Dogecoin
Who believes that the topic crypto currencies is always a deadly serious business, thought wrongly. There are not only funny abbreviations like HODL or insiders like "When Lambo?", but also crazy Coins, which are to be regarded with a wink. Now I introduce one of them to you - the Dogecoin.
History
The name derives from Doge - do you know the plush four-legged friend from the net? Yes, this dog (a Japanese Shiba Inu) shapes the company logo. At the end of 2010, the dog quickly became famous due to a funny photo and is still used today as a classic meme with sayings. Often in comic sans writing style.
The Doge coin came onto the market in December 2013, so it is no longer a particularly new phenomenon. On the website, the coin itself is called a fun and friendly Internet currency. Back then, Jackson Palmer and Billy Markus launched Palmer Dogecoin for fun. At that time, a lot of money was already being invested in various digital currencies. Well, the fun currency was actually only meant as a joke. But some people thought that was so good that they actually invested.
How does Dogecoin work?
The digital currency is based on the peer-to-peer system. Under peer-to-peer, the exchange of data between equal partners, in this case users or computers, can be explained. The computers provide each other with various types of information. They form a network and there is no central server, so it is a decentralized crypto currency.
Dogecoin uses the proof-of-work algorithm. This method is used to prevent fraud in the payment system of the block chain. In general, you can make private payments with the coin, but it is especially popular with online shops.
It should be clear by now that this coin represents a peculiarity in itself. But what I think is really nice is the fact that with Doge you can even show something if you like it. So you can use the coins on Twitter or Reddit to "liken" especially great posts. So it can also be used as a means to value others. That's a nice and above all a nice idea! It hasn't been like this before and is definitely a niche bonus. Otherwise, Dogecoin has also been used to collect money for a moon ride - Dogecoin to the Moon!
You can get Dogecoins for free, by the way. No joke! To do this you register with your Dogecoin address at a so-called "Faucet". There will be a separate article about this soon. Just this much: There are many sites on the net that give away coins. Of course they don't give away a whole Bitcoin (which would be worth thousands by now), but a minimal amount. Hence the term "Faucet", which alludes to the giving away of certain coins drop by drop. More to the why, why, why is there soon in the appropriate article.
Currently (20 April 2018) there are 114 billion coins with a total volume of 21,043,147 EUR. Here it becomes clear that quite a lot of money has already been invested in this coin. As already mentioned, Dogecoin is mainly used for private purposes, but it has also always been used as a means of payment for charity events.
The coins can also be earned through "mining". This is a special way to help the crypto network of a crypto currency with the help of your computer's computing power. As a reward, you will usually receive coins, as with the Dogecoin. You can read more about this in my article "What is Mining? It's nice to note that the Dogecoin website even has instructions and tips on free mines. In addition, the makers "warn" of the risks, such as the increased wear of the hardware.
In the beginning the coins were limited to 100 billion. However, Palmer decided against it in 2014, so the digital currency is inflationary.