DOGECOIN-The Crypto Currency of 2013

By | December 26, 2013

UntitledGone away with the wind… at least that’s what it seems like. The new age saw the rise and now the fall of the Bitcoin. A very fascinating story surrounded it and its value touched leaps and bounds at least much more than expected. People started looking for their hard drives where they had mined. But the wave did not last for long and Bitcoin which looks like the one below started falling.Untitled

STORY OF RISE OF THE DOGECOIN

Now following this trend of the rise and fall of the Bitcoin, an Australian brand and a marketing specialist (Jackson Palmer working at Adobe Systems) along with a programmer (IBM engineer Billy Markus trying to make his own crypto-currency) in Portland, Ore combined two elements. One was undoubtedly the Bitcoin and the other doge. Well they gave an outcome of what we call as the Dogecoin – the most 2013 thing of the year. Now you got to see it…

It all started with a Twitter idea and soon Palmer bought the domain dogecoin.com which was shown to Markus and their partnership began. Within weeks of launching the currency, 6% of the total amount of 100 billion Doge was already mined by December 17 crossing over the 21 million cap placed on Bitcoin. On December 19 Dogecoin had jumped more than 300 percent in value, rising from 0.00026 to $0.00099.

UntitledNow doge meme which is difficult to explain, let me try. The picture below is of the Shiba Inus dog, the origin of doge meme. Doge is a slang term for dog whereas meme is associated with pictures of Shiba Inus dogs which have been enhanced with Comic Sans text, said to represent the inner voice of the dog.

 As per IBI Times , “Dogecoin is ranked as the ninth most valuable crypto-currency, with a market cap of $9.5 million (£5.8m). This pales into insignificance compared with bitcoin’s $8.3 billion and litecoin’s $494m valuations, but dogecoin’s reluctance to follow their downward trend is interesting.Untitled

In seven days Dogecoin has increased in value by 935%, and its users hope it will soon be more valuable than some real world currencies, such as the Zimbabwean dollar.”

Concept of the Dogecoin

Dogecoin was based on the concept of an existing currency called Litecoin. Dogecoin  like Litecoin uses Litecoin scrypt technology in its proof-of-work algorithm. The proof-of-work algorithm means that miners cannot take advantage of specialized Bitcoin-mining equipment to mine at higher speeds. The Dogecoin network will produce 100 billion dogecoins, as compared to 84 million limit imposed on the Litecoin network or the 21 million limit on the Bitcoin network.

 How real is the use of Dogecoin?

Dogecoin has communities dedicated to it and there are several minor exchanges that trade it for other established crypto-currencies like Litecoin or Bitcoin. The baseline price is approximately 3,130 DOGE to 1 US dollar on December 19. On December 18, the popular cryptocurrency exchange Cryptsy began accepting Dogecoin for exchange with other currencies.

Now you know of yet another crypto-currency on the rise  and you might regret not going for it when it was young, like most did for Bitcoins. Here’s a chance to invest in the right place and make it big as it grows. I now make you an astute judge to choose wisely and make your choice.

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