Dogecoin: A Complete Guide

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When choosing which cryptocurrency to invest in, a few questions that run through your mind are, what is its use, what is its value, how do you mine it. With dogecoin, these questions would not help you in picking it as it is quite different from the rest of the coins.

Dogecoin is a currency built from the Bitcoin open source code with a focus on being a satirical coin. It has identical characteristics to Litecoin as it was created as a fork of Luckycoin which was a fork of Litecoin. The major similarity is the use of the Scrypt algorithm for both Litecoin and Dogecoin.

The Beginning of Dogecoin
Dogecoin was built in 2013 when there was a rush to create new cryptocurrencies. Bitcoin was the dominant and most promising at this time although many cryptocurrencies were being developed and given very huge valuations, due to the success of Bitcoin, which seemed unrealistic.

Dogecoin started as a joke in December 2013 when a young Australian Marketer called Jackson Palmer decided to combine two hot topics into one. The Doge meme and the cryptocurrency concepts. The Doge meme was a photo of a dog called Shiba Inu which had become very popular whereas the cryptocurrency frenzy was just beginning. Jackson created an image of the Shiba Inu as a symbol of his new cryptocurrency the Dogecoin.

Although this started just as a joke due to the fact that Jackson did not really understand the cryptocurrency concepts, this new currency soon good some attention due to its name and after a software engineer at IBM called Billy Markus joined the wagon.

These two individuals combined their ideas and decided to create a coin that would act as a satirical commentary on the unrealistic valuations and the hype of all the new creations that were taking place. This would become a ‘fun’ currency which would be made more accessible to individuals than any other currency and would also be used as an online tipping currency.

These factors combined with its use of the Doge meme would catapult this coin to popularity as people would find it very easy to acquire and use a low priced and stable currency for their online transactions. Jackson Palmer and Billy Markus had purposefully made sure that the currency was oversupplied in hundreds of billions to ensure that every single unit had a low price and to make it available to many cryptocurrency users.

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