In human history, some of the greatest things in the world were made by accident. Or for another purpose to what it is now. The great thing about evolution is that it's not always as straightforward as some might think. You never know how one thing can evolve into something that may possibly change the world. Take Dogecoin, for instance. From what started out as a joke with a popular meme, it eventually became one of the most notable cryptocurrencies out there. Its history is already fascinating, what more if you delve deeper into what Dogecoin is all about?
The Definition of Dogecoin
Essentially, Dogecoin is a peer-to-peer open-source cryptocurrency
. Although it has no physical characteristics, it's most notable for its logo of a Shiba Inu dog, an image that has long been used as a meme on the internet. Referred to as the 'Doge' meme, it was after this image that Dogecoin got its name. Though it may seem like a gag, it's nevertheless a legitimate form of cryptocurrency not far from the likes of Bitcoin
. It's among the more affordable cryptocurrencies and has an unlimited supply, making it a desirable asset for those who want to get into cryptocurrency.
A Brief History of Dogecoin
Dogecoin was the brainchild of two people, Australian product manager Jackson Palmer and American software developer Billy Markus. Back in 2013, Palmer took to social media to introduce Dogecoin as a form of satirical criticism of the cryptocurrency market at the time. Due to the positive response of his 'venture' into cryptocurrency, he then bought the domain, 'Dogecoin.com.' A little while later, Markus then reached out to Palmer in order to build the software behind Dogecoin. Using Litecoin
as a starting point, the two eventually launched Dogecoin on December 6, 2013. Since then, it's been a notable presence in the cryptocurrency market.
Dogecoin's Rise in Popularity
In many ways, Dogecoin's humorous take on cryptocurrency has helped it gain much prominence. It also helps that it's considered an 'inflationary coin' compared to Bitcoin as a 'deflationary coin.' Thanks to its unlimited supply, Dogecoin has more chances of inflation as it continues. Moreover, Dogecoin's popularity also has its own community to thank, mainly because of all the donations they've done, ranging from funding national teams to go to the Olympics to charitable causes in impoverished countries. Nevertheless, Dogecoin still faces criticism as well. While the cryptocurrency strives to be taken seriously, Dogecoin's humorous origins remain a hindrance.
Dogecoin and The 2018 Crypto Bubble Burst
In 2017, Dogecoin wasn't just doing well, it was actually thriving. The cryptocurrency's value skyrockets that year, eventually surpassing $1 billion USD in market capitalization. However, in 2018, Dogecoin and the rest of the cryptocurrency market suffered a 'bubble burst.' Due to regulation problems, many cryptocurrencies' market values plummeted. As for Dogecoin, it fell to around half of its value at the time. Fortunately, the cryptocurrency market at large has since bounced back, with Dogecoin seeing a promising future thanks in large part to its unlimited supply. It's even gained the support of Elon Musk, the famous CEO of Tesla Motors
As one of the most desirable and in-demand cryptocurrencies, how does one buy Dogecoin? It's the same as any other cryptocurrency out there. Firstly, you have to get a digital wallet within the various cryptocurrency platforms available. BuyUcoin and Coinbase are among the most recommended within the community. Once you've set up an account, create a trading pin and start purchasing. Do note that transacting with Dogecoins comes with transaction fees, the amount of which varies from platform to platform. Though they may seem small at first, accumulating a lot through time can total to a hefty price.
The Benefits of Dogecoin
Trading with Dogecoins comes with a ton of benefits. Firstly, similar yot Litecoins, the transaction time is faster. In fact, it's aid that one can do 30 Dogecoin transactions in one second. That's how fast the process is. Moreover, thanks to its growing community, more and more people are getting into Dogecoin. Though it still pales in comparison to Bitcoin in terms of prominence and reaches, it's highly becoming one of the most popular cryptocurrencies out there. And thanks to this, it's also among the most accepted cryptocurrencies beyond the crypto market. Many now accept Dogecoin as a form of payment, including All Luxury Apartments.
From meme to money, the Dogecoin cryptocurrency proves that even in the digital side of the financial world, anything is possible! Who knows? Dogecoin might even overtake Bitcoin as the most important cryptocurrency in the world!