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Following the success of the cryptocurrency Bitcoin, multiple individuals and organizations realized the potential of blockchain networks and cryptocurrencies and thus followed the development of numerous other altcoins that stormed the cryptocurrency market offering special benefits and unique abilities to its investors and users to woo in investment. Dogecoin rode the wave of success that Bitcoin created and eventually became a cryptocurrency that is being widely accepted by the crypto community for online transactions.Earn Free Dogecoin
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Digital Gold of the Future, Dogecoin is an asset that has provided financial freedom to millions across the globe. So if you believe in it, storing your Dogecoins is a good option.
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Dogecoin is accepted globally for financial transactions online at various e-commerce sites as a mode of payment.
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Dogecoin was created by Billy Markus and Jackson Palmer as a peer to peer open-source cryptocurrency which operates on a script based network, thus enabling faster transactions all over the world. It was launched in December 2013 and had a Shibu Inus (Japanese dog breed) as its logo which is also a very well known meme on the internet. After the price of Bitcoin soared to $1,083 USD in 2013 and cryptocurrency started gaining traction and became subjected which was being broached by a lot of experts, the creators of Dogecoin decided that cryptocurrency is being taken quite seriously and ended up creating a Dogecoin as a small joke. The cryptocurrency went on to amass quite a fan following and ended up developing a huge crypto community of its own. The coin has largely been used by the crypto community for charitable purposes.
Dogecoin was Introduced as a 'joke currency' on 6 December 2013, Dogecoin was created by programmer Billy Markus from Portland, Oregon, who hoped to create a fun cryptocurrency that could reach a broader demographic than bitcoin. Jackson Palmer, a member of Adobe Systems' marketing department in Sydney, was encouraged on Twitter by a student at Front Range Community College to make the idea a reality.Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014. As Compare to other cryptocurrencies, It had a fast initial coin production schedule. It produced 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth coins had been mined. In December 2017, it has a capitalization of US$1 billion.
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Like most other cryptocurrencies in circulation, Dogecoin utilizes the blockchain network for its functioning which stores every transaction that is done on the Dogecoin network. The cryptocurrency is closely related and broadly based on the protocols of the Litecoin cryptocurrency. Since the value of Dogecoin is lesser than most of its contemporaries in the field of cryptocurrency (1 Dogecoin to USD is $0.0024 USD), it considered a favorable venture for entry-level investors and for carrying out small transactions over the internet. They are extensively used for tipping content creators over the internet.
Like most other cryptocurrencies, Dogecoin relies on the Proof of Work (POW) based network for its operations. This means that the platform requires miners that help in the generation of Dogecoins and verifying transactions that occur over the platform. Dogecoin mining also results in the generation of new blocks in the blockchain and subsequently rewards the miner with Dogecoins for their effort. Mining requires a substantial amount of processing power and high powered computers as the process involves solving highly complex computational problems. Successful solving of this problem results in the reward of 10,000 Dogecoins to the miner. The transaction time (block time) of Dogecoin is also much faster than most cryptocurrencies like Bitcoin or Litecoin. While these cryptocurrencies take around 5 to 10 minutes to process a single transaction, the Dogecoin network is capable of processing its transactions in just a minute.
Dogecoin can also be mined without the need to invest in expensive hardware. Dogecoin cloud mining involves renting out the processing power of other miners and their computers for a monthly or yearly fee. This means that when Dogecoins are mined at the data center where the user has rented processing power, their share of Dogecoins is sent to their Dogecoin Wallets directly.
Dogecoin is an inflationary coin. This means that the creators have not created a cap on its coin production like that of Bitcoin and many other cryptocurrencies. Initially, the creators decided on a production cap of 100 Billion coins, but the cap was removed after a year which resulted in the constant reduction in its inflation rate over a period of time.
Dogecoins can be purchase, sold, and exchanged at multiple cryptocurrency exchange markets in India that exist on the internet like BuyUcoin. Since Dogecoin is not a huge player in the Cryptocurrency market, most exchange platforms do not trade in Dogecoin. But there are certain exchanges that offer Doge to BTC or Doge to LTC trading on their platforms. Dogecoins can also be earned for free from specific sites that are referred to as Doge faucets. Doge Faucets are sites that collect small amounts of Dogecoins from willing contributors and share free Dogecoins among interested people and users. These coins are generally shared among users who have either no or very less Dogecoins in their wallet and thus helping them buy Dogecoins in the near future. One of the best-known Doge faucets on the internet is the Moon Dogecoin. The platform allows users to claim free Dogecoins every 5 minutes, which is a lot less compared to other Doge faucets that provide them on an hourly basis.
Like every other cryptocurrency that is traded on the cryptocurrency market, Dogecoin is also susceptible to sudden price fluctuations depending upon the investment the cryptocurrency attracts and garners. As of 15th March 2021,Dogecoin price today is ₹4.14 with a 24-hour trading volume of ₹133,857,168,210. DOGE price is down -6.3% in the last 24 hours. It has a circulating supply of 130 Billion DOGE coins and a max supply of ∞. BuyUcoin is the current most active market trading it.