What is Dogecoin and How Does It Work? : Nowadays there is a lot of discussion about Cyrpto Currency, the biggest reason for this is a Cryptocurrency called Bitcoin, which was once started from Re 1 but a few days ago it has come above 50 lakhs, so the price of a Bitcoin can be imagined in this way. Why is there so much craze for Cryptocurrency?
Where the Bank, Mutual Fund is to be believed, no one gives returns above 10 to 12 percent and this Cryptocurrency, in 5 to 10 years, anyone had thousands of Cryptocurrency available, making him a millionaire. In the coming time, the demand for Cryptocurrency is going to increase a lot because now it has come in the discussion only because of Bitcoin, now people will start investing in it slowly.
What is Dogecoin?
Dogecoin is a virtual ie digital currency. It is completely different from other currency because we can neither see nor touch Dogecoin like money. We can only buy and sell Dogecoin online. You can just trade in it. Dogecoin, like other cryptocurrencies, is a digital currency that you can trade in. Dogecoin was started as a joke in 2013 by software engineers Billy Markus and Jackson Palmer.
It is believed that there are more than 128 billion Dogecoins in circulation around the world. This is being said to be just a beginning. Looking at the current figures, people’s interest in Dogecoin cryptocurrency has increased significantly more than bitcoin. There is also a funny story behind the creation of the Dogecoin cryptocurrency which is related to the meme of a dog and was inspired by this inspiration to create this coin. When it was created, it did not benefit much even after a long time, but at present this currency is touching the sky in discussions.
How does dogecoin work?
If you want to buy dogecoin then it becomes very important for you to know this. After all, how dogecoin cryptocurrency works, below we will know about it –
- Like all cryptocurrencies, dogecoin also works on technology like Blockchain Ledger.
- This blockchain ledger is a kind of digitally ledger which keeps all transactions completely secure and their complete record.
- Blockchain is the foundation of all cryptocurrency on which every digital currency depends.
- All dogecoin holders have a copy of the dogecoin’s blockchain ledger. Which keeps updating with every new transaction. You can also say that the dogecoin blockchain keeps a record of every type of transaction with itself so that it remains a proof in a way.
History of Dogecoin
Its story is quite interesting, it has been made by being influenced by a joke made on a mimes, it is a very funny story. Its logo also appears as a dog, as it is the face of a famous dog. Your Rupee is based on Currency, Bitcoin is based on Blockchain but this Doge Coin is based on a Meme, isn’t it amazing.
Billy and Jackson say that the idea of Doge Coin came to them in 2013, they said, let’s mix two things that are trending on the Internet, Dog and Meme and after that this Doge Coin was born. Creating Cryptocurrency is not a big deal in today’s time, you need a little bit of coding knowledge, from this you can also remove your coin.
How to buy dogecoin?
Buying dogecoin is not that difficult one can easily buy this digital cryptocurrency from online cryptocurrency exchange. Anyone can buy or invest cryptocurrency by adding a few dollar funds to some cryptocurrency exchange apps like Binance or Kraken. There are many Indian apps from where you can buy dogecoin cryptocurrency like CoinDCX, Zerodha, buyucoin and Wazirx etc.
To buy cryptocurrency, first of all you have to download all the cryptocurrency related to mobile from playstore of mobile, after that read to add full bank details of your bank in them. And after that you can buy cryptocurrency by adding money to it. And when you feel that you are making profit, then you can earn money by selling the purchased cryptocurrency at the right price.
What are the advantages of Dogecoin?
- The chances of fraud in Dogecoin are very less.
- It is more secure than normal digital payment.
- Transaction fees are also very less in this, if we talk about other payment options then…
- Accounts are very secure in this because different types of Cryptography Algorithm are used in it.
What are the disadvantages of Dogecoin?
- Once a transaction is completed in Dogecoin, it is impossible to reverse it as there are no such options in it.
- If your Wallet ID is lost then it is lost forever as it is not possible to recover it. In such a situation, whatever money you have in your wallet is lost forever.
Future of Dogecoin Cryptocurrency
This year, this cryptocurrency has given benefits to the people many times as in the month of April there was a boom in this cryptocurrency.
Bitcoin Vs Dogecoin
- The coding of Dogecoin is based on Litecoin, Litecoin is Altcoin, it has some advantages if you compare it with Bitcoin, it takes less time to do transaction and for processing as compared to Bitcoin. But in today’s time the market value of Dogecoin has now surpassed even Doge Coin.
- If we talk about Cryptocurrency, then Dogecoin has become the biggest Cryptocurrency in the world after Bitcoin, Ethereum, Binance.
- Bitcoin is based on Blockchain, more time is spent in its processing and more energy also goes.
Faqs
Q: What is Dogecoin?
Ans: Dogecoin is a type of “crypto currency” just like bitcoin.
Q: When is Dogecoin launched?
Ans: It was launched in “Year 2013”.
Q: What is the difference between Dogecoin and Bitcoin?
Ans: Bitcoin is based on “Blockchain” and “C++” language has been used to create Dogecoin.
Conclusion
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