Dogecoin what do you know about it
CNN Business published a report about the "Dogecoin"
currency, a competitor to Bitcoin, which is one of the most powerful
cryptocurrencies.
The total value of the currency in circulation is about $ 50
billion, and this is "not a bad thing for the digital currency that
started as a joke."
It is the No. 5 "most valuable" cryptocurrency in the
market, according to CoinMarketCap, and has increased by more than 6,000% this
year.
The price of Dogecoin doubled again last Friday after Tesla CEO
Elon Musk tweeted about it. Demand for it rose this week, and it briefly
affected the cryptocurrency trading system in the "Robin Hood".
Like all cryptocurrencies, Dogecoin is a digital currency that can
be bought and sold as an investment, and spent like money.
Although each cryptocurrency has its own characteristics, it shares
some characteristics with each other, and its programming is similar to
"Litecoin", but with some major differences.
Unlike Bitcoin, which has identified 21 million as a "limited
amount" for the digital currency, Dogecoin has 129 billion coins in
circulation and will continue to have the opportunity to "mine" each
year. This is one of the reasons why Bitcoin has a higher value.
Although cryptocurrencies are gaining more acceptance as a currency
to buy goods, Dogecoin is not used much and has fewer market opportunities.
Dog Queen was created on December 6, 2013 by two software engineers
"as a joke," including Billy Marcus, a programmer at IBM from
Portland, Oregon, USA.
Osman Chauhan, an economist at the University of New South Wales
Business School, said, "Marcus distinguished his cryptocurrency from the
Bitcoin currency, which was mired in mystery due to its unknown origin, and at
that time it attracted a small and specialized group of mining practitioners,
and Marcus wanted to be his currency." Encrypted open to the masses.
"
Marcus looked for help to make his dream a reality, and found
Jackson Palmer who worked at Adobe, and Palmer bought dogecoin.com on the
Internet.
Dogecoin is no longer a joke and its popularity has skyrocketed
this year, supported in part by the start of Bitcoin and other cryptocurrencies
being adopted in the buying and selling process.
But Elon Musk is the biggest supporter of Dogecoin, and one tweet
from him can increase the price of the cryptocurrency, and this is what
happened last Friday.
Questions remain about the feasibility of investing in these currencies,
and while Bitcoin is being traded more actively and has become widely accepted,
on the other hand, Bitcoin can collapse like a Dogecoin as well without
warning, but its rise this year was amazing.
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