What Is Dogecoin Cryptocurrency? Why Should You Care?

New to Dogecoin Cryptocurrency? We've got you covered!

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Maintaining a bank account to save money is cool, but have you ever imagined what an account would look like without bank or government intervention? Cryptocurrency allows you to do just that. It is based on Blockchain technology, a decentralized way of storing your money. Cryptocurrency is secure and will enable you to gain total control over how you decide to keep or spend your money.

There are certainly many things to talk about on Cryptocurrency, but in this article, let’s talk about the new kid on the block, Dogecoin cryptocurrency, where and how it emerged, and whether you should buy Dogecoin.

What is Dogecoin Cryptocurrency?

Dogecoin is a cryptocurrency invented by Billy Markus and Jackson Palmer in 2013. The sole reason why they created Dogecoin is they wanted to create a payment system that is free from traditional banking fees and fun at the same time.

doge meme - what is dogecoin cryptocurrency

The famous dog from the Doge meme is the mascot of Dogecoin, and it’s what led to the rise of its popularity. However, it was far from a “major success” compared to other cryptocurrencies like Bitcoin and Ethereum.

It is very similar to Litecoin, but the only difference between the two is there’s a limit to how much Litecoin can be mined, whereas, in Dogecoin mining, there’s no limit.

How do I mine Dogecoin?

Dogecoin can be mined in two ways – in a Dogecoin mining pool or by individuals. For starters, a Dogecoin pool consists of a group of miners, and the mining is done by sharing computing resources. However, there is a fee that you’d need to pay, and the reward will also be smaller.

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You needn’t pay any fees for solo mining, but due to many other people mining at the same time, mining your first block could take weeks to even months, but the reward will be greater.

caixin mining equipment

Now, before you start asking “Is my PC hardware sufficient for mining” questions, if you have an older potato PC that can’t even run Windows well, you won’t be able to do it. You’ll need a PC with a dedicated graphics card and a capable processor alongside a mining application like MultiMiner.

dogecoin value - what is dogecoin cryptocurrency

Launched at $0.00026, its price escalated to $0.00095 after 72 hours of launch. But today, thanks to Elon Musk, one of the most famous entrepreneurs, the value of Dogecoin has grown to $0.074. Enthusiasts also expect it to grow to $1 by the end of the year 2021.

Elon formula

Elon Musk has been an avid Bitcoin supporter. A couple of weeks ago, he tweeted, “Bitcoin is a good thing,” and its value rose to $40,000/ Rs 30,00,000.

This is not the first time Elon has helped a firm or an entity grow with just one tweet. When WhatsApp pushed its new privacy policy, he tweeted about Signal, and right after that, Signal’s stocks skyrocketed.

Shortly after Falcon 9’s launch, he tweeted “Doge,” followed by another tweet that read, “Dogecoin is the people’s crypto.” This has led to a lot of hype, and Dogecoin news has increased ever since.

What is the current Dogecoin Cryptocurrency value?

Thanks to continuous tweets from Elon, Dogecoin’s market value has increased to $10 billion (Rs 73,000 crores). The current Dogecoin to USD value is $0.078/ Rs 6, but it’s still volatile.

Is investing in Dogecoin Cryptocurrency worth it?

Considering that prices have gone up because of the hype, Dogecoin’s price prediction is hard, and we can’t say if it’ll grow above or fall below its current value. Cryptos have always been highly unpredictable, but given the circumstances of Doge, they are expected to rise for as long as the hype remains.

The chances that it will grow to $1 at the end of 2021 are very high, and it makes sense to invest in Dogecoin, given you already consider the worst-case scenarios.

Where to buy Dogecoin and other cryptos

Here are some of the best apps that you can use to buy Dogecoin and other Cryptocurrencies.

  1. Binance
  2. Uphold
  3. Trezor
  4. Exodus
  5. Coinbase

How to earn Cryptocurrency for free?

Until a year ago, I didn’t know what Cryptocurrency was. I came across Brave browser, and it was offering free BAT through referrals or pushing ads that we can later withdraw for money. The browser also had a lot going on, so I decided to try it out.

Fast forward to this day, and I think it’s among the best Chromium alternatives with many extra perks. BAT, Brave’s Crypto, has allowed me to learn more about Cryptocurrency and how it works while earning many rewards. Hence, one of the best ways to get started with Crypto is to make BAT by using Brave.

If you like this simple explainer, check out our Short Bytes section. We take complex tech topics and break them into short, easy-to-understand articles.

Abubakar Mohammed

Abubakar Mohammed

Abubakar is a passionate tech writer whose love for tech started in 2011 when he got a Dell Inspiron 5100. When he's not covering Linux and open-source, you'll find him binge-watching anime or Tech content on YouTube.

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