What is Dogecoin and Is It a Legal Cryptocurrency?

Do you know, Dogecoin was originally a joke cryptocurrency, taking its name from the “Doge” Internet meme. It was taken from Sahiba Inu, a dog who talks in Comic Sans font. This all was done to just have fun and do some silly things with cryptocurrency. Each dogecoin was worth a fraction of a cent. 

How Dogecoin Become a Valid Cryptocurrency?

These are some of the facts which turned this silly joke into a cryptocurrency-

– In 2013, Dogecoin was founded as the result of a joke made by Jackson Palmer. A programmer, Billy Markus, contacted him and together they decided to turn this joke into reality.

– Dogecoin became an approachable cryptocurrency and puts off the cold complexity of Bitcoin and other cryptocurrencies. 

– Dogecoin has one of the largest communities in the cryptocurrency world. They joined to raise a good amount of money for many charitable efforts. They even raised money to sponsor NASCAR.

– One of the most common uses of Dogecoin is in tipping services. Users tip other users for posting posts or contributions to some work.

Also Read – Advantages and Disadvantages of Investing in Cryptocurrency

How Dogecoin Work?

Like all other cryptocurrencies, Dogecoin also works on Blockchain technology. Blockchain is a distributed and secure ledger that stores all transactions made by any cryptocurrency. It is free from a centralized authority. 

All the users have digital wallets that consist of public and private keys. Requests for transactions can be done by knowing the wallet ID and public key of the user. Then the transactions are completed by the dogecoin miners.

How To Buy Dogecoins?

To buy dogecoin you have to follow the following steps-

– Open an online account on one of the cryptocurrency exchanges whichever has low fees and high security.

– After choosing the exchange, choose the reliable payment option like PayPal or bank account and add money to the digital wallet.

– Now you can use this money to buy Dogecoin and even sell it anytime. 

– Dogecoin is a digital asset and you can earn profit by selling it. For this, a Certified Digital Asset Advisor can be helpful to get maximum profit from your investment.

– This is one way to get Dogecoin, the other method to have Dogecoin is by Mining.

How to Mine Dogecoins?

Mining Dogecoin is easy as compared to Bitcoin. You can mine it on your laptop or your computer but the best way to mine is by having powerful hardware to calculate how profitable mining will be for you. The profit depends on many factors like electricity cost, hardware cost and the capability of your miner.

Hope this blog has given all the basic knowledge about the Dogecoin cryptocurrency, which got so much fame recently through various tweets.