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Dogecoin (DOGE)
Rank #10
$0.08
Unlike other forms of money, which are backed by the governments and often printed out of thin air by central bankers, dogecoin isn't controlled by any one party. Any person can mine for doges or buy them on an exchange with fiat currencies like the US dollar. There's no limit on how many doges can be produced, nor more than 100 billion of them in circulation at once. In some ways, this makes dogecoin similar to gold - another commodity whose value has been driven by humans throughout history.
Dogecoin has a large, engaged community of users and adopters. It's also the internet currency. Like Bitcoin, there is no central authority or overseer who can affect its value or supply - which means it's immune from some of the outside influence that affects other currencies. Dogecoin will continue to be mineable into the distant future, as well as have new blocks added every minute forever. With such low barriers to entry for miners around the world, even if demand were to drop off, those mining for fun or as part of a larger pool would likely keep going. Furthermore, with innovations like DigiShield, Dogecoin has already proven its ability to adapt to potential security threats.
Dogecoin is also extremely fast and cheap for sending or receiving money. Transactions occur within seconds or minutes after being sent - much faster than traditional methods, such as bank transfers or fiat currency conversions. In addition, transaction fees are negligible - less than a single penny!
First head over to the Getting Started section of our website! There you can learn how to install a wallet on your computer or phone, then receive your first batch of dogecoins for helping contribute to the strength and reliability of the network! You can also ask questions in our Community Forums , written by a number of community members just like yourself.
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.
Dogecoin was first traded at the end of 2013 by programmer Billy Markus from Portland, Oregon and Jackson Palmer, an Adobe marketing specialist from Sydney, Australia on an online platform called Reddit which has an audience of millions. Just like Bitcoin, on first sight Dogecoin might look like some sort of joke or scam to outsiders but it is not the case. The name Dogecoin actually stems from an Internet meme called Doge which features pictures of Shiba Inus (Japanese dogs) captioned with grammatically incorrect sentences.
Dogecoin uses Scrypt as a hash algorithm and POW (Proof-Of-Work) system to secure transactions and create new coins in circulation, adding more security than other cryptocurrencies like Bitcoin who use SHA256d.