What is Dogecoin DOGE and which type of altcoin is this
Categories: Crypto News US
What is Dogecoin DOGE and which type of altcoin is this
Dogecoin(pronounced dohj-coin) is widely known as the first joke cryptocurrency; it waslaunched in 2013 as a way to poke fun at Bitcoin. Nonetheless, the currencycaptured people’s attention and a fair amount of investment. In April2019, a tweet from Elon Musk indicated he had a positive view of Dogecoin,which further raised Dogecoin’s profile as a legitimate cryptocurrency.
Dogecoin isan altcoin similar to Bitcoin and Ethereum in that it runs on a blockchainnetwork using a PoW system. But the number of coins that can be mined areunlimited (versus the 21 million-coin cap on Bitcoin).
Dogecoin hasbeen used primarily as a tipping system on Reddit and Twitter to reward thecreation or sharing of quality content. You can get tipped Dogecoin byparticipating in a community that uses the digital currency, or you can getyour Dogecoin from a Dogecoin faucet. A Dogecoin faucet is a website thatwill give you a small amount of Dogecoin for free as an introduction to thecurrency, so that you can begin interacting in Dogecoin communities.
Dogecoin isalso associated with some headline moments in crypto — for example, investorspaid the equivalent of about $30,000 in Dogecoin to help send the Jamaicanbobsled team to the Winter Olympics in 2014.Despite its place as one of thebiggest coins by market cap.