Get to know Doge – A Beginners Guide to Dogecoin

DOGE

Many people incorrectly believe that Dogecoin was born as a joke, but that hasn’t stopped this funky altcoin from reaching international fame and breaking into the top 10 cryptocurrencies. Recently hyped up by the likes of Elon Musk and Mark Cuban, Dogecoin has returned more than 8,100% in 2021 to date.

But, what is Dogecoin and where did it come from? Let’s take a trip back in time to explore the roots and history of this incredible coin that’s gained an incredible cult following over the years.

 

Where did Dogecoin start its life? 

A guy named Markus Palmer is largely credited with bringing Dogecoin to the world, having purchased the domain dogecoin.com and throwing up a landing page with the coin’s logo. Palmer was an Adobe software engineer and on their marketing team, giving him ample creativity and skills to bring Dogecoin to life.

He quickly attracted the attention of IBM software engineer Billy Markus, who is better known as Shibetoshi Nakamoto, and began breathing life into Dogecoin. After months of hard work, Dogecoin came to life on December 6, 2013 as the genesis block was mined. As they say, the rest is history.

 

What’s under the hood of Dogecoin? 

Dogecoin is one of the earliest altcoins, designed to reach a broader demographic than bitcoin did at the time. It’s a Proof-of-Work (PoW) blockchain that uses a simplified version of Scrypt. Blocks are mined every 1 minute, and transaction fees average 2.38 DOGE. The total supply is theoretically infinite as Palmer removed the supply limit to reduce its inflation rate over time.

You can’t mine Dogecoin using regular SHA-256 bitcoin mining rigs. Instead, miners must use dedicated FGPA or ASIC mining rigs built specifically to mine using Scrypt. This makes Dogecoin a little harder and more expensive to mine than some other cryptocurrencies, but with the right setup, it can be a profitable exercise.

In the early days of Dogecoin, the chain would freeze from time to time due to miners removing hashrate from the network en-mass. In order to prevent this from being an issue, Dogecoin implemented DigiShield, which adjusts the difficulty after every block, rather than after 2,016 blocks. This allows the difficulty to fall and rise by large amounts very quickly without impacting the network. 

More than 20 other blockchains employ DigiShield technology, including Ethereum, Bitcoin Cash & Zcash. The technology was developed by DigiByte which is a PoW blockchain that focuses on cyber security, digital assets and payments. To this day, DigiByte still uses this technology alongside Dogecoin.

 

The Dogecoin community is incredible

Most cryptocurrencies have a strong community that look out for one another, but Dogecoin’s community is one of the most awe-inspiring communities. On Christmas Day 2013, millions of DOGE were stolen from the popular wallet known as DogeWallet. The hacker exploited a weakness in the file system and forced all send/receive addresses to show as a static address that the hacker controlled.

In response, the Dogecoin community rallied around one another, creating a movement known as SaveDogemas. After a month of being active, SaveDogemas had received enough funds to cover all the DOGE that was stolen, giving people back their life savings. Now that’s a tearjerker of a story.

The Dogecoin community has also raised money for several great causes. Back in 2014, the community raised more than $50,000 to pay for the Jamaican Bobsled Team to make it to the Sochi Winter Olympics, as well as funding Shiva Keshavan’s trip to the games. Keshavan went on to break the Asian luge speed record.

After this success, the Dogecoin community raised funds to build a well in the Tana river basin in Kenya to provide fresh water to thousands of people. The fundraising was successful, with more than 4,000 community members chipping in.

 

Where can I hodl Dogecoin?

Once a popular wallet application has been hacked, just like we saw with DogeWallet, it’s only natural to want the most secure wallet for your cryptocurrency. Whether you’re mining, buying or earning Dogecoin, there are plenty of secure wallets for you to pick from.

Two of the best wallets to store your Dogecoin in are Multidoge and Dogecoin Core. Multidoge is a lightweight Dogecoin wallet that skims the blockchain, giving you a faster load time. If you want something super simple and easy to set up, this is a great option. If you don’t mind waiting a little longer for the blockchain to fully sync, Dogecoin Core is the better option. It has more advanced features and is one of the best Dogecoin wallets out there.

 

Where can I get Dogecoin?

If you want to get stuck into Dogecoin mania, there are quite a few ways to get your hands on your first Dogecoin. The easiest way is to head on over to our handy swap exchange and swap any one of 92 different cryptocurrencies into Dogecoin. Simply pick how much DOGE you want to get, send the cryptocurrency of your choice and Dogecoin will make its way to your wallet.

If you want to get more hands-on and become a miner, you can get your hands on a few different types of rigs. A high-end gaming PC will allow you to join a Dogecoin mining pool, while an Antminer S17 Pro will help you become a pro miner in no time at all. You can spend anywhere between a couple hundred dollars all the way to the tens of thousands on your rig, it all depends how far you want to go.

Alternatively, you can opt to scrape around various faucet sites to scoop up some free Dogecoin. There is a good deal of working Dogecoin faucet sites out there, most of which will give you a couple hundred DOGE each time. Given that DOGE is worth just over $0.07, you’re looking at a nice chunk of change for clicking a button or completing a simple task.

That all being said, swapping into Dogecoin with changeangel has to be the easiest, fastest and cheapest way.

 

The Verdict

Dogecoin continues to soar and stand out as a cult favorite cryptocurrency. The annual inflation rate is slightly worrying, but over the course of a hundred years or so, Dogecoin will actually balance out and become one of the most stable currencies around. Whether we’ll all be around to see that happen or not is still up for debate, but future generations will be able to enjoy the glorious Dogecoin in all its glory.


Share this entry

Comments


No comments to display for this post.

LEAVE A REPLY