London, UK, 4th Dec 2021, ZEXPRWIRE, Dogecoin is taking over the world by storm. Started as a joke, Dogecoin has exploded into the top 10 most traded cryptocurrencies on the market. With an explosion of popularity comes new users who may not understand how to use some of the technical aspects of cryptocurrency. Here is our official guide on everything you need to know about using Dogecoin!
The decentralized currency is based on an internet meme of a Shiba Inu looking sceptical at the camera. FinancialCentre Broker David Green told us that Dogecoin was originally created as a joke, but it soon gained momentum and attracted suitors. Its mascot is Doge, the Shiba Inu featured in popular internet memes originating from 2010. The cryptocurrency works on a similar version of Bitcoin’s blockchain technology, except it has fast transaction times and negligible transfer fees.
Dogecoin was created by Billy Markus – an Oregon programmer who wanted to create his own cryptocurrency to make fun of Bitcoin. It is not really designed for investment purposes because the value of Dogecoin is based on how much people are willing to trade it for. The value of dogecoin began high but has fallen in recent times due to the number of dogecoins released into circulation. The economics underpinning this particular cryptocurrency is that there will always be more and more people and their willingness to own them increases over time. There is a cap of 100 billion dogecoins that can be mined and this means as time progresses it will become harder to mine the coins.
Dogecoin is a form of cryptocurrency that makes money through peer-to-peer sharing. Unlike other forms, Dogecoin does not have a company behind its production or a bank to manage it. This means money can be traded freely and quickly because the transaction fees are negligible.
The recent explosion in popularity has seen Dogecoin top the charts at number 7 in terms of cryptocurrency market capitalization. This is because the Dogecoin community has been extremely active with many charitable campaigns that have seen members contribute money to charities and other users who are in need.
Google searches are one method of checking and quantifying the popularity of cryptocurrencies. In terms of total searches, Dogecoin is the most popular cryptocurrency currently on the market in the US states. This means as time progresses and more people become aware of it, it could be a sign that its price will rise in line with demand. According to reports, the number of searches for Dogecoin is more than those for Bitcoin and Ethereum altogether. Mr Green says: “It is interesting to see that Dogecoin is searched more than Bitcoin and Ethereum on Google. As we have seen with many popular cryptocurrencies, there tends to be a correlation between increased searches and increased price.”
Dogecoin has also become the most active cryptocurrency on Twitter. This social media platform is traditionally used to keep up with news and announcements about the cryptocurrency market. He thinks that Elon Musk’s tweets about Bitcoin could have created a market frenzy that may have been responsible for the increase in searches because he is one of the world’s most popular people currently on Twitter.
It has many similarities to Bitcoin, which was the original cryptocurrency that started this market craze back in 2009. It works on blockchains and there is a limited number of them (maximum 21 million) that will ever be available to mine by users. This means it is more likely to hold its value as time progresses because there is a limited supply. It is also more likely to be used by people as opposed to other forms of cryptocurrency on the market because there are fewer technical barriers.
You can use Dogecoin through many different applications, including mobile apps and on the internet. There is an official wallet designed for phones that allows you to send payments quickly wherever you are. The transactions are completed through the blockchain which is a public ledger of sorts that anyone can access and read. It includes details of all the coins mined and information on when they were transferred from one place to another. It also includes details on how much money is available at a particular time and who has access to it.
Mr Green says: “Dogecoin’s popularity on Google, Twitter and other social media sites is on the rise. It suggests that as more people become aware of it they could invest more money into it. However, there are many cryptocurrencies on the market at present and Dogecoin’s price may struggle to compete with those of Bitcoin and Ethereum because they have greater brand recognition.” This means that it might be wise to invest in Bitcoin and Ethereum as well as Dogecoin because the more cryptocurrencies you have, the better chance your investment will have of increasing in value.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.