Dogecoinis a cryptocurrency that is seen as a joke. It is actually one of the most talked-about cryptos on the market due to its popularity and meme status. Here are the most frequently asked questions about Dogecoin to help people understand what it is.
1. What is Dogecoin?
Dogecoin is a decentralised currency that is traded and used on the internet. It is seen as a "joke" currency as it's named after a popular meme. The creators, Jackson Palmer and Billy Markus, did create it as a joke, but Markus did have higher hopes for his creation.
2. Who invented Dogecoin?
Dogecoin was invented by programmer Billy Markus and technology company product manager, Jackson Palmer, in 2013.
3. How does it work?
It works similar to Litecoin as you can mine it and it uses a blockchain to track any transaction data. Unlike Litecoin, it does not have a cap on the amount of coins that can exist.
4. What is Dogecoin worth?
Currently, Dogecoin is worth $0.003661 AUD (at the time of writing)
You can buy Dogecoin from any reputable exchange site. If you are new, then we suggest using Coinbase. Its interface is very simple to use, and it has a built-in wallet which makes buying and selling your crypto easy.
6. How can I store Dogecoin?
Any Dogecoin you buy can be stored in a cryptocurrency wallet. Some websites such as Coinbase offer them, or you can download your own such as Exodus.
7. How can I sell Dogecoin?
Dogecoin can be sold using the same exchange site you bought it from.
8. What can I do with Dogecoin?
Dogecoin isn't worth a lot, so there isn't much real-world stuff you can do with it, but on sites like Reddit and Twitch it is used to tip people. Dogecoin has also been used to create charities around the world such as doge 4 water which raised 50 million Dogecoins to build a water well in Kenya.
9. Will the price of Dogecoin go up?
Dogecoins price has always been low, and in late 2013 we did see a pike, but since then it has remained stagnant. It is hard to say whether Dogecoin will increase in value or if it will ever be worth $1 USD. If a lot of people start mining and buying it, then the price will be driven up, but until then it will stay about the same price.
10. Is Dogecoin legal?
The legality of all cryptocurrencies is always a concern for people as it's a decentralised currency and designed to be untraceable. Despite this grey area, Dogecoin and cryptocurrency in general is 100% legal to use, as long as you aren't using it for illicit purposes.
11. Who uses Dogecoin?
Dogecoin is mainly used by people on Reddit and Twitch and isn't used in real-world transactions apart from the charity that people in the community fund using Dogecoin. It is mostly used as a joke investment "my portfolio is filled with Dogecoin."