Cryptocurrencies used to be considered a “joke” in the Crypto market, but there has been a spectacular “breakthrough” in value in the past two months. So what is Dogecoin? What difference does it have? Where to create a storage wallet and buy and sell DOGECoin? Which Dogecoin exchange is reputable and safe? Should you invest in Dogecoin? Along with I Love Bitcoin find out and review this coin below.
What is Dogecoin?
Dogecoin (symbol: DOGE) is an electronic currency or cryptocurrency that is built and developed on the foundation of Litecoin. Dogecoin was created based on the rather unique idea of the meme word “Doge”. Dogecoin virtual currency launched on the market very early on December 8, 2013, its coin creation speed is much faster than other digital currencies. According to CoinMarketCap statistics, by the end of 2014, there were nearly 100 billion DOGE in circulation on the market. After that, 5.2 billion coins will be generated each year. As of February 1, 2014, over 40 billion coins have been mined.
Dogecoin development history
Dogecoin founder Billy Markus – a programmer and former engineer working at IBM, in Portland, Oregon. He was initially experimenting with his own digital currency “Bells” based on Nintendo’s Animal Crossing series. He hopes the digital currency will reach other groups of users beyond the investors that created Bitcoin’s economy and not get involved in the controversy in the history of Bitcoin (Silk Road).
At the same time, his friend Jackson Palmer, a marketing officer at Adobe Systems in Sydney, Australia, and who originally came up with the idea of Dogecoin, was told by a student at Front Range University via Twitter to make that idea come true. This led Palmer to meet Markus.
After being mentioned several times on Twitter, Palmer bought the domain dogecoin.com, then showed it to Markus and quickly created a partnership between Markus and Palmer. Dogecoin was released shortly after Markus completed the Dogecoin wallet. Markus created Dogecoin based on Litecoin, which means it also uses the scrypt algorithm. The Dogecoin network initially had a limit of 100 billion coins.
How does Dogecoin work?
The way Dogecoin works is based on public password encryption. Each DOGE transaction address will have a personal password and a public password. Only a personal password is capable of decrypting the encrypted data associated with the public password, thus ensuring security even when public passwords are widely shared. Dogecoin addresses are 34 characters long and begin with the letter “D”.
Where is the safest place to create a DogeCoin coin storage wallet?
To create a Dogecoin wallet you can use “Dogecoin Wallet”, which is a wallet platform created by Dogecoin’s founding team to help users store DOGE easily and securely, currently available versions for for computers (Windows, Mac OS, Linux) and phones (new Android, iOS to be released in the future), you can download it here.
If you like convenience, fast and easy to use, DogeChain is the best wallet for you to store DOGE, this is a popular online web wallet platform.
In addition, Coinomi wallet is also a good and safe choice to store your DOGE coin and buy Doge, this is a mobile wallet service that supports a lot of Altcoin and different reputable tokens, Coinomi is a very popular wallet and is used by many investors around the world.
The following article will guide you as to how to create a Dogecoin wallet on your computer with a “Dogecoin wallet” for those who like to use Dogecoin’s own wallet. Remember to follow the Blog I Love Bitcoin to update.
Should I invest in DogeCoin?
As in other articles, in this section I will say my personal opinion, you should not consider this as investment advice, just refer and make your own decision whether to invest in Dogecoin or not. Although Dogecoin is in the top 20 largest coins in the market, I do not find it useful and in fact, Dogecoin price also fluctuates very erratically, which will be more suitable if you are trading, but personally, I will not invest in Dogecoin for long.