Dogecoin is a cryptocurrency created by Billy Markus, a programmer from Portland. This currency appeared as a joke based on a well-known meme in which Jackson Palmer (Adobe System’s member) decided to bring the idea of Dogecoin to life. Without a moment’s hesitation, Palmer bought a domain and created a really nice website.
Just in a month a half, dogecoins appeared on a global market and immediately received amazing popularity. In a short period of time, it became the third most valuable coin on the web.
It is true that nobody really knows how Dogecoin works, however there are some resources that try to explain the process and you might use them to your advantage. Indeed, one of the main reasons people continue buying dogecoins is an attempt to grasp the way it works through experience.
Due to the fact that this currency is based on a funny meme, it attracts myriads of college students, geeks, and gamers. These users utilize coins to play online games and send them to their friends. Receiving 500 dogecoins to your wallet is absolutely pleasing, since you get a feeling that there is a whole bunch of money at your disposal.
This successful cryptocurrency is also known for active social participation. 3000 USD were invested by Dogecoin in Jamaican bobsled team to let them visit Sochi Winter Olympics. Also, a sum of 25000 USD was utilized by Dogecoin to help children with special needs. Many similar social initiatives aimed at making the world better were also undertaken by this currency.
At the same time, there are people who are cautious in trading and storing dogecoins. One of the Indian banks have made a negative impact on the currency’s reputation by warning clients that dogecoins are not safe to use. Due to this event, a great deal of users decided to hold back from using dogecoins.
The other incident connected with dogecoins was an attempt of hacking in 2013. Millions of coins were stolen and therefore a lot of users stopped investing cash in this cryptocurrency.
In general, a Dogecoin is an interesting phenomenon that began like fun and evolved into one of the top cryptocurrencies available. On the one side, this currency is not very ambitious and doesn’t plan to conquer the world and win all the hearts. On the other side, it has a large and friendly community that doesn’t take things too seriously. Community’s loyalty is a unique feature of Dogecoin and maybe an integral part of its success, since this is a group of open-minded people that prefer to use their coins instead of storing them in a wallet for years nervously waiting for the moment to come.