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Dogecoin (DOGE) is a peer-to-peer digital currency and decentralized cryptocurrency launched in 2013. It was created by Jackson Palmer and Billy Markus, two software engineers from Portland, Oregon, who wanted to create a fun cryptocurrency that could reach a broader demographic than Bitcoin. Dogecoin is based on the popular “doge” Internet meme and features a Shiba Inu on its logo.
Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. The currency also has a large and active community, which has helped it maintain its value and popularity.
Dogecoin has a block time of 1 minute, which is much faster than Bitcoin’s 10-minute block time. It also has a larger supply, with a total of 100 billion coins compared to Bitcoin’s 21 million. This makes Dogecoin more suitable for smaller transactions, such as tipping or micro-payments.
Dogecoin has seen some success as a currency, with its market capitalization reaching a peak of over $2 billion in January 2018. It is currently ranked as the 23rd most valuable cryptocurrency by market capitalization.
Dogecoin is an open source cryptocurrency, and its code is based on Luckycoin, which is itself based on Litecoin. Dogecoin has a number of advantages over other cryptocurrencies, such as its low transaction fees, fast confirmation times, and high liquidity.
Dogecoin has also been used for charitable purposes, such as raising money for the Jamaican bobsled team, who were unable to afford to compete in the 2014 Winter Olympics. Dogecoin also sponsored NASCAR driver Josh Wise in the 2014 and 2015 seasons.
Dogecoin has seen some controversy, however, as its large supply and low value have caused it to be used in pump and dump schemes. These schemes involve buying large amounts of Dogecoin and then artificially inflating its price before selling it for a profit.
Despite this, Dogecoin remains a popular cryptocurrency with a large and active community. It is used for tipping, micro-payments, and other small transactions, and its low barrier to entry makes it an attractive option for those looking to get into cryptocurrency.