Dogecoin explanation for beginners

What is Dogecoin? The Best Guide For Beginners

What is Dogecoin?

Introduction

Dogecoin is a decentralized cryptocurrency created by Jackson Palmer in December 2013 with the help of software engineer Billy Markus.

Jackson’s initial intention was to poke fun at the all the cryptocurrencies which were being introduced at the time.

Dogecoin gained huge popularity with the picture of a Shiba Inus which was also a widely popular internet meme at the time.

dogecoin explained for beginners
The Doge Meme Coin

Basic Info:

Doge is slang for ‘dog’.

Dogecoin stood out from other cryptocurrency with its dog mascot which also made it appear more fun and approachable than other existing cryptocurrencies.

Dogecoin’s popularity grew with the introduction of the Dogecoin tipper which allowed Reddit users to easily tip other users.

The Dogecoin Community has also funded many charities and this further increased its popularity.

Some Slightly More Technical Info:

  • Almost instantaneous transfer.
  • Faster than Bitcoin.
  • There is no supply limit.
  • Dogecoin is a fork of Feathercoin which is also a Litecoin Fork.
  • Unlike Bitcoin, Dogecoin is an inflatory cryptocurrency.
  • Litecoin miners get dogecoin as rewards (Namecoin).
  • The code used on cryptocurenncy exchanges : DOGE, symbol: Ð and D

Jackson Palmer says that the Doge meme has also made cryptocurrencies more approachable to a broader audience such as women and children.

How to get started?

Dogecoin Wallet

The first thing you need is a Dogecoin wallet or a multicurrency crypto wallet that supports Dogecoin.

You can download a free Dogecoin wallet here:

NOTE: Exodus no longer support Dogecoin

 History

Price Chart:

Dogecoin value from the beginning
Dogecoin Price Chart since 2014

How it all started

Jackson Palmer, an engineer at Adobe System in Sydney, Australia, tweeted that he we was going to invest in ‘Dogecoin’ to his 100,000 twitter followers as a joke.

He came up with the name Dogecoin by taking the name of the doge meme, which was named as “Know your Meme” 2013 meme of the year and adding the word ‘coin’ because of all the new cryptocurrencies which were popping up at the time.

Dogecoin creator

Who created Dogecoin?

He did not think much of it at that time but word spread and Billy Markus from Portland Oregon reached out to him.

Billy was already working on a similar project and offered Jackson Palmer to make the Dogecoin project a reality.

Dogecoin gained more adoption when Josh Mohland created the (now discontinued) Dogetipbot, a tipping system on for reddit users.

how to send doge reddit

[caption id="attachment_568" align="alignnone" width="300"]how to receive doge by reddit How to receive Dogecoin with dogetipbot

February 2014 – Jackson Palmer announced in Github that Dogecoin would have an unlimited supply.

April 2015 – Jackson Palmer said that he would be taking an ‘extended leave of absence’ from the Dogecoin community.

However, he returned to the cryptocurrency world in 2018 with an education youtube channel.

The Dogecoin Charities

The Dogecoin community has hosted many fundraising events through its non-profit organization The Dogecoin Foundation.

The first fundraising event which drew attention was to help the Jamaican Bobsled Team go to the Sochi Winter Olympics.

Water for Dogecoin
Doge For Water

Other noteworthy causes are:

  • Doges4kids  – Which helps provide dogs for children in need
  • Experiment.com – West Virginia Water Contamination Relief and Study
  • University of South Alabama study on Virginia chemical spill – study and help recovering from this disaster.
  • Doge4Kashmir – Help flood victims in the Kashmir, India region.
  • Ghana Medical Help -Supply Northern Ghana hospitals with urgently needed basic medical equipment.

NASCAR

In March 2014 reddit users noticed that race car drive Josh Wise was racing an unsponsored car.

Within a week, the Dogecoin Community had raised $55,0000 or around 67 million Dogecoins.

Several weeks later Wise drove the Dogecar.

Nascar race car sponsored by dogecoin
The DogeCar

Faucets aka Doge Watters Bowls

What is a doge faucet?

A dogecoin faucet is a website that collects dogecoins from other users, then giveout  those coins to other users.

Dogecoin faucets  provide free dogecoins to beginners while introducing them to the dogecoin cryptocurrency.

Cryptocurrency faucets usually require that the users carry out a small task in exchange.

via GIPHY

Top Dogecoin Faucets

  • Dogcoin Folding at Home
  • DogeFaucet.com
  • EarnCrypto.com
  • The Dogecoin Barker – A client based Dogecoin faucet
  • Faucet Kennel
  • Eobot

Remember that cryptocurrency faucets are provide only negligible amount of cryptocoins but definitely not a way to make any serious income.

Dogethereum (DOGX)

The Dogecoin Fork Explained

According to the Dogethereum website, the Doge+ethereum cryptocurrency is a hard fork of Dogecoin except it on the Ethereum Platform.

Users who bought Dogecoin before March 30th 2018, will automatically get access to DOGX in their Dogetherium Wallets.

Dogethereum explained

Features:

  • DOGE 10.000:1 DOGX
  • No premine
  • No ICO
  • Algorith Ethash
  • Minable coin

Dogethereum users will not be able to use Ethereum Wallets like Mist and MEW, which are incompatible with DOGX but instead use the Dogethereum Wallet.

What does the DogecoinCore Team Think?

Here is their Twitter reply:

The DOGE-ETH-Bridge

In very simple terms,  TrueBit is a protocal, whichallows dogecoins to be sent to through the Ethereum platform.

The dogecoin are burnt and dogetokens are received in exchange.

Doge + ETH bridge

Dark Days

The Dogewallet Hacker

On December 25, 2013 Dogecoin experienced its first major theft when a hacker stole millions of dogecoins from the dogecoin online wallet

Molah Exchange Scam

Moolah was a cryptocurrency exchange run by someone under the name of Alex Green who became an important player from early on in the dogecoin community by going on generous dogecoin tipping sprees and giving hundreds of dollars for no reason.

He then convinced the dogecoin community to invest in his project in exchange for a ‘slice of pie’ in Moolah.

However, the project failed and then Green disappeared with $2-4 million of Dogecoins. It was later revealed that Alex Green was an alias and Ryan Kennedy was his real name.

The Future

What started as a joke quickly grew into a huge fundraising medium.

The Dogecoin Cummunity is one of the main driving forces behind this cryptocurrency.

But at the end of the day, remember the creator never intended for this cryptocoin to gain any significant value or even so much popularity for that matter.

The Core Devs are supporting the network but the set up still appears to be volunteer based.

Resources

Twitter Accounts

The Dev Team @dogecoin_devs Official

Twitter account @dogecoin Jackson

Palmer @ummjackson Whitepaper