All the cryptocurrencies existing in the market are made with one basic aim- to help its holders gain value from the currency over a point of time. Dogecoin, however, was intended to be different. It was created with two main goals in mind, one as a joke to the insanely high valuations of various currencies present in the market and the second being that it should be readily accessible to anyone who needs this virtual currency.
Created in 2013 by Jackson Palmer and Billy Markus, Dogecoin gradually became famous as it used the popular Doge meme with various witty names to describe it. This was an innovative marketing campaign that wasn’t used before, giving Dogecoin the publicity it needed to become famous through the internet.
Origins of Dogecoin
Palmer and Markus created Dogecoin as a fork of Luckycoin which was itself a fork of another popular cryptocurrency in the market called Litecoin. Dogecoin uses the Scrypt algorithm so it is easier to mine and Exchange Dogecoin To Bitcoin than using ASICs for mining Bitcoin. The makers of Dogecoin have also ensured that they have smaller blocks than Litecoin or other cryptocurrencies for that matter.
Individual Dogecoins are worth less than a cent, but collectively, all of the Dogecoins in circulation are worth an estimated $750 million. With an infinite supply of Dogecoins flooding the market, there is going to be a significant change in this. However, the prices of Dogecoin did increase significantly in the past, before cooling down to normal again. One great feature of Dogecoin as against other cryptos is that its transaction costs are significantly lower than others.
The Future of Dogecoin
With the media glare coming squarely on cryptocurrencies as a great way to park funds for investments, many people are now looking at Dogecoin as a way to get good returns on their investments. Dogecoin is also seen as a better alternative than Bitcoin which has a high valuation hardly anyone can afford. In future, there will be a time when people will Exchange Dogecoin instead of Dollars.