Dogecoin

Dogecoin

Dogecoin It debuted on December 6, 2013 and quickly had its own online community,

with a market capitalization of nearly $70 billion on April 16, 2021.

One of the most important differences of this currency from other

electronic currencies such as Bitcoin is the speed of its production in the early stages.

Dogecoin historically

  • June 2014 Foundation established to chair the currency.
  • April 2015 Jackson Palmer leaves the project.
  • January 2018 the market value of the coin exceeds two billion dollars.
  • The lowest value reached by the coin (0.000085 dollars) in May 2015.
  • The highest value reached by the coin (0.73 dollars) was in May 2021.

** The programmer “Billy Marcus” who helped bring but out the coin project and make it a reality bears the nickname “Shibatoshi Nakamoto”, which She combines the name of the Shiba dog with the founder of Bitcoin, Satoshi Nakamoto.

Advantages and Disadvantages of Dogecoin

Advantages:

  • Community: One of the most important features of Dogecoin is that it has an active community as it has more than 100,000 members on Reddit.
  • Charity: The community has contributed to many
  • charitable causes such as raising $25,000 for the Jamaican team to be able to participate in the 2014 Olympics,
  • and also collaborated with an association to deliver clean water to thousands of people in Kenya.
  • Mining: Dogecoin is minable, works with the Proof of Work algorithm, we have previously discussed a topic about how to mine the currency (How to DogeCoin))

Disadvantages:

  • Unlimited currency ceiling, which makes the value of one token very low.
  • The process of mining them is very unprofitable by virtue of the value of the currency and its performance in the market.
  • The method of putting up the coin and carrying the image of a meme may seem to many that it is a satirical project and not a real one.
  • Availability of supply and low price, thus decreasing investment appetite for the currency.
  • Slow updates and development on the coin project.
  • Where can you use Dogecoin?
  • Therefore, Dogecoin provides the advantage of starting interaction in the communities that support the digital currency
Check Also
Close
Back to top button