A Dummy’s Guide About Dogecoin- One Of The Most Popular Cryptos Out There

December 30, 2018 Quick read

Most of us know about Bitcoin very well. This is all thanks to the fantastic valuations that Bitcoin has got over the past few years. However, with Cryptocurrencies as a whole, there are many other coins that are gaining popularity for various other reasons. Dogecoin is one of them.

This is a crypto coin that was founded by programmer Billy Markus as a joke a few years ago and is now worth a cool $53 million with about 117 billion Dogecoins in circulation.

For those of you who are sceptical of DOGEcoin, here are some questions answered.

How are Dogecoins used currently?

With Dogecoins, you can tip your friends on social media  using the SoDogeTip bot and  also purchase some types of goods and services in this currency. The services that accept Dogecoin include Keys4Coins, Bitcoin Jerky, AirVPN and others.

What was Dogecoin intended to be?

Dogecoin was a cryptocurrency intended to reward meme creators. But a lot has changed in the time since. Dogecoin is a clone of Bitcoin which has a lot more coins than what Bitcoin has. Dogecoin’s were created to be spent with tipping on social media being one of the most popular ways of using this coin.

Is there a limit to the number of Dogecoins in circulation?

There isn’t a cap to the number of Dogecoins that can be in circulation. As mentioned before, there can be an unlimited number of Dogecoins in circulation besides the 117 billion already present.

Currently, the value of one Dogecoin is USD 0.002. When do you estimate it to reach USD 1?

In the current scenario, if Dogecoin’s value reaches $1, its overall valuation would be a whopping USD 117 billion! This makes it higher than all the cryptocurrencies combined. However, this is least likely to happen in the near future, but if there are any surprise developments happening, anything is possible.

Can we mine Dogecoin like we do for Bitcoin?

As Dogecoin is similar to Bitcoin, you can mine it just as you would mine Bitcoin. However, the main difference here is the type of mining algorithm as Bitcoin uses the Scrypt algorithm while Dogecoin uses the Sha256 algorithm. For mining every block of Dogecoin, you can get 10,000 coins in your virtual wallet.

How do I use Dogecoins to buy something on Amazon?

Amazon does not directly accept Dogecoins. However, you can Exchange Dogecoin for Amazon gift cards on various websites. You can also Exchange Dogecoin To Bitcoin and buy gift cards using Bitcoin. Alternatively, you can convert your Dogecoins for fiat currency and then buy from Amazon from there.

Though Dogecoin was created as a joke, it has now become one of the most popular crypto coins in the market. For those who feel that Bitcoin and others are selling at too expensive valuations, Dogecoin comes with a viable alternative. There is no doubt that Dogecoin is going to appreciate well just as how Bitcoin and other crypotcurrencies are.