Quick Guide To DogeCoin
Image source cryptonomist
“Blockchain is moving beyond cryptocurrency, and it’s worth paying attention”
You might have seen this all over twitter for the past couple of weeks or months this seemingly random crypto coming out of nowhere coming from a few fractions of a penny all the way up to a few cents on its way to who knows what powered by rocket emojis, shiba inu and elon musk tweets. It’s kind of random but in the tech world it’s been kind of fascinating to watch what’s been going on here.
Dogecoin is a cryptocurrency, in order to understand basically what’s happening with it you should understand what cryptocurrencies are.
What are Cryptocurrencies
To oversimplify, cryptocurrency it’s essentially a decentralized digital currency. It’s an unregulated and unchecked, highly capricious digital currency fabricated on blockchain.
Taking the example of Bitcoin the most prominent one as an example. Bitcoin’s been around since 2009, it’s the most prominent and largest cryptocurrency by market cap.
Bitcoin’s not the only one, there are tons of other currencies based on the same thing, but based on alterations of the same rules. So they’re alternate coins. They’re called altcoins and there’s a lot of them.
The most intriguing thing about altcoins is, almost anyone can make an altcoin eventually. It’s actually fairly monumental how effortless it is to make and so there’s a big chunk of them. They’re all built on different little tweaks and versions of the same fundamentals and pretty much all of them will claim to be better than bitcoin in some way.
You might have heard of some of these. There’s Ethereum, Litecoin, Stellar, Ripple, Polkadot, Dash, you can literally just open up coinbase and sort through tons and tons of them.
There’s Probably thousands of different altcoins to pick from and they’re all basically trying to give you some reason for them to catch. Some rationale that they’re superior than bitcoin to invest in.
Image source trustetc, dnaindia
The start of Dogecoin
Dogecoin was literally started as a joke as a tweet by Jackson Palmer while he was walking at Adobe Inc., an American multinational computer software company.
It was a sort of literally making fun of how many alt coins there were. Imagine if there was this shiba inu powered cryptocurrency and the coin had a little picture of the meme on it, and it just kind of hooked on a lot and got traction from there. It’s like one of those jokes that catches on so much it becomes more than the joke and outgrows itself and it becomes a real thing.
Jackson Palmer collaborated with Billy Marcus from IBM and they gave it a logo, registered it, launched it, built the thing, and now it’s real. Fundamentally, dogecoin is an alternate cryptocurrency.
Final Words
There are so many altcoins, it can feel kind of overwhelming to sort through them all and find out which ones are useful, which ones are profitable for short-term versus long-term investments, which ones you can buy that may indeed make you money.
That’s what everyone wants to know. Everyone wants to find that hidden gem of a young smaller cryptocurrency that has just the right combination of things, that it’s going to grow and turn into this massive important thing.