Dogecoin has a shorter history than Bitcoin, but it is interesting for many reasons. Both are in essence cryptocurrencies that are digital currencies. The big difference between Dogecoin and other competitors is that Dogecoin has more potential and wide commercial usage.
In the beginning, Dogecoin started as a more comical cryptocurrency. In general, Dogecoin was begun as a joke somewhat, but Dogecoin developed, grew, and became popular.
Today, Dogecoin is growing faster than any other cryptocurrency. As well, Dogecoin has generally held its value over time. But, Dogecoin has faced criticism over how only a few influence and control the supply and value of the coins.
Recently Bitcoin has become very popular and attractive for investment. Learn more about this fascinating digital currency that is growing very fast.
1. Dogecoin’s creation and development was inspired by Lucky Coin
A lesser known cryptocurrency, Lucky Coin, was the main influence for Dogecoin. Moreover Dogecoin started off with more of a funny angle as the features had different designs and concepts.
Dogecoin was inspired by the good intentions of Lucky Coin. LuckyCoin provides super lucky blocks that reward a lot with a particularly challenging adjustment algorithm.
Dogecoin has improved on this design of fairness to create another cryptocurrency power.
2. Since the start, Dogecoin has had a large following and supporters
When Dogecoin started it instantly won a large amount of followers and more. Reddit and Twitter supported Dogecoin with a lot of passion. Dogecoin remains popular and is getting more and more popular.
The excitement and buzz of Dogecoin from social media kept Dogecoin alive and made it better known. The growth of this cryptocurrency was always about making people believe it was a fairer cryptocurrency.
Finally, as the value of Dogecoin went up then more and more investors used it. The popularity of the platform grew more as social companies like Tik-Tok began supporting Dogecoin.
3. Dogecoin has one of the fastest mining processes among all cryptocurrencies
This type of cryptocurrency is one of the fastest for mining. For example, on one account about 98.9815 Dogecoin can be mined in a day! If you want a cryptocurrency that is interactive and wants to mine then Dogecoin is perfect.
Dogecoin utilizes script encryption. This type of encryption has grown faster than even Bitcoin. Moreover, the block rate is one block per minute for Dogecoin. You can mine for more blocks and earn as many block rewards as you can with Dogecoin. The block rewards are a huge payoff if you use Dogecoin.
4. Dogecoin has an unique name with an interesting background and story
The name “Dogecoin” is unique and seems to stand out from the cryptocurrency crowd. Originally, Dogecoin got its name from the very successful and infamous viral “doge” memes from 2013.
The mascot, or dog, which is showcased primarily on the Dogecoin site is what is known as Shiba Inu. The Shiba Inu is a dog. This dog is a Japanese hunting dog breed. The dog is one of the smaller breeds that is native to Japan.
Dogecoin has become one of the top 5 cryptocurrencies in the world. The market value of Dogecoin is rising faster than the competing cryptocurrencies.
5. The supply of Dogecoin is very large and extensive compared to the competition
The supply of Dogecoin is more than what you would expect for competitors like Bitcoin. While Dogecoin when it was founded intended some humor, the eventual results were more positive than expected.
The cryptocurrency founders wanted to be funny and create a supply of over 120 million in circulation. There is no limit to how many coins can be in the market for Dogecoin. There are over 140 Billion Dogecoins currently in the market.
In total, statistics-wise, Dogecoin releases up to 14.4 million coins every day. There is an estimate of around 5.5 billion Dogecoin in the market every year!
6. Celebrities and many public figures are big fans of Dogecoin
The supporters of Dogecoin are not your common everyday people. For example, there are celebrities from every field especially in the entertainment world. Some celebrities like Snoop Dogg, a musician/rapper, and of course business mogul, Elon Musk. One popular musician, Kevin Jonas, even proclaimed, “All I’m saying, Doge.”
Some other celebrities and musicians have invested a whole lot of money as well. Other public figures have posted humorous pictures or comments to promote Dogecoin on social media.
The amount of buzz and discussion for Dogecoin has been emphasized by these famous people. The ultimate aim is that celebrities have tried to change the image of the type of people who support and invest in dogecoin.
7. Dogecoin is more readily used by businesses worldwide
Dogecoin is popular for a reason. For one, Dogecoin has been recognized and used by more various businesses and vendors. For example, there are vendors and online stores that accept Dogecoin as a reliable and trusted payment method. Dogecoin is growing quickly because many companies see Dogecoin as a reliable payment method.
For example, Dogecoin is officially accepted by certain companies and industries. There are online casinos that have made bitcoin games a good option. Moreover, there are gambling activities that accept Dogecoin. Some of the other big industries that accept Dogecoin are the following: trading, sports betting, online shopping, investment, and other e-commerce.
Now, more than ever there are more companies that accept Dogecoin for payment. The recent increase in popularity for Dogecoin is also from Elon Musk’s support. Elon has tweeted about Dogecoin many times that has given many businesses faith to use it. Dogecoin is growing very quickly at the moment.
8. Elon Musk, one of the world’s most popular business entrepreneurs actively supports Dogecoin
Elon Musk has been a supporter of Dogecoin for years. He has proclaimed that Dogecoin is the Cryptocoin for the masses. Also, since Musk’s appearance on Saturday Night Live, a USA talk show, Dogecoin has exploded in growth.
Also, Elon Musk, became to the public and more the “honorary” promoter or proponent of dogecoin. Twitter has helped Dogecoin as well since Elon Musk tweets about Dogecoin quite often.
Lastly, it has been the constant social media promotion of Dogecoin that helps most. Musk emphasizes the meme-based cryptocurrency as his favorite cryptocurrency for years and this is very public and clear. Elon Musk is the unofficial investor of Dogecoin as his past history has shown.
9. Dogecoin is easy, affordable, and convenient to use as a Cryptocurrency
Dogecoin is Cheap. This is a selling point for sure. It is affordable because the whole amount or total number of coins in circulation is very high.
Transactions are cheap. Currently, there are around 150 billion Dogecoin in total circulation. Many who don’t have enough money can invest in a rising cryptocurrency with less sacrifice.
Dogecoin is cheap in all ways so this attracts more people. The rise of this cryptocurrency is due to the ease and motto that it is the “people’s coin,” or “people’s crypto.”
10. Dogecoin encourages meme-based cryptocurrency because of its humor
Elon Musk, the popular public figure and business founder of Tesla is really driving the image of Dogecoin. At the moment, Elon Musk is urging developers to provide and offer upgrades to Dogecoin’s design and process.
The popularity and growth of Dogecoin has been driven by the virtual world. Digital memes have been popular because of the name, Dogecoin, itself. For example, “Doge has dog memes.” Other cryptocurrencies have no way to make anyone excited or even aware like Dogecoin.
11. It is possible to acquire Bitcoin through an ATM or bank machine.
Not many people would realize that Bitcoin can be purchased that easily. However, it is now possible to let people without any cryptocurrency experience or background invest in Bitcoin. How?
Simply through an ATM machine; last count it was around 10,000 machines in total. That makes it attractive for investors, however not many people believe it would ever be able to reach the value and popularity today.
The Bitcoin accessible ATM is different. For example, the machines are listed as BATM. Basically, these ATm machines give you the ability to connect anyone to a Bitcoin exchange. Also, these specialized ATM machines can buy and sell Bitcoin with just cash or a credit card.
Conclusion
Dogecoin is the most popular cryptocurrency at the moment. Like Bitcoin, Dogecoin has been the biggest financial innovation in the last 20 years. Many cryptocurrencies have appeared and some have failed, but Dogecoin is one of the few thriving.
The main difference between Dogecoin from Bitcoin is that it has bigger potential and does not support a hard supply limit of coins that are possible to mine.
In general, digital currencies are a long-term investment because of their high market demand. And today, Elon Musk is helping tremendously because his current support is pushing Dogecoin to be one of the most popular and in demand cryptocurrencies.
Author: Jay Garr
