Dogecoin – success and memes
What is Dogecoin?
Dogecoin (DOGE) was created in 2013 as an alternative to other serious cryptocurrencies, even its logo (with a Shiba Inu dog breed) and name are based on a meme. Compared to Bitcoin, which was conceived as a scarce cryptocurrency, Dogecoin was deliberately created in huge numbers – about 10,000 new coins are mined every minute, and their maximum number is not limited.
For a long time, Dogecoin was generally considered the “memecoin”, a joke cryptocurrency that was loved by the community but had a very low value. Everything changed in 2021: Dogecoin entered the top ten largest cryptocurrencies by market capitalization, its total value exceeded $50 billion, although the price for 1 individual coin remained miserable.
How did it happen? It’s all about the huge number of Dogecoins. Even with the growth of the total capitalization, you need to remember that the number of coins always continues to grow. As of August 2022, the total supply of Dogecoin is approximately 132,670,764,300.
Mining Dogecoin
You can start mining Dogecoin using the laptop or computer that you are using right now. Mining Dogecoin does not require large computing power, thanks to this, you can mine DOGE and earn money even on a home PC.
Dogecoin on several types of equipment:
- Computer Processing Units (CPUs)
- video cards (GPU)
- ASIC miners
Scrypt ASIC miners. ASIC miners are special equipment that can be used to mine certain cryptocurrencies. For mining, Dogecoin is the most profitable option.
GPU mining. Mining Dogecoin on a GPU is less efficient than using an ASIC, but you can still earn Dogecoin this way.
CPU mining. Not the most efficient way to mine Dogecoin as you won’t get much Doge and your CPU will wear out faster.
How to buy Dogecoin?
It is best to buy Dogecoin through trusted services. It can be a crypto-exchange or an exchanger, such as Leoexchanger! Here you can see the current exchange rate and choose a convenient exchange method.
How to work with Dogecoin?
The main directions for using Dogecoin:
Pay for goods and services. Every year more and more goods can be bought with cryptocurrencies. As of 2022, almost everything can be bought with cryptocurrencies, from small goods to cars and real estate.
Trading. One option is to try to constantly buy and sell Dogecoin, making money on price changes.
Long-term investment. If trading is not for you, just buy Dogecoin and keep it for a long time. There are many chances that it will rise in price and it will be possible to sell it profitably.
How to store Dogecoin?
There are two main ways to store Dogecoin – on an exchange and in a crypto wallet.
- Exchange. If you bought Dogecoin on an exchange, for example at WhiteBit, you can leave it there on your account. This is the easiest way as it does not require any additional software. But there is also a minus – physically, your Dogecoin is not with you. If you lose access to your account on the exchange, you lose access to your Dogecoin.
- Crypto wallet. After you buy cryptocurrency, you can transfer it to your crypto wallet and leave it there. There are many parameters by which crypto wallets can be classified. The main one is a hot/cold wallet. A hot wallet has a permanent connection to the network, while a cold one does not. Also, they are divided by location – browser, online, desktop, mobile, hardware. How to choose a wallet that is right for you? Read the reviews of other users and decide which one is the most convenient for you.
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