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What is Dogecoin and How Does It Work?

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Dogecoin is one cryptocurrency that has lasted the test of time. The currency was created in late 2013 by software engineers Billy Marcus and Jackson Palmer when a meme featuring a Shiba Inu dog entered popular culture worldwide. With it’s own variation on Comic Sans font (complete with deliberate misspelling), this crypto-currency features what many consider to be “the world’s most adorable animal.”

The community of enthusiasts who created Dogecoin, started as a joke to poke fun at Bitcoin. However, this has turned into something much more than just an internet meme: it is now helping high school students in Kenya buy food and supplies for their day-to-day lives!

Elon Musk once said that Dogecoin is no joke. It’s grown in value massively, and the community has more than doubled since 2021! Among its many fans are Tesla CEO Elon Musk who says it’s his favorite cryptocurrency among those he followed at one point or another. In fact, Mr.Musk recently announced plans to plant a physical Dogecoin on the moon for all of us here back home to see (I’m not too sure what this would entail though).

How Does Dogecoin Works?

Dogecoin is a cryptocurrency that was created by Billy Markus and Jackson Palmer. Dogecoins are mined using the Scrypt algorithm, which means there can be up to 100 billion coins in total when all available blocks have been found (the reward per block will decrease over time). Like Bitcoin and Ethereum, it runs on blockchain technology – but what does this mean? Blockchain is essentially an open ledger with one single version of history for every transaction made through the currency’s network. All holders carry identical copies of the blockchain so that they may track how many coins they own at any given time. Transactions on other cryptocurrencies like bitcoin or ethereum rely heavily upon cryptography to keep things secure; however doges use cryptographic hash functions.

Miners are the unsung heroes of the Dogecoin network. They use their computers to solve complex mathematical equations in order to process transactions and record them on a blockchain ledger, all for an opportunity at receiving more DOGE! For providing this support system that allows everyone else with access to send or receive money from anywhere around the world, miners have earned themselves a rewarding new currency; one they can either hold onto as savings or trade off by selling it back into other coins like BTC.

People have always mined for gold and gemstones. The concept of mining has now been digitized with the invention of blockchain technology, which uses complex mathematical equations to process transactions between people in exchange for Dogecoin rewards. This new form is called “digging” or “mining” on a virtual mine because it allows participants to earn cryptocurrency while they contribute computing power towards supporting its ledger system.Check it out at Economy Watch for more information.

 

How to Buy Dogecoin?

If you’re a crypto-enthusiast, buying Dogecoin may be on your agenda. The cryptocurrency can only be purchased by exchanging U.S dollars or other cryptocurrencies for it using an exchange service like Coinbase which is where most people buy their coins nowadays anyway since they don’t charge fees and have high security to protect against hackers.

When you invest in the traditional market, there are plenty of options to choose from. Stocks? Bonds? Mutual funds? But cryptocurrencies and other alternative assets can be a little trickier. And while some online brokers offer cryptocurrency investing as well, they don’t have as many offerings when compared with exchanges such as Coinbase or Gemini where coins like Bitcoin and Ethereum may also be found alongside Dogecoin.

When you have purchased your Dogecoin, it’s time to transfer them into a crypto wallet. Wallets come in many different forms: sometimes an online service offered by exchanges like Coinbase (although they don’t offer the option of buying DOGE on their site), or apps for mobile devices and even physical hard drives can work as well! You secure these wallets with private passwords that only YOU know so there is added protection against hacks.

Before the rise of cryptocurrency, you were able to earn free coins for doing basic tasks online. Today, we’re seeing a trend in similar currencies that are being released left and right with new features like smart contracts or faster transaction speeds. One popular currency is Dogecoin which broke out into the mainstream after rocketing higher in price recently!

With the number of Dogecoins in circulation soaring to infinity and beyond, there is little incentive for holders to keep their coins long-term. It’s a different story with Bitcoin

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