Dogecoin: Definition, Pros and Free Ways to Mine It
With the increasing popularity of cryptocurrencies today, their use as an investment instrument has also skyrocketed. Crypto investment is one of the investment instruments that is quite popular among many people, especially millennials and gen z thanks to the sophistication of today's technology.
Crypto or cryptocurrency investment is a type of investment that offers high returns. Cryptocurrency itself is a digital currency that only exists and can be used in cyberspace. Crypto investment, especially bitcoin was first introduced by Satoshi Nakamoto in January 2009. Crypto investment is an online investment that can be accessed by almost everyone around the world.
The popularity of crypto investment itself can be seen from the increasing number of cryptocurrency investors, including in Indonesia and the value of crypto assets has soared very high.
Now talking about crypto assets, Dogecoin is one of the virtual currencies that is currently experiencing popularity which makes it a fairly profitable crypto investment.
Definition of Dogecoin
Dogecoin is a digital currency or cryptocurrency. Initially this coin was just a joke, Dogecoin was created by an IBM software engineer Billy Markus from Portland, Oregon and an Adobe software engineer Jackson Palmer. They wanted to create a peer-to-peer digital currency that could reach a wider demographic than Bitcoin. In addition, they also want to keep this coin away from the controversial history of other coins.
The popularity of Dogecoin exploded and gained more than 5,000 percent increase in 2021. One of the reinforcing factors is Tesla CEO Elon Musk. In his Twitter account (@elonmusk) some time ago, Elon Musk said Dogecoin is his favorite cryptocurrency.
Palmer gave the Dogecoin logo taken from a popular Meme at the time which featured the word "doge" which was intentionally misspelled to describe a dog from Japan, the Shiba Inu. Apart from that Dogecoin is also a decentralized cryptocurrency based on the doge meme.
Dogecoin is also an altcoin with a large user base that trades with fiat currency and other cryptocurrencies on some of the leading crypto exchanges and retail investment platforms.
How Dogecoin Works
Basically, the way Dogecoin works is the same as other coins like Ethereum and Bitcoin. Dogecoin is also developing along with blockchain technology. Like most cryptocurrencies, this network uses cryptography which keeps all Dogecoin transactions secure.
The Dogecoin blockchain uses a Proof of Work consensus mechanism, where miners use computers to solve complex mathematical equations to process transactions and record them on the blockchain. In return, miners later earn Dogecoin as a reward, which they can then hold or sell.
DOGE's exchange with the first fiat currency USD occurred in January 2014. Soon after, a Canada-based exchange also announced trading of DOGE/USD and DOGE/CAD.
DOGE can be used for payments and purchases, but not as a store of value. This is because there is no supply limit on the number of Dogecoins in circulation.
The Dogecoin blockchain rewards its miners by creating millions of new Dogecoins every day. This makes it very challenging for price speculators in the market as the price of Dogecoin cannot be sustained over time.
Payments with Dogecoin are also made peer to peer, directly from the sender to the recipient. Many cryptocurrencies adopt decentralized networks based on blockchain technology. Blockchain itself is a distributed ledger that is run by a network of different computers.
How to Buy & Mine Dogecoin
There are two most commonly used ways to get Dogecoin, namely:
By opening an account with a physical trader of crypto assets who has obtained CoFTRA's permission. Then, the account holder can verify through the application of the crypto asset trader. If verification is complete, then the account owner can start buying and selling crypto assets. The account holder can deposit the initial funds into a separate account.
By using the mining method. How to mine Dogecoin is not difficult. A miner simply searches for and collects crypto digital currency as usual. In this mining process, a miner can use a set of computers to solve complex math problems or play games and get dogecoin as a reward. To Mine FREE DOGECOIN you can mine it here: https://doge.2xfaucet.com?r=DAFv7NUNaLtU9Wm3QxsWpoNmuKnyt9zpGZ
