In the Crypto market, Bitcoin is currently the cryptocurrency with the largest transaction volume. However, BTC faces issues and complex disputes. To address these disadvantages, Dogecoin was created to become a transparent currency free from legal issues. So, what is Dogecoin? Let’s find out with vietnam-ustrade.org through the following article!
What is Dogecoin?
Dogecoin or DOGE is a virtual currency created based on Litecoin in 2013. Interestingly, the creator of this coin remains anonymous, using the nickname Shibetoshi Nakamoto, inspired by Satoshi Nakamoto who created Bitcoin, with the DOGE logo featuring a Shiba Inu dog.
About Dogecoin
Dogecoin has the unit DOGE, built on the Litecoin Blockchain platform.
The token type is Payment Token with an unlimited total supply.
The current circulating supply (Circulating Supply) is 123,902,600,313 according to CoinmarketCap.
Dogecoin (DOGE) exchange rate today
As of the time of writing, the Dogecoin (DOGE) exchange rate on 28/03/2020 is $0.001777 USD, with other information as follows:
– Market capitalization of DOGE is $220,202,995
– 24-hour trading volume is $169,820,256
– Total DOGE currently is 123,916,370,161 DOGE
– 1 DOGE = 41 VND
Outstanding advantages of Dogecoin
DOGE is widely favored by investors for the following prominent features:
– Unlike BTC, DOGE has an unlimited supply, and users can mine DOGE freely with just a computer of moderate configuration and installed software.
– Has a very simple structure, easy to use, built on Litecoin’s image platform and using Litecoin’s Scrypt algorithm.
– Dogecoin outperforms with a speed of 1 minute/block, much improved from Litecoin’s 2.5 minutes/block.
– Dogecoin is a decentralized and transparent virtual currency with no complicated purpose.
– Thanks to the simple Scrypt algorithm (English term: Scrypt Proof of Work can be mined), it optimizes costs for miners, allowing mining on personal computers with moderate configuration, unlike high-end ASICs needed for Bitcoin mining. The mining reward is random for newly created DOGE, but from 2015 onward, the fixed reward per block is 10,000 DOGE/Block.
Purpose of Dogecoin
As mentioned above, Dogecoin was created for simple, transparent, and secure usage, specifically:
– Dogecoin is used as a normal currency exchange
– Dogecoin is used as a reward for miners
– DOGE is also used for charity fundraising
How to earn and buy Dogecoin
To earn free DOGE, you can join the DogeCoin community by visiting these websites and filling in the DOGE receiving address for free:
– Dogefaucet.com
– InDogeWeTrust.com
To buy Dogecoin, you can register on exchanges supporting this coin and purchase directly.
How to mine DOGE?
Mining Dogecoin is a way to own this coin besides direct purchase or airdrops.
DOGE also uses the Proof of Work consensus mechanism similar to BTC, but with Dogecoin, you only need to mine on a personal computer (using AMD Graphics Card is recommended).
For mining software and configuration details, visit: https://dogecointutorial.com/mining.html
Dogecoin storage wallet (DOGE)
To store Dogecoin, you need to choose online wallets like Multidoge, which are currently available:
– Desktop Wallet: allows users to store Dogecoin directly on their desktop
– Phone Wallet: stores DOGE on mobile devices, currently limited to Android and less diverse in operating systems.
Note: Dogecoin cannot be stored on Ethereum-capable wallets as it is not an ERC-20 token.
Which exchanges support Dogecoin (DOGE)?
Many major and minor Crypto exchanges allow trading DOGE, including CoinAll, FEX, HitBTC, Hb.top, P2PB2B, Others, etc.
Trading volume of DOGE on these exchanges:
Future predictions for DOGE
Like other Payment function coins, Dogecoin constantly needs enthusiastic support from investors in the crypto market, utilizing its original purpose to reach milestones of success and promising future development.
Primarily, DOGE is used as a trading coin between traders on exchanges.
If officially adopted for broader use, combined with the support of a large user base, significant demand for Dogecoin could experience substantial growth in the future.
Should you invest in Dogecoin in 2020?
Investing in any coin involves risks, and the original creators of Dogecoin did not have a clear purpose. Currently, no project or organization officially uses Dogecoin as a payment currency as previously mentioned. Moreover, some sources indicate the developers have left the project.
However, DOGE is still traded actively on exchanges, and communities and groups continue to discuss Dogecoin, showing its trust and attraction has not diminished.
Key points to monitor regarding Dogecoin include:
– DOGE’s payment function
– Unlimited total supply
– Daily mined DOGE amount
– The crypto community’s use of DOGE for transactions with a large number of users
Based on the information from vietnam-ustrade.org, you should weigh carefully to decide whether to invest in Dogecoin in 2020. Trust your judgment, conduct thorough research, and invest with a calm mindset.
Conclusion
This is the article “What is Dogecoin? The latest comprehensive guide to Dogecoin 2020,” hoping to provide useful information for everyone. Wishing you success with DOGE.
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