Dogecoin (DOGE) Token Review (UPDATED 2018): What is It? | VKOOL

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What is Dogecoin?

Dogecoin is a cryptocurrency that is used mainly as a way to tip other users on social media. Although this started off as a joke, the over two billion dollar USD market cap is a clear indicator that there is worth in Dogecoin. This stems from the widely accepting and active community of DOGE users, as well as the quick transaction speed of a minute.  We’ll go into detail about how Dogecoin works, what its value is, and what it can do.

Follow the link to read about the available coin options which have the greatest potential.

Fundamentals of Dogecoin

The coin image and idea is rooted in the Shiba Inu dog meme, which shows a comical looking dog. This was created by Jackson Palmer as a joke yet it has still increased greatly in value since its inception in 2013.

A major show of promise comes from the amount of active embers on websites like Reddit. There are constant memes shared and constant “tipping” where people will give others free DOGE for their posts. Reddit has a grand total of 114,101 members.

The community clearly doesn’t take itself too seriously but even with this, they still share content and help others understand what it has to offer.

The transaction fees are also incredibly low at just a single DOGE, which at this time is at just $0.003858 USD, a fraction of a penny.

Future of Dogecoin

A constant theme in Dogecoin’s history is a community of users who continue to use it regardless of outsider’s perspective of it seeming like a joke. While there is no way to know for certain what the future may hold for Dogecoin, it is often kept in users hands and given freely to other people on social media without constant fears of sudden dips.

This doesn’t mean it won’t dip, only that the audience who hold DOGE often joke about buying more when there is a loss of value.

Evaluating any kind of cryptocurrency is difficult to do so because of sudden changes in the market, but the fact that this continues beyond its meme status shows its ability to persist even beyond initial expectations.

Read about all your best options for coins by examining our best of the year list.

Purchasing Dogecoin

You have many different ways to get DOGE, even participating in the online community will often result in free DOGE being sent. As of right now many marketplaces offer it including

  • Bittrex
  • Kraken
  • Upbit
  • HitBTC
  • Mercatox

There are many other places to choose from which you can review by looking at any coin evaluation website which offers charts and more.  This can be exchanged for BTC, USDT, ETH, XRB, and many other coins depending on the marketplace. The fee for making a transaction is only 1 DOGE, though this may be in additional to whatever places your purchase from and their  set fees.

Storing Dogecoin

You get your pick for wallets with DOGE. You can get it either mobile apps or a desktop app, or even cold storage in the form of a paper wallet or hardware. If you visit the official Dogecoin website you’ll have your pick from different wallets no matter what computer operating system you’re using, or phone.

It’s all explained very easily and it doesn’t take a background in tech to figure it out. This works for Linux, Windows, and Mac.

The website also has additional resources to learn more and to find marketplaces to purchase things in exchange for DOGE.

The thriving communities also offer a great explanation on what Dogecoin is all about, and they often share funny memes with each other. Participation in the community isn’t necessary, but it shows what the people who hold DOGE are all about, and their willingness and share and helps the network grow.

We provide a great breakdown of the best coin currently available in this informative guide.

Dogecoin Foundation

The foundation began as a non-profit to help charitable causes and they were able to start Doge4Water to provide clean water for Kenyans. The website is still up and running but they have been noticeably silent. It appears from the lack of activity that this is now defunct and no longer in service.

The last news update was on July 2015, and they have also since stopped communication on social media.

Dogecoin vs USD

USD has had some crashes and dips in its history, but it continues to be a heavily traded form of fiat currency. Of course comparing it to Dogecoin is difficult, since USD is considered to be a serious no thrills kind of currency. There is a lot of attention to the fiat market and in particular the dollar, as its unknown if it will continue to grow.

Dogecoin vs Bitcoin

Bitcoin is still a popular coin that is widely available and currently has the greatest price per coin. The transaction time can vary on different factors, but often it’s around 10 minute s or more. This is still used by many businesses however, and it’s often considered first in the world of crypto.

Dogecoin vs Ripple

Ripple is a coin that's been receiving a lot of attention for its use by financial institutions. It’s not operated on a public blockchain however, and isn’t fully decentralized. There was no mining which resulted in Ripple, and there is no knowledge on which the creator is. Many credit unions and banks have adopted Ripple due to its speed and reliability.

Dogecoin vs Bytecoin

BCN or Bytecoin is a secure cryptocurrency that offers private transactions at a low cost.  They were the first to use what’s known as CryptoNote, which ensures that any and all transactions are untraceable.  The main key difference with this and DOGE is that Bytecoin was made exclusively to prevent others from knowing the users purchase history and interests.

Dogecoin vs Litecoin

Litecoin was modeled after Bitcoin but it has a faster processing time and has a very vocal community. The creator Charlie Lee is often in the news and  often vocalizes updates and interacts with the community. The average block time is roughly two and a half minutes, and it’s often labeled the silver to Bitcoins gold.

Dogecoin FAQ

  1. What is the Dogecoin to dollar conversion like right now?
    A single Dogecoin is often described as equaling 1 Dogecoin to its community, but right now it’s at $0.00358 USD but these changes often so it’s important to stay updated if you’re interested.
  2. How much is a Dogecoin worth?
    DOGE has a market cap of $437,998,006 USD at the time of this review.
  3. How to mine Dogecoin?
    You have your pick but some reliable marketplaces include Bittrex and Upbit.
  4. Where can I find Dogecoin news?
    Their Twitter page is active as well as the Reddit sub forum.
  5. Where can I find a Dogecoin calculator?
    Many options exist including coinmill, coinwarz, and whattomine.
  6. Where to buy Dogecoin?
    Plenty of options exist including Bittrex, Upbit, HitBTC, Kraken, CoinExchange, Livecoin, and several others.
  7. Where is the Dogecoin Reddit page?
    It is available for viewing at this link: https://www.reddit.com/r/dogecoin/
  8. What’s a good Dogecoin wallet?
    Many options exist such as the mobile wallet available on the official website, or different desktops wallets for Windows, Mac, and Linux. It depends on what your preference is for accessibility.
  9. What can you tell me about Dogecoin and Nascar?
    There was a sponsorship wherein DOGE sponsored the vehicle of Josh Wise.
  10. What’s a good updated Dogecoin chart?
    There are different options such as the chart on coinmarketcap or coingecko.
  11. What is the future of Dogecoin?
    No way to properly predict what may happen with DOGE, but it appear the community is still flourishing and active.
  12. How much Dogecoin is there?
    The total circulating supply Is 113,516.569.069 DOGE.

Summary

Dogecoin started as an internet meme but it’s still very popular with an active community which is constantly spreading its popularity. The fast transaction time and wide availability for wallets shows that there is good tech behind it. The fact it has been around since 2013 is a testament to its thriving community and ease of use.

The average block time is only a minute, making it a much quicker coin to transact than more popular major coins. The value of over two billion USD also highlights that DOGE is here to stay, at least for the time being. It’s also offered on many different exchanges. A visit to the online community shows the less than serious interactions but people still like to engage and share Dogecoin generously. Dogecoin also has no limit to its production and in theory, can keep producing more coins to prevent a cap. A visit to the online community highlights the fact that people who own DOGE don’t take themselves too seriously, but they do make it an engaging community. Whether or not this will translate into continued growth remains to be seen.

After doing a careful examination of the current trends, we determined which coins have the greatest potential for growth this year.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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