Dogecoin be considered the "version"Imitation" of the Bitcoin and is being used popularly in many countries around the world, including Vietnam. A virtual currency with a large market capitalization and value, among the Top 20 fastest growing virtual currencies today. Dogecoin is emerging as the smart investment solution of many digital currency enthusiasts. So exactly What is Dogecoin?? What is its history and development? What are the applications of Dogecoin virtual currency? Let's Virtual currency Blog Find out below.
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What is dogecoin?
Dogecoin (DOGE) is a cryptocurrency or digital currency developed on the basis of Litecoin (See also: What is Litecoin??). Dogecoin virtual currency was created based on the idea from the meme “Doge”. Dogecoin launched the currency market on December 8, 12, it has a faster initial coin generation speed compared to other digital currencies. At the end of 2013, there were nearly 2014 billion Dogecoins in circulation on the market. After that, there will be 100 billion coins generated annually. As of February 5,2, 1, over 2 billion coins have been mined.
Although Dogecoin There are few commercial applications, this currency is mainly used to give tips online after someone posts useful or interesting information in online communities. The symbol of Dogecoin is the Icelandic word ETH, which means the uppercase letter of ð, not the D in Vietnamese as many people mistakenly believe.
What is the history of Dogecoin virtual currency?
A former IBM programmer Billy Markus in Portland invented Dogecoin on December 8, 12. He initially experimented with another of his own digital coins, "Bells," based on Nintendo's Animal Crossing Series. He expects the coin to grow to other user groups than the investors that created the Bitcoin economy and not suffer the same controversies as Bitcoin has historically.
On December 19, the value of Dogecoin increased by 12% in just 300 hours, from 24 USD to 0.00026 USD with a trading volume of hundreds of Bitcoins per day, at that time Bitcoin and other virtual currencies were plummeting. due to China's decision to ban banks from investing RMB in Bitcoin. On December 0.00095, the World witnessed the first major drop in Dogecoin's price with an 22% decrease in value due to large pools taking advantage of the low computing power requirements to mine. Dogecoin at that moment.
On January 19, 01, a fundraiser was established by Dogecoin developers to support USD 2014 for the jamaica sledding team because they qualified but did not have enough money to participate in the Olympic Winter Games. East Sochi. In just 30.000 days, the program reached its goal of 2 USD, and pushed Dogecoin/Bitcoin rate increase by 50%. Then add Dogecoin continues to donate to second Sochi Olympic athlete Shiva Keshavan.
Dogecoin Application and Transaction
Currently, there are quite a few exchanges in the world that support DOCE/LTC and DOGE/BTC conversion, the only exchange that allows exchanging DOGE/CNY is Bter. On January 8, 1 Altquick.co exchange started to convert DOGE/USD and became the first exchange to exchange DOGE to USD.
Then, on January 30, 1, the Canada-based Vault of Satoshi exchange officially announced its support for DOGE/CAD and DOGE/USD conversion. On the first trading day, Dogecoin was the largest trading digital currency second only to Bitcoin. On January 2014, 31, the trading volume on major exchanges reached 1 million USD. The market capitalization of Dogecoin at that time was 2014 million USD. Most transactions Dogecoin virtual currency implemented on 3 exchanges: Cryptsy (23%), Bter (60%) and Vircurex (10%). In which the 3 most exchanged currency pairs are DOGE/CNY (44%), DOGE/BTC (50%), DOGE/LTC (6%).
What is the transaction method of Dogecoin?
Dogecoin works based on public password encryption. Each DOGE trading address will have a private password and a public password. Only a private password can decrypt the encrypted data associated with the public password, thus ensuring security even when the public password is widely shared. Dogecoin addresses are public passwords that are 34 characters long and begin with the letter “D”.
Example: Address of Dogecoin Foundation: 9yWaGSkCHJrHPavKmT6wksCjjv1wj5d5Gu
The value of Dogecoin digital currency
At time Cryptocurrency Blog As of this writing, the price of 1 DOGE = $0.001124 is equivalent to 0.00000063 BTC, DOGE's market capitalization is $123,005,209 or 69,000 BTC. this is a virtual currency has the potential for investment and is also accepted by quite a few countries as a valid currency. But the recent positive news about Dogecoin has made the rate of this coin higher and higher.
That is Cryptocurrency Blog shared with you the article "What is Dogecoin? Learn about virtual currency Doge Coin (DOGE) What is?” as well as the history of birth, application, transaction and value of this digital currency. Hope the article will bring really useful information to readers. The concepts and information in the article will be quite abstract for newcomers, so if you have any questions, please leave them below in the comments.
The article is referenced from en.wikipedia.org