Golden currency holders, miners and investers got anxiety after reading this headline but as following this headline firstly you have to go through Full story below-
Who is the Bitcoin rival?
Dogecoins which are trending nowadays, have breached 10 cents for the first time. Dogecoins, bitcoins are no where different.
Just the investors like Elon musk make it different. But the role and purpose is absolutely different.
Dogecoins, famous since 2013, are hitting the headlines due to the nature of work. They are mainly for culture and community purpose.
Like the one did for Kenya!
Kenya, an african country faces acute water scarcity so the funds were raised through dogecoins- Doge4water campaign. This makes it different from other bitcoins.
Dogecoin is a cryptocurrency not different from bitcoin. There are more similarities than differences with Bitcoin.
So what makes Dogecoin different?
Different blockchains – Every cryptocurrency has a ledger of transactions (that massive list that tells who has what amount of that cryptocurrency) called the blockchain and each of these cryptocurrencies (Bitcoin, Litecoin, Dogecoin) have unique blockchains. That means transactions on the Bitcoin network are completely independent of the Dogecoin network.
Proof of work – The set of algorithms that secure transactions on both the Bitcoin and Dogecoin networks are called proof of work algorithms. They are designed to be difficult to perform ensuring that as computers get faster, they are adjusted to make confirming transactions more difficult. Think of it as future proofing the security of transactions on the network. On the Bitcoin network, the proof of work algorithm is the sha256 hashing algorithm and on the Dogecoin network is is the scrypt hashing algorithm. What this means is that equipment that is specially designed for sha256 hashing won’t work with transactions on the Dogecoin network which uses scrypt and vice versa.
Coin production – on the Bitcoin and Dogecoin networks, coins are given as reward to miners who help verify transactions. This is how new coins are generated. On the Bitcoin network, the reward is currently generated every 10 minutes and 25 bitcoins are given. On the Dogecoin network, the reward is currently 125,000 dogecoins every minute.
Inflation – Coins will continue to be generated indefinitely (albeit in a decelerated manner) on the Dogecoin network. This is not the case with Bitcoin. On the bitcoin network, the currency will not continue indefinitely and has been capped at 21 million bitcoins.
Can Dogecoins eliminates Bitcoins?
No! No coins could replace Bitcoin! It’s the first rule of cryptocurrency! Respect Bitcoin as a king then enter the crypto world 😉
Doge is a great coin as well with a loyal community behind. It’s a good coin to be deployed for fast and retail remittance and payments on blockchain bed.
Origin of Dogecoins
It was created in December 2013 as a “joke” and was named after future of Dogecoin popular meme based on a Shibu Inu dog “Doge.” Due to future of Dogecoin popularity of future of Dogecoin meme at future of Dogecoin time, future of Dogecoin “joke” currency quickly turned into a project with a thriving community and started to see regular use as a transfer of value. Due to its low fees and fast speeds, Dogecoin is often used to move money and capital from one cryptocurrency exchange to another. Years later, Dogecoin is still a popular digital currency altcoin and has even attracted interest from future of Dogecoin likes of Elon Musk, who future of Dogecoin crypto community has affectionately dubbed future of Dogecoin “CEO of Dogecoin.” However, Musk is future of Dogecoin CEO of Tesla and SpaceX, and unfortunately, has no association with Dogecoin, despite him talking about future of Dogecoin token regularly on Twitter. Because Dogecoin has been around so long, it has a place in future of Dogecoin crypto space for future of Dogecoin long haul.
Future of Dogecoins
The Aftermath Musk, who is future of Dogecoin most famous cheerleader for Dogecoin on Twitter, admitted in a skit on SNL that he thought Dogecoin was a “hustle.” He didn’t seriously explain future of Dogecoin features of Dogecoin that make it a viable alternative to fiat currency. Instead, he joked that it’s “about as real as future of Dogecoin dollar.” Musk then called Dogecoin “an unstoppable financial system that’s going to take over future of Dogecoin world.” The internet didn’t find it funny at future of Dogecoin time. The fourth most valuable cryptocurrency pulled back to $0.55 cents a few hours after SNL. And its year-to-date gains dropped from Saturday’s high of 20,000% gain to about 11,000% on future of Dogecoin next day. Moreover, respected blockchain billionaire Barry Silbert disclosed on Saturday that he went short on Dogecoin. At future of Dogecoin same time, crypto mentions on social media reached an all-time high of 1.5 billion.
Rise of Joke Currency
The surge of Dogecoin took almost everybody by surprise. After all, Dogecoin was quiet and irrelevant for most of its seven-year history. However, its popularity went into future of Dogecoin stratosphere after Elon Musk and Dallas Mavericks owner Mark Cuban relentlessly promoted future of Dogecoin coin. And Reddit traders helped its popularity.Since then Dogecoin has seen a resurgence, much support from celebrities such as Snoop Dog and Elon Musk, and much more. It also was apart of future of Dogecoin Reddit WallStreetBets trend where users pumped future of Dogecoin coin on Robinhood.
Dogecoins is primarily a memecoin and a tip coin. if it happens to pump while you’re holding it, that should be viewed as a bonus. if you want to join a fun loving community and give out small cryptocurrency tips, dogecoin is your “good boy”. If you are looking for a serious investment, move on to another dog park. Period.