Essentially, Dogecoin can be considered a decentralized online currency that network users can use for any settlements between them. The currency uses an algorithm called Scrypt, and was initially created on the basis of the Luckycoin fork.
Billy Markus is the man responsible for the creation of this cryptocurrency. The idea behind Dogecoin was to develop a fun cryptocurrency that could outperform Bitcoin in terms of demand and value. As you would have expected, the currency is named after the popular ‘doge’ meme that contained a picture of a Japanese dog called Shiba Inu.
Elon Musk, the creator of Tesla and SpaceX, has, on more occasions than one, called the Dogecoin his favorite digital currency. In fact, Musk has even jokingly claimed that he is the CEO of Dogecoin. However, it is common knowledge that the billionaire is not big on digital currency investments but does own 0.25 BTC. To know more about digital currency, you can visit the official website.
4 Essential Features of Dogecoin:
1. Cost and speed
Compared to many other digital currencies, Dogecoin brags considerably low transaction fees, along with swift transactions – the two features desirable to any crypto trader or investor.
2. Unlimited offer
Although the digital coin was initially restricted to a supply of 100 billion, this was later changed to an unlimited Dogecoin supply. This means that investors can purchase as many Dogecoins as they possibly can. In contrast, other popular cryptocurrencies like Bitcoin and Ethereum are only available infinite quantities.
Memes bring the world together like nothing else. Dogecoin has a strong Reddit family of more than 100,000 members, all of which are extremely welcoming and friendly. This makes it easier for newcomers to learn anything that they need to about the digital coin at zero cost and make new friends in the process.
A lot of Dogecoin users utilize their digital currency for noble purposes. For instance, in 2014, the Dogecoin community was able to raise Dogecoins worth $25,000, an amount that was then used to assist the Jamaican bobsled team to register itself for the 2016 Olympics. Furthermore, the group has also entered into a partnership with a kind of water charity that will allow thousands of Kenyan people to gain access to clean water.
More on the Benefits of Dogecoin
Processing speed for transactions
Like we mentioned earlier, processing speed is one of the biggest factors for investors looking to invest in a particular digital currency. If transaction processing speed is important to you, you should certainly consider giving Dogecoin a try. Dogecoin’s excellent processing speed is due to its simple mining that facilitates swifter block processing. One block takes approximately one minute to develop – a developing speed that is 2.5 times more than the speed of LTC. In addition, you need just four blockchain confirmations in order to execute a Dogecoin exchange.
The Transaction fee
The other factor that we mentioned is essential for current or potential crypto investors, is the transaction fee associated with a particular digital coin. Once again, Dogecoin takes the price, having a fee rate that is extremely hard to beat across the entire crypto space. The average transaction fee with Dogecoin transactions is, on average, a mere $0.01. Furthermore, this fee will stay pretty much the same, regardless of the amount that you are transferring.
Final Word on Dogecoin
The quick speeds, low fees, and an excellent community are some of the features and benefits that are attracting numerous users towards Dogecoin. Of course, ringing endorsements by someone like Elon Musk do not hurt either.