What is Dogecoin (DOGE)?
Dogecoin is undoubtedly one of the most talked-about cryptocurrencies today. Similar to Bitcoin, Dogecoin is a peer-to-peer cryptocurrency that enables transactions across a decentralized network. Dogecoin was initially created in 2013 by two engineers who wanted to have a currency used for peer-to-peer tipping. Billy, who worked at IBM, and Jackson, an Adobe engineer, worked to create the greatest phenomena after Bitcoin and decided to call it Dogecoin.
Originally Dogecoin was created out of a joke with the Shiba Inu dog, which still reigns supreme today as the logo for this particular cryptocurrency. The meme was used to express just about any form of a joke. Until this very day, DOGE is seen as a meme and a fun cryptocurrency to have. Nonetheless, the price action has been getting a bit more serious to the upside as the world's richest man and Tesla's CEO- Elon Musk, seems to be taking DOGE to stages it has never been before. Since he started tweeting about DOGE and how fair it is as a cryptocurrency, DOGE has been surging from under a penny to 8 pennies!
While Elon Musk added over 1.5 billion dollars worth of Bitcoin to Tesla's balance sheet, he did not tweet about purchasing Dogecoin. Nonetheless, he always tweets about Doge and how great it is as a cryptocurrency. These positive tweets help fuel Dogecoin's pump and aid in mass adoption since thousands of people follow Elon Musk's Twitter account. This, among other reasons, such as robust security, is why Dogecoin is still one of today's most popular cryptocurrencies.
As soon as Dogecoin was released, it was in full use, mainly on forums and sites that allowed tipping for users. It became more widespread as the years went by and more people began using Dogecoin. Its adoption is mainly due to it being decentralized and efficient for peer-to-peer transactions. During the first month, over 1 million users were using Dogecoin's website, which revealed a strong community from the beginning. Dogecoin also has been used a lot to fund charitable events and fundraisers. This, in turn, helps to enforce the mass adoption of cryptocurrency.
What is Dogecoin (DOGE) Wallet?
Like most cryptocurrencies, a dedicated wallet can be used to store your coins or tokens safe. Additionally, a Dogecoin wallet is used to store your DOGE and connect with the blockchain. It can be physical or digital and store your tokens with security features such as passwords and fingerprints on mobile devices. There are different types of Dogecoin wallets, including full node wallets and light wallets, also sometimes called lightweight wallets.
A full node wallet is one that enforces all the rules of the blockchain and does not omit any transaction or updates. A full node wallet is always connected and up-to-date with the latest features and transactions on the blockchain. However, these wallets can be very performance and memory intensive which means that it is most suitable for people who have a large number of computing resources. In essence, a full node wallet is not for every user and is often dependent on computing power.
On the other side of the spectrum, a light wallet or light node allows users to interact with the blockchain by confirming transactions. Light wallets do not need many computing resources since they are not downloading the entire blockchain history, thus, using a vast amount of computing power and disk space. Light wallets are best suited for individuals who have very limited resources and need to use Dogecoin to send and receive transactions. Another important note here is the relationship between light wallets and full node wallets since both connect to the same blockchain network. If this was not the case, then light wallets would not interact with the Dogecoin network.
The Atomic Wallet is certainly the most user-friendly light wallet that supports Dogecoin and can store all your DOGE. You can download and install the Atomic Wallet on your mobile or desktop platform. Atomic wallet is also free to use and is highly secured with a 12-word mnemonic seed phrase that you will be in total control of. This wallet only connects to the Dogecoin network to update transactions as you send and receive DOGE, and your private keys never leave your device.
This in mind shows that Atomic Wallet is one of the safest and best places to store your Dogecoin. Finally, Dogecoin wallets are great to use, and the DOGE network fee for each transaction is only 1 DOGE. This makes it efficient and cost-effective for all users despite the DOGE amount that they want to send to each other. Despite which wallet you choose, the process should be seamless when sending and receiving DOGE.
Dogecoin Wallet Features:
There are many features of Dogecoin light and full node wallets that allow a convenient experience for users. You can easily send and receive DOGE, which is the main feature of the use case of Dogecoin, which enables peer-to-peer transactions. One important thing to note, though, is that not all wallets are equal. If you use a centralized wallet, you will not be in control of your private keys. However, you have access to some of the other features. A centralized light or full node wallet also takes custody of all your information and stores it on a central server. You will also need to verify the account before you can access certain features.
A decentralized light or full node Dogecoin wallet allows you to control your private keys and is only used to connect to the blockchain to send and receive transactions. There is no verification or registration needed, and none of your personal information is stored. Dogecoin wallet supports some features like sending and receiving transactions but is limited related to other features. On the other hand, the Atomic light wallet is the complete opposite, and you are exposed to a host of features. For instance, exchanging and purchasing Dogecoin, among other features listed below:
- Built-in exchange with over 300 different cryptocurrencies
- Purchase DOGE with credit card
- Password, PIN, and Fingerprint security (mobile wallet)
- Mobile and Desktop platform availability
- QR code scanning to easily send and receive DOGE
- Display DOGE balance in your local supported currency
- Password/fingerprint required on each transaction
What are Dogecoin Private and Public Keys?
Cryptocurrencyprivate keys and public keysare very crucial and sensitive information about a particular Dogecoin wallet. Let's take a look at what private keys are first. Your private keys are sensitive information about your Dogecoin wallet used to connect to the blockchain and interact with your specific wallet. What this means is that anyone with your private keys can access your wallet on the blockchain; therefore, you should never share your private keys with anyone at all. When you create a wallet, you will be given a 12-word seed phrase stored securely and should never be given to anyone. After this, you will then be required to create a password. Your Dogecoin private keys are embedded in your wallet and can only be retrieved with your Dogecoin wallet password in the settings menu.
Dogecoin Public Keys, on the other hand, are public, as the name suggests. This means that anyone can view them on the blockchain and see what amount of DOGE is in a particular wallet. If you are secretive and do not want to share such information, you should be mindful of who you share your public keys with. Nonetheless, nothing can be done with your public keys other than checking your balance and sending money to your wallet. If you don't care about privacy, or you want to receive DOGE, you can certainly share your public keys without worrying about getting hacked, etc. It is completely safe to share your public keys. However, you should NEVER share your private keys with anyone.
What is Dogecoin Halving?
Dogecoin Halving is a huge event that many individuals look forward to because it makes DOGE more scarce in a sense. Even though it has an unlimited supply, the amount of DOGE rewarded to miners on the network is cut in half at the time of a halving. Each time there is a halving and the mining reward is reduced for each transaction a miner solves, this usually drives a huge increase in price because the token rewards are way less than before.
It is important to note that not all halving events will repeat the exact way all the time. On the flip side, if miners' rewards are cut in half for each block, they solve on the Dogecoin network, this could lead to s wide motivation,s forcing more miners to shut down and not do any form of activity. In short, mining Dogecoin would technically be pointless if it is no longer profitable for the miners. One thing that could keep them in good spirits, though, is an upward trend in DOGE price.
What is Dogecoin Mining?
If you have ever heard aboutBitcoin miningbefore-the process of how new Bitcoins are created-then, you can think of Dogecoin mining as a similar process but with the generation of new Dogecoins. Computers that come together to solve complex problems on the Dogecoin network are rewarded with new DOGE tokens each time they solve a problem, also known as a block.
The reward would be delivered with the Dogecoin cryptocurrency token to each miner on the network. This process is done virtually, which means that each miner connects to a network on the internet and contributes their mining power. In short, users who wish to participate in mining DOGE will need powerful computing equipment that can mine the tokens at a moderate rate in return for a reward which is DOGE.
Most miners engage in either CPU, GPU, or ASICs mining for Dogecoin; and some miners do a combination of the three. ASIIC miners have dedicated mining devices that can only mine instead of a computer CPU and GPU, which can perform other additional tasks. Another interesting way in which Dogecoin can be mined is in the cloud with a third-party company. However, the downside to this is that the rewards will be a little less than individual mining for themself.
While this sounds as if the miners are getting DOGE for free, this is not the case. Miners have to use electricity to run the computers to solve the puzzles and find complex solutions on the network. Mining is also a way of securing the network to not be attacked by intruders or bad actors.
How to store Dogecoin Safely?
When dealing with cryptocurrency, you want to ensure that you are not leaving any stones unturned in security. To store your Dogecoin safely, you will need to ensure that you have a dedicated wallet such as the Atomic Wallet that fully supports Dogecoin. Upon creating a new wallet, you will need to safely write down your 12-word seed phrase and ensure that you never store it digitally or on any online platform. Once you create your wallet, you can safely purchase with a credit card or send DOGE directly to your Atomic Wallet. This is a relatively easy and straightforward way to safely store your Dogecoin.
If you should ever lose your device or get locked out after forgetting your password, you can always restore your wallet on another device with your 12-word seed phrase. This is possible since your DOGE is kept on the blockchain and not directly in your wallet. Your wallet is only an interface used to connect to the Dogecoin blockchain network on the internet. With Atomic Wallet, your DOGE is always safe as long as you keep your seed phrase safe!
Top 5 things to know about Dogecoin:
Dogecoin is one of the oldest cryptocurrencies to date, which puts it among some of the safest in terms of security of its network. Here are five things to know about Dogecoin:
- Dogecoin was created in 2013 as a joke. Hence the logo is a Shiba Inu which signifies this-The Shina Inu is the trademark for Dogecoin and has been the joke of the decade since its inception.
- Dogecoin has an infinite supply- Since DOGE was created as a joke out of fun by two engineers, there was no need for them to set a fixed supply. DOGE is also used for tipping and peer-to-peer transactions so that the entire world can be involved with it as a cryptocurrency. For this reason, an unlimited supply was created to ensure mass adoption and fairness.
- Elon Musk Loves Dogecoin - One of the biggest things happening for DOGE is Elon Musk's love - Tesla's CEO has for cryptocurrency. He frequently tweets about it, and every time he does, this drives the price to record highs in a very short amount of time.
- Dogecoin mining is very fast - Within the first year alone, over 100 billion Dogecoins were mined. This is a mining record and sets Dogecoin as one of the fastest cryptocurrencies to ever be mined.
- The Dogecoin community is very different from other communities- Communities keep cryptocurrencies alive, and Dogecoin has one of the strongest communities in the space. It is also believed that this strong community was part of the reason for the February 2021 dogecoin pump to a record 8 cents per DOGE!
Currently, there are over 6000 thousand cryptocurrencies on the market, so for Dogecoin to stand out in the top 10 at the time of writing, that is a huge deal. Especially since it was created out of the fun as a form of a joke, this too should not be confused with the importance of Dogecoin to the cryptocurrency space, especially with the huge community backing it.
In terms of predictions, many influencers and the Dogecoin community are making fun of how easy it is for Dogecoin to go to a dollar, but that might not be until a few years due to the infinite supply. Realistically, Dogecoin should be able to touch 15 to 20 cents in the short term and possibly close to$1 by 2022,as suggested by some technical analysis companies.
Dogecoin has been in the news a lot lately, and you might be thinking about acquiring some which can be easily done in the Atomic Wallet. Additionally, you can securely exchange other tokens for DOGE or purchase, send, and receive Dogecoin in minutes straight from your wallet. While there are many different wallets available today, you have to ensure that you chose the safest and most user-friendly cryptocurrency wallet available, which is the Atomic Wallet. Our wallet is free to use and available for download on all major platforms, including iOS, Android, PC, Mac, and Linux.
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