Wednesday, May 5, 2021

What is Dogecoin Explained



What is Dogecoin?

According to the official website: “Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online”.

It was created by IBM developer Billy Markus and Adobe data scientist Jackson Palmer in 2013 as an alternative to Bitcoin and a parody of the online cult around cryptocurrencies.

It is named in honour of a Japanese Shiba Inu whose photo went viral at the time: captions were added in the Comic Sans font to convey an amusing imagined insight into the dog's inner-most thoughts.

The code is based on the Litecoin, and can be mined in the same way as many other digital currencies. It differs because its supply is limitless which under normal circumstances might ring alarm bells.

It has until now mostly been used to pay small tips for content on social media.

How do I buy Dogecoin?

Until recently, most crypto exchanges did not offer Doge but Binance and Kraken were among the first to give it a whirl. Now Gemini and eToro have joined the party.

It is also available in the US on the Robinhood app, whose army of armchair users helped to fuel its latest rise.