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If you were on the grid recently, you must have heard a lot about ‘Dogecoin’. What is this exactly? Just for starters, it’s not just any other cryptocurrency or pyramid scheme that just made it big.
Dogecoin Origins
Dogecoin was developed by Billy Markus and Jackson Palmer and originally developed as a transaction system based on the ‘doge’ meme. It uses the ‘Scrypt’ algorithm, which is very similar to Bitcoin’s, which makes it highly efficient by only giving it 1-minute block timing intervals.
In non-technical terms, Dogecoin has proven to be an all-star subscriber compared to what has been adopted since its inception. This is evident as Dogecoin has appreciated over 300% in value in the first 72 hours of trading. In January 2021, Dogecoin surged to over $ 1, which represents an 800% increase in the market price within 24 hours.
The encouragement game
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Dogecoin has received great support in the form of tweets and payment acceptance in various industries. Billionaire Mark Cuban, owner of the Dallas Mavericks, made over 20,000 Dogecoin transactions and has since become the number one trader with the alt coin.
Dogecoin Market Graph via Coindesk
From the influencer’s point of view, Elon Musk took the crypto world by storm by tweeting about Dogecoin and then hitting a new high of $ 0.08. Since then, Musk has been responsible for all of the fluctuations in Dogecoin market trends, taking it to an all-time high and making it the fourth largest cryptocurrency in the world.
Is Dogecoin Important?
We will know in time. Dogecoin isn’t the first of its kind, and there have been many meme coins and cryptocurrencies that were executed using the same “scrypt” technology. Not all of them have had the same success as Dogecoin or Bitcoin in and of themselves. The DeFi (Decentralized Finance) system makes Dogecoin unique and enables peer-to-peer exchange.
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When we talk about the success of Dogecoin, we see a pattern in the market trend. The price of the Dogecoin fluctuates depending on the feeling of the crowd, i.e. by memes. After all, the coin is based on one. Memes not only controlled how the Dogecoin worked, but also took their fate into their own hands.
How can you make money with Dogecoin?
Yes, you can make a lot of money with Dogecoin at your own risk. Although the cryptocurrency market is very unstable, we encourage people to invest their money wisely and at their own risk. Bitcoin and its success certainly got a lot of people into the crypto game, but there are better ways to make money from crypto if you have the right resources to do it.
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Here we come to the other half of the face of the crypto world – mining. Visit our website to read TechQuila’s in-depth guide on how to choose your own cryptocurrency.
The mining method
With the right equipment and hardware, you can build your own mining rig, join a mining pool, and get started – it’s very easy. However, mining can only be profitable if the running costs are significantly lower than the profit you make. Running costs include electricity costs and the wear and tear on your components. Operating a mining equipment for long periods of time can generate a lot of heat. To avoid thermal throttling, the ambient temperature must also be maintained.
As of May 9, 2021, there are currently 129.5 billion Dogecoins in circulation, 100 billion of which were mined in 2015. The Dogecoin mining community has come a long way since then, as analysts predict it will double by 2075. The popular mining software Nicehash opened its mining portal for Dogecoin on May 12, 2021.
The trading method
This is the most common and also the easiest method of dealing with crypto, but it also carries the highest risk associated with any of the methods. Websites like Binance.com and WazirX are trading portals where you can buy, sell, and store cryptocurrencies in your digital wallets. This method also requires a digital wallet in which your cryptocurrencies can be stored. To create a wallet, select one of the various wallets supported by your trading portal, e.g. B. Exodus, Ledger Nano X, Ledger Nano S, etc.
What’s next for Dogecoin?
Working with Doge developers to improve the efficiency of system transactions. Potentially promising.
– Elon Musk (@elonmusk) May 13, 2021
After Elon Moschus said he would no longer accept Bitcoin as a means of payment, the market price of the cryptocurrency fell by 15%. The more companies accept cryptocurrencies as a means of payment, the better and more practical the promise of the cryptocurrency becomes. Recent rumors also suggest that Xbox may accept Bitcoin as a form of payment in the near future.
We’ll have more guides on other cryptocurrencies so check back soon.
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