What is Dogecoin?
Dogecoin is a decentralised platform which allows you to trade the Dogecoin token (DOGE) and exchange value. The coin was launched in December 2013 as a fun and light-hearted cryptocurrency with none of the controversy surrounding its more established peers.
Compared with other cryptocurrencies, Dogecoin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin had been mined. While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content. Dogecoin is referred to as an altcoin.
What is it used for? Like other cryptocurrencies, Dogecoin can be held as an investment or traded in the hopes of making a profit. Most Dogecoin fans, however, use the altcoin as a currency, taking advantage of its very low transaction fees, fast transaction times, and easy-to-use platform. Dogecoin has also become the most popular coin with which to tip people over the internet to thank them for providing interesting content. In essence, it’s a digital currency that people can actually use rather than just invest in.
How to buy Dogecoin? Dogecoin is traded on more than 50 exchanges around the world. Most exchanges don’t enable you to buy DOGE with fiat, so you’ll need to buy a cryptocurrency that is listed in a pairing with DOGE and then trade it. You can store Dogecoin in the official Dogecoin wallet, in another online or desktop wallet that supports the coin, or in a hardware wallet.
Dogecoin probably won’t ever be taken as seriously as Bitcoin – but, arguably, that’s part of its appeal. And with a loyal fanbase, fantastic community support on Reddit, and fast transaction times, it’s probably one of the best coins for crypto newcomers to get their hands on.