They thought that crypto should be about fun, and not just about money. So, they decided to create their own coin. So what is this fun coin? What is Dogecoin? Dogecoin was launched on December 6 th , Cool, eh? What started as a little joke has now become a huge crypto community. Since its success, Dogecoin has been known for its charitable donations and other good causes.
Fans of Dogecoin call themselves Shibes! They even have their own Shibe language. There are even Shibe meme generators you can try.
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Dogecoin fans are a special group, and have used Dogecoin to do some special things. What things, you ask? Read on! Now you know a little about what is Dogecoin, let's see how it's used. The Dogecoin community uses its size to support good causes all over the world. Dogecoin has a large following on social media too.
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Reddit hosts a lively Shibe group that can tip each other with Dogecoin for posting good content. They can also use the platform to raise money for good causes. You also know that it has a lot of fans, but how big is Dogecoin as a currency? The short answer is, not very much.
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However, Dogecoin has no supply limit. This means that there is an endless amount of Dogecoin and so the price will not increase as much as other coins like Litecoin and Bitcoin which have limited supplies. There will only ever be 21 million Bitcoins. However, there are nearly billion Dogecoin in circulation right now. This makes Dogecoin great for small transactions, which is why it is used for tipping and donations. All these numbers are great fun right? Curious about what is Dogecoin technology? Well, all cryptocurrencies are based on blockchain technology.
Blockchains are huge digital databases sometimes called ledgers that store transaction information. This is why blockchains are called decentralized networks. Jackson lives in Australia. Billy lives in America. Imagine that Jackson wants to send Billy money without using a bank or paying any exchange fees. Jackson decides to use Dogecoin.
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The nodes get a reward for checking transactions. The reward is a new Dogecoin. This is called mining. What is Dogecoin mining? When a node attempts to confirm a Dogecoin transaction, it is entered into a kind of lottery. In which the prize or reward for the node that works out the correct code is 10, DOGE.
This Dogecoin lottery happens once every minute. This means that a new set of Dogecoin transactions are confirmed every minute. This is another reason why it has become so popular as a quick online tip or donation. For the transaction in the example to work, Jackson and Billy would need more than just the Dogecoin blockchain.
They will also both require a Dogecoin wallet. Now that you know what is Dogecoin mining, let's find out what is Dogecoin wallet? A crypto wallet is not like a real wallet where you keep paper money and metal coins. Cryptocurrencies are digital , which means they only exist on computers. Crypto wallets are where you store the information you need to use your cryptocurrency. This information includes public keys and private keys. Cryptocurrency exchanges are websites where you can buy and sell cryptocurrencies. You can buy and sell Dogecoin on most crypto exchanges. So, what is Dogecoin's best exchange?
The exchanges that have the highest Dogecoin hour trading volumes are Bit-Z and Bittrex. Having said that, though, the best place to purchase Dogecoin is still seen as Binance. Binance is often considered to be one of the best crypto exchange platforms , in general. It offers some amazing security features , and hosts a lot of different crypto coins for you to trade and exchange.
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Dogecoin is one of them! When you use a coin exchange , you will have to pay fees. If you want to get free Dogecoin you could visit a Dogecoin faucet. A Dogecoin faucet is a website where you can do tasks in exchange for free Dogecoin. Tasks include: watching ads, filling in surveys, or playing a lottery game.
Important: You need to be very careful when using a Dogecoin wallet, exchange or faucet. In fact, you need to be careful when dealing with any cryptocurrency wallet or exchange. On December 25th, , a Dogecoin wallet called Dogewallet was hacked. Who would steal cute dog coins on Christmas Day? Blockchain technology is very safe.
The Dogecoin blockchain has never been hacked. If this happened, then that group could add invalid transactions to the blockchain. This would be a fraud and would be bad for any cryptocurrency that fell victim to this hack attack. The two currencies can now be mixed together.