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Dogecoin: What is it?

Khabarhub

May 17, 2021

3 MIN READ

Dogecoin: What is it?

Dogecoin/Bloomberg

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Dogecoin is a crypto-currency that started as a joke in the year 2013. It is, in fact, a satirical homage to bitcoin – brought to serve no real purpose other than generating a few laughs.

This is named after an internet meme centered around the image of a Shiba Inu dog with bad spelling habits—thus “doge” instead of “dog”, according to wsj.com.

How to pronounce “Dogecoin”?

Cryptocurrency’s co-founder, Billy Markus, says the correct pronunciation is “dohj coin.”

How to buy Dogecoin?

It can be bought with a credit card on cryptocurrency exchanges such as Payward Inc.’s Kraken, and Bittrex Global GmbH, as well as trading platforms such as the brokerage Robinhood Markets Inc.

Dogecoin is a cryptocurrency, such as Bitcoin or Ethereum. It was originally created in part as a lighthearted joke for crypto enthusiasts. This exploded in popularity in 2021 – and it has become the fifth-largest cryptocurrency by market cap.

Software and Jackson Palmer and Billy Marcus created the DOgecoin in late 2013. Palmer then branded the cryptocurrency’s logo using a meme popular at the time that featured a misspelled word “doge” to describe a Shiba Inu dog.

How does Dogecoin work?

Dogecoin is a cryptocurrency that runs on blockchain technology, as Bitcoin and Ethereum. The blockchain is a distributed, secure digital ledger that stores all the transactions made using a decentralized digital currency.

The holders carry an identical copy of the Dogecoin blockchain ledger — frequently updated with new transactions in the cryptocurrency.

Dogecoin’s blockchain network also uses cryptography to keep all transactions secure.

It can also be used for purchases or payments. However, it is not an effective store of value.

How to buy Dogecoin?

One can buy Dogecoin on a cryptocurrency exchange such as Binance or Kraken. The exchanges require a person to set up and fund an account with US dollars or cryptocurrency. A person can then able to buy and exchange cryptocurrencies, including Dogecoin.

Some online brokers, such as Robinhood and TradeStation, allow you to buy Dogecoin.

Once a person purchases Dogecoin, it best to move the coins to a crypto wallet.

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