Why is the Dogecoin crypto wallet so popular?
Why is the Dogecoin crypto wallet so popular
dogecoin knowledge comes into play! A coin invented for fun. Looking back, Dogecoin was launched in 2013 by American programmer Billy Marcus and Australian Jackson Palmer. Frankly no one was paying attention to this to begin with, and really how can you take cryptocurrency seriously with the logo of a Japanese meme.
Dogecoin cryptocurrency is still a joke, true or false?
What is Dogecoin?
Dogecoin was founded in December 2013. The plan was to create a cryptocurrency that would be used by a large number of people with different lifestyles. In addition, the creators of Dogecoin wanted to distance themselves from Bitcoin, which was once associated with “black” traffic (i.e. criminal, drugs, weapons). Dogecoin was a cryptocurrency meme whose community treated it as something fun, but with practical benefits as it repeatedly supported fundraising for charitable causes.
Understanding Dogecoin is undoubtedly a very difficult thing because it is a serious platform with a number of advanced technologies. Dogecoin is based on the open source code of Luckycoin, which is a modified version of Litecoin.
Dogecoin uses the Scrypt algorithm, which has been called revolutionary since its use. Additionally, this algorithm helps achieve higher speeds and is generally more accessible to novices in the cryptosphere. Dogecoin appeals to users who create content on platforms such as Reddit and YouTube.
How Did the Doge Become Famous?
It is often quite difficult to tell why Dogecoin or any other cryptocurrency has climbed or fallen. However, speaking of Dogecoin at the end of January 2021, there are some factors contributing to the growth of the coin. And it all started with belief in success. Having gone to war with investment funds, the Reddit community decided to take down the GameStop chain of game stores: If it was possible to increase the value of GameStop, why not increase the value of Dogecoin?
The Reddit community believed it and soon the value of its “token” increased. At its peak, it reached 1500% of its value.
Also, some of the credit for the coin's success and popularity goes to Elon Musk and his tweets. He started posting tweets in his favorite way, sort of like a Dogecoin commercial. Elon posted tweets like “Dogecoin is the cryptocurrency of the people” and “low, high, just dogs” which caused Dogecoin to become a trend on Twitter. Dogecoin began to grow by several thousand points and the coin's valuation jumped to $10 billion in a matter of days.
Ethereum founder Vitaly Buterin supports Dogecoin and invests in this cryptocurrency. Ethereum founder Vitaly Buterin said in June 2021 that he loves Dogecoin (DOGE) and that Dogecoin and Ethereum are for scalability.
According to Buterin, the main problem with Dogecoin scalability is that increasing the parameters without any additional actions makes it difficult to verify the chain.
Doesn't seem like a joke anymore, does it?
Dogecoin operates as a decentralized alternative to cryptocurrency that can be used for both speculation and remittances. Since it is open source, developers and programmers can access the code and make improvements. Since it is a decentralized peer-to-peer network, it has no central server to regulate its operation. The study protocol is Proof of Work (PoW) consensus. This is the same protocol used in Bitcoin. Coins are created through mining, where network operators verify transactions on the blockchain and are rewarded in the form of Dogecoin units.
Could Dogecoin Be Like Bitcoin?
Dogecoin has an advantage over Bitcoin in that transactions are fast and there is almost no network congestion. Since transaction costs are very low, this makes DOGE a good option for those who want to transfer money without paying much for transactions. While Bitcoin takes about 10 minutes to confirm a transaction, Dogecoin does it in less than 1 minute.
Another advantage is that cryptocurrency mining is much more affordable than bitcoin mining. This is because Bitcoin's hash rate is much higher than Dogecoin, which forces Bitcoin miners to invest much more in their computing power to solve complex mathematical problems to verify transactions.
