks.
- Dogecoin’s transaction volume has increased significantly since April 25, 2017, when its value reached $0.00117037 per unit; however, its market capitalization has decreased since then due to the decrease in the price of one dogecoin (DOGE) to zero dollars (DOGE ).
1 Dogecoin = 1 DOGE (Up to December 19, 2018).