simply! What is Dogecoin? "Dogecoin to the Moon" definition, features, and how to get it (Part 1)

 

 "Dogecoin to the Moon" 

"Dogecoin to the Moon". Dogecoin is known to surge on Tesla news. According to Coinmarketcap-com official page, Dogecoin rose by 12% on Friday 14th January 2022.

Dogecoin's surge was sparked by Elon Musk's admission that memecoins could now be used to buy goods.

In an SEC filing released in late October 2021, Tesla said it would resume accepting cryptocurrencies for its products in the future. A software developer investigated the source code of the company's website and discovered a button that allowed DOGE to use credit card transactions.

What is Dogecoin? Dogecoin is a cryptocurrency invented by software developer Billy Marcus who decided to create a payment system without traditional bank fees.

For its logo and name, Dogecoin features the Shiba Inu face from his Doge meme.

Founded on December 6, 2013, the company quickly developed its own online community and reached a market capitalization of $70,355,561,773 on April 16, 2021. According to Dogecoin's official website, Dogecoin is an open-source peer-to-peer digital currency preferred by Shiba Inu around the world. And Dogecoin is also a decentralized cryptocurrency based on the Doge meme.

So how does this Dogecoin money work? According to Forbes, it is used for payments and purchases, but it is not a very effective store of value.

This is mainly because there is no lifetime limit on how much Dogecoin can be mined, which means that cryptocurrencies are inherently highly inflationary. If I am interested in Dogecoin, how can I get it? If you want to get Dogecoin, you can buy it on cryptocurrency exchanges such as Binance and Kraken.

This exchange requires you to create an account and deposit funds in USD or cryptocurrencies.

You can then buy and exchange cryptocurrencies, including Dogecoin. In particular, major cryptocurrency exchange Coinbase does not support the purchase of Dogecoin. What sets Dogecoin apart from other digital currencies is a wonderful and vibrant community of like-minded people. Dogecoin to the Moon

What is Dogecoin and who invented it?

Dogecoin is one of thousands of crypto assets that have existed in the cryptocurrency community for many years. But unlike many other digital currencies created to solve problems, this currency was literally created to make fun of Bitcoin, a digital asset that is not backed by real assets or cash flows.

paddy field. Buying is stupid. However, there is no need to worry as the situation is changing now and these assets are worthy of attracting a large portion of the cryptocurrency community. Dogecoin (DOGE) is based on the popular internet meme "Doge" and features a Shiba Inu in its logo. 

The cryptocurrency was created by Billy Marcus of Portland, Oregon and Jackson Palmer of Sydney, Australia and forked from the Litecoin project in December 2013.

The creators of DOGE envisioned DOGE as a more engaging, fun, and lightweight cryptocurrency. Additionally, DOGE is open source and available to the public. Therefore, this crypto asset is built using open source software and its source code is available for anyone to see. 

Since its birth, Dogecoin has built up a large loyal following and has attracted the attention of people who like the concept of cryptocurrencies and contribute to the community, but want to make fun of Bitcoin. Dogecoin also attracts people who like dogs.

How does Dogecoin work in this situation?

Understanding what Dogecoin is will help you understand how it works. Like many other coins, Dogecoin runs on its own special blockchain. DOGE's digital ledger is constantly updated with all new transactions and the network uses cryptography to keep all transactions secure. 

Dogecoin to the moon blockchain uses a Proof of Work consensus mechanism, where miners use computers to solve complex mathematical formulas, process transactions, and record them on the blockchain. In return, the miner receives her Dogecoin as a reward, which she can hold or sell.

DOGE can be used for payments and purchases, but not as a store of value. This is because there is no supply cap on the amount of Dogecoin in circulation. 

The Dogecoin blockchain rewards the labor of miners by creating millions of new Dogecoins every day, making it very difficult to sustain speculative Dogecoin price increases for an extended period of time win.

Mine Dogecoin

You've probably heard a lot about mining, haven't you?

Like other crypto assets, DOGE coins are "mined" by a decentralized computer network that manages the currency. Networked computers perform complex mathematical calculations, effectively unlocking coins and coin chips as rewards for completing transactions.

As of February 2022, approximately 132.7 billion DOGE are in circulation, as new Dogecoins are created for each mining. Unlike Bitcoin, which has a limited supply, Dogecoin issuers have no limit on the number of coins they can mine. Dogecoin and Bitcoin's Proof-of-Work protocols have some differences, one of which is the use of Scrypt technology. Dogecoin has a 1 minute block time and an unlimited total supply. This means there is no limit to the number of DOGE coins that can be mined.

Dogecoin is based on an algorithm called Scrypt and is less difficult to mine than Bitcoin's SHA-256 algorithm.

Therefore, Scrypt requires less resources than Bitcoin mining. You can mine Dogecoin personally or join other mining pools or so-called mining pools. 

What are the benefits of Dogecoin?

DOGE Coin is used by Reddit and Twitter as a tipping system that rewards the creation and sharing of quality content. Join the community using digital currency or earn Dogecoin chips through Dogecoin Fawcett.

Dogecoin Faucet is an official website that offers small or medium amounts of his Dogecoin for free as an introduction to the currency to join the community. Like other cryptocurrencies, DOGE can also be used for transactions such as payment for goods and services. Records on the blockchain are public, but users can also make transactions semi-anonymously. And you can do this without relying on traditional intermediaries such as banks.

These crypto assets operate on a distributed computer network using a distributed ledger called a blockchain. Imagine a blockchain running on a network of computers, validating transactions, ensuring data integrity, and permanently recording that data on the blockchain. *Elon Musk and Dogecoin

Did you know that Elon Musk likes unique things, including Dogecoin, known as "memecoin"? The CEOs of Tesla and SpaceX have repeatedly expressed their admiration for crypto assets, especially on Twitter. Elon Musk is considered one of Dogecoin's supporters. He uploaded several tweets related to the coin, which caused the price to soar.

For example, on December 14, 2021, Elon Musk wrote that Tesla would accept payments in his DOGE format for many of its products. Soon this fortune increased to 33% of his fortune. We guarantee continued support for Dogecoin even if the price is currently falling.

The reason Elon Musk supports Dogecoin is very simple. He said several people have encouraged him to buy or help. Elon Musk calls these people "not very rich." Due to this demand, he supports this asset. Dogecoin to the Moon

How to buy Dogecoin

There are two most popular ways to get Dogecoin.

Open an account with Bappebti licensed spot cryptocurrency trader. 

Account holders can verify this through the Crypto Trader application. After authentication, account holders can start buying and selling crypto assets. Account holders can deposit initial funds into segregated accounts. 

Use mining method/mining. 

How to mine Dogecoin is not difficult. Miners simply search and collect digital cryptocurrencies as usual. In this mining process, miners use a series of computers to solve complex math problems, play games, and receive Dogecoin as a prize.

Interestingly, this degradation process is being carried out simultaneously by many people around the world. Therefore, the Dogecoin mining process seems to be controversial for miners around the world. But how can Dogecoin be used for trading?

Goods cannot be traded with Dogecoin in Indonesia. In general, the Indonesian government does not recognize cryptocurrencies as legal tender. Still, the government allows ownership of cryptocurrencies as fixed assets through CoFTRA. This means that you can legally buy and sell cryptocurrencies, including Dogecoin, yourself. Buying and selling of cryptocurrencies can be done through crypto applications or exchanges.

However, cryptocurrencies can be used for payment transactions on several overseas e-commerce sites such as Amazon and E-Bay.

For futher information you can check on the official "Dogecoin tho the moon"

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