History of Doge and how Dogecoin works

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Dogecoin is a decentralized peer-to-peer open source cryptocurrency based on the Litecoin frame. He is considered user-friendly, less political, and more of a buddy-buddy altcoin. DOGE comes in handy when people want to tip each other, buy smaller items on the web, or make a donation.

Let’s dive into the fascinating history of Dogecoin and find out how this eccentric cryptocurrency came to be, what are its strengths and drawbacks, and why people continue to use it more and more nowadays. We will also talk about DOGE mining, storage and trading, and explore the vast Dogecoin community and its future prospects.

Dogecoin technology

Dogecoin is based on the source code of Litecoin. Both blockchains use the Scrypt algorithm and the Proof-of-Work algorithm. Unlike Litecoin, Dogecoin has an unlimited supply. Mining DOGE is 2.5 times faster than LTC, which also means transaction confirmation is faster. We explain the matter in more detail in Changelly’s Dogecoin mining article.

DOGE can be stored on software and hardware wallets. For example, Dogecoin Core will download the full Dogecoin blockchain to your PC, turning it into a working Dogecoin node. The lighter software wallet options are MultiDoge or a Dogechain online wallet. They also allow you to store, send and receive DOGE. When it comes to hardware wallets, DOGE is compatible with Trezor and Ledger.

Dogecoin is listed on the most popular crypto exchanges and forms various market pairs. By the way, our service is here to provide you with quick DOGE exchange and purchase options..

Compared to other cryptocurrencies, Dogecoin is relatively easy to mine. It is faster and less power consuming to mine DOGE than, say, BTC with its SHA-256 algorithm. The DOGE mining difficulty is considerably lower.

The mining reward is 10,000 DOGE per block. Many users prefer to mine DOGE in a mining pool by joining computing powers to other miners. If you want to investigate any of them, check out The best Dogecoin mining pools.

History of Dogecoin (DOGE)

Dogecoin was created in December 2013 by American software engineer Billy Marcus and Australian product manager Jackson Palmer. The idea was to oppose the Bitcoin hype (it was booming in 2013) and create a less harsh, less high-end cryptocurrency that people would identify with.

In 2013, in prehistoric times, by meme standards, a “doge” meme was one thing: thousands of people posted a photo of a Japanese dog Shiba Inu, surrounded by a cloud of silly, ungrammatical phrases .

Future Dogecoin co-founder Jackson Palmer was no exception to the cute dog craze. To top it off, he was a novice cryptocurrency enthusiast. In November 2013, he absently tweeted, “Investing in Dogecoin is pretty sure the next big thing. , Having no idea he had just made a remarkably accurate prediction.

Many Twitter users responded to Palmer’s tweet, and then a Dogecoin thread appeared on Reddit. Meanwhile, Dogecoin’s other future co-founder, Billy Marcus, was sitting in his Oregon home trying to come up with a cryptocurrency idea that would appeal to a wider audience. He stumbled across Palmer’s tweet and immediately thought it was funny and worth getting started.

Marcus wrote to Palmer and immediately began to reconfigure the source code for Bitcoin. The two began to work as a team, and less than a week later, the Dogecoin cryptocurrency was born. The Shiba Inu dog became his symbol and part of the logo.

During the first weeks of Dogecoin’s existence, hackers attacked the Dogewallet and stole $ 12,000. The Dogecoin community responded with lightning speed, raising enough money to cover all coin holder losses in just one month.

This incident did not affect Dogecoin’s image much. On December 19, 2013, the DOGE price increased by 300%. It dropped after three days, but then rose again in January and kept rising. In 2014, Dogecoin even outperformed Bitcoin in terms of value traded and entered the Top 10 most popular cryptocurrencies on Coinmarketcap.

In 2015, Jackson Palmer left the project, causing an avalanche of rumors about the rapid downfall of Dogecoin. DOGE survived thanks to the efforts of its loyal community. In January 2018, the coin peaked with an all-time high of $ 0.017 to $ 0.018.

Dogecoin Community

One of the most remarkable things about Dogecoin is its dedicated and active community. Millions of people use DOGE today – some of them started out as fans of the Doge meme, others joined when currency became a popular way to tip on Twitter and Reddit.

Many more became part of the Dogecoin ecosystem after it turned out to be more than just cryptocurrency. It is a community with a certain set of values ​​and a philosophy, where sharing, encouragement, charity and overall kindness are cherished.

As prominent men and women of fortune gamble in the heavy Bitcoin market, ordinary internet users are choosing Dogecoin as a way to enter the crypto world. DOGE is inexpensive, but that’s precisely what makes it easy to use. Dogecoin allows people to toss small amounts of money as a thank you.

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While it may seem like Dogecoin is a silly joke that has gone too far, rest assured it isn’t, at least not anymore. Members of the DOGE community (they call themselves Shibes) are known to be very active on social media and to participate in charitable projects, donating from DOGE or tip people. They created an app called DogePal – an easy way to pay with DOGE.

There are several charities, like SocksForTheHomeless or DogePizza, also developed by passionate DOGE users and maintained by lovers of the Dogecoin philosophy.

DOGE is mainly used for:

  • Tip. If you like a joke or meme or useful social media info, you can tip its author with DOGE. There are even special bots for this on Reddit. They automatically transfer DOGE to the recipient as soon as he is called;
  • Charity and fundraising. Various platforms raise funds for good causes using DOGE;
  • Buy small items. Most of the online platforms that accept Bitcoin payments also work with DOGE;
  • Online casino.

Dogecoin against Bitcoin

Bitcoin and Dogecoin are pretty much the same things. However, Dogecoin started out as a joke and later became a community favorite cryptocurrency. We made a table comparing these two cryptocurrencies:

Dogecoin Bitcoin
Creation date 2013 2009
Founder Jackson palmer Satoshi Nakamoto
Market capitalization Over $ 33 billion Over $ 635 billion
Associated celebrities Elon musk Marc Andreessen, Jeff Currie
Mining equipment GPU ASIC

What is Dogecoin – FAQ

In this section, we discuss issues that may arise as you explore Dogecoin.

Will Dogecoin ever be of value?

Dogecoin is now booming! Elon Musk has raised the price of Dogecoin on several occasions by posting about it on Twitter. So the coin already has value. As we already mentioned in the DOGE price prediction, the Dogecoin price can reach $ 0.50. As Mr. Musk says, to the Moon!

How does Dogecoin work?

Since DOGE was created as a fun payment method, it works the same way as Bitcoin. Users can pay for goods, donate to charities, etc.

How to buy Dogecoin?

There are many ways to buy Dogecoin, for example, on a p2p platform or an exchange. By the way, Changelly offers you to buy and exchange DOGE for low rates within minutes. Check out our cross rates in the widget below.

What is happening with the Dogecoin price?

Recently, Dogecoin has faced massive price swings. Yet, at the end of January 2021, the price of a DOGE was only $ 0.007. On February 8, the price hit the new level of $ 0.08. The price hike was caused by general market trends and the hype created by Elon Musk. As of June 2021, the DOGE price is $ 0.25.

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