Dogecoin - definition and examples
Dogecoin is a cryptocurrency that started out as a joke. It features a Japanese fighting dog, i.e. the Shiba Inu, which is also its mascot.
It has gained significant international support and quickly grew to a market capitalisation of $60 million by January 2014. "Joker Currency also has its own online community.
The mascot dog is similar to the Shiba Inu dog from the internet meme Dozh. The dog is the logo of the cryptocurrency.
Its creator first released the cryptocurrency in December 2013. It had a fast initial coin production schedule. By mid-2015, a hundred billion coins were in circulation. An additional 5.256 billion coins have been in circulation every year since mid-2015.
People use cryptocurrency mainly as an online tipping system . In other words, social media users tip Dogecoin to other users. Specifically, they give them to other users for providing interesting content or material worth mentioning. Well beyond that, Dogecoin casinos are now peaking in popularity . Most people have already moved to the new world of technology, which we recommend to you by the way.
Billy Marcus
Billy Marcus, an American programmer, created Dogecoin. He aimed to create a " fun cryptocurrency". Specifically, he hoped that his cryptocurrency could reach a wider demographic than the world's most common cryptocurrency, i.e. bitcoin.
He also wanted to separate the cryptocurrency from the controversial history of other coins.
Jackson Palmer
Meanwhile, a student at Front Range Community College urged Jackson Palmer via Twitter to make the idea a reality. Palmer worked in the marketing department of Adobe System in Australia.
Palmer eventually bought the domain dogecoin.com and added a screen saver. It featured a dog logo and scattered Comic Sans text.
After contacting Palmer, Marcus started working on creating a new currency. He founded a new cryptocurrency based on Luckycoin.
Luckycoin offers a randomised reward that cryptocurrency miners receive after successfully mining a block. A block is a record that is part of a blockchain .
Cryptocurrency mining refers to the verification of cryptocurrency transactions . Miners add transactions to the blockchain. The process releases a new currency. When a miner completes the process, they are rewarded with new cryptocurrency coins.
However, in 2014, Marcus changed the system to a static reward per block.
Dogecoin was officially launched on 6 December 2013. The creator originally intended to produce a hundred million coins. However, he later decided that the network would produce an infinite number of coins.
In just 72 hours, the value of the coin increased by almost 300% in December 2013. The value per coin jumped from $0.00026 to $0.00095.
The surge was probably due to China's decision to ban its banks from investing in bitcoins.
However, three days later, Dogecoin collapsed by eighty per cent.
In 2013, Dogecoin experienced its first major theft on Christmas Day. The hacking of Dogewallet , i.e. the online cryptocurrency wallet platform, stole millions of coins.
The Dogecoin community subsequently donated coins to people who lost money on Dogewallet after it was hacked. The people called this movement "Save Dogemas".
Within a month, the movement had replaced all the money that had disappeared.
Within a short period, in January 2014, Dogecoin trading briefly exceeded bitcoin and all altcoins combined. Altcoins , which stands for "alternative coins", are all cryptocurrencies in circulation other than bitcoins .
By the end of January 2018, Dogecoin had reached a market capitalisation of two billion dollars.
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