Dogecoin is a cryptocurrency famously known for its representation and logo, the Shiba Inu dog. Dogecoin was introdused to the cryptocurrency community in 2013 as a “joke currency”, born from the Doge internet meme. While Dogecoin was established as a joke, it quickly developed a large online community with much love. Shortly after Dogecoin’s establishment, it reached a market capitalization of $60 million USD in January 2014 and a market cap of $2 billion USD in January 2018, making the “joke currency” rather serious. Much like Bitcoin, Dogecoin is a decentralized and open source cryptocurrency. It was created to function as a fun currency for the internet, where people can use it for tipping or buying and selling goods or services over the internet. Therefore, the Dogecoin cryptocurrency is not a utility token or blockchain protocol for decentralized applications, rather it is a currency with a simple and fun use case. One such use case is online trading. While not very many, there are some online trading brokers who accept Dogecoin as a depositing currency.show more
For the most part, cryptocurrencies don’t generally have a symbol or sign to represent their value, but rather they have a logo and ticker symbol. Dogecoin on the other hand does have a symbol/sign to represent itself, “Ð” or simply “D”.The code or ticker symbol of Dogecoin is, DOGE. Often times, users will say they are transacting DOGE instead of saying Dogecoin as it’s just much simpler, which is what Dogecoin is all about. An interesting fact about Dogecoin that differs from most other cryptocurrency is that it has an unlimited supply. New coins are mined slowly over time which results in a constant reduction of inflation rate over time. Currently, there are around 115 billion DOGE mined.
Dogecoin can be exchanged for both other cryptocurrencies and fiat currencies on a number of cryptocurrency exchanges. The most common cryptocurrency that DOGE can be exchanged with is Bitcoin (BTC) followed by Ethereum (ETH) and Tether (USDT). The most common fiat currencies exchanged with DOGE are the US Dollar (USD), the Turkish Lira (TRY), and the Chinese Yuan (CNY). Other methods in which Dogecoin can be exchanged include cryptocurrency ATMs and online trading brokerages accepting DOGE. There are some online trading brokers that accept deposits in Dogecoin and then exchange them for their primary fiat currency for the purpose of trading on their platform.
Dogecoin features their very own, simple and easy to use crypto wallet for storing and managing their Dogecoins. The wallet is available from the official Dogecoin website and is available for the Windows, Mac, and Linux desktop operating systems, as well as Android mobile devices. There are numerous other cryptocurrency wallets that are compatible with storing DOGE as well, so users have plenty of options. Alternatively, DOGE can be held on an online exchange or trading brokerage. However, this is not recommended as the exchange or broker will have control and possession over your Dogecoins. It is always recommended to store your DOGE in an offline cold storage or hardware cryptocurrency wallet.