Dogecoin is said to be a fun, new and fast growing form of digital currency.This type of digital currency is called “cryptocurrency” which is a type of digital currency:This means that you require a computer and an internet connection to access this type of currency.Cryptocurrencies are completely anonymous and no government can control this currency .In addition to this,Dogecoin is extremely secure.Dagecoin has several uses where one can purchase products and receive online services. Cryptocurrency can be explained as a secret type of currency which is a word from two separate words ;crypto which means secret and currency which in this case is an item that facilitates transactions.
BRIEF HISTORY
Therefore, dogecoin cryptocurrency is a secret currency which was introduced in December 8th 2013 to serve an international function.It was created by a programmer from Portland in Oregon.He hoped that the dogecoin currency could beat bitcoin which was known by most people.
Just like any other online wallet dogecoin was not as safe as others during the time of its rise. Many people have praised dogecoin by saying that it is cheaper more fast and fun to handle compared to its close competitor online currency (bitcoin). However bitcoin has more value than the dogecoin thus the two can never be compared fairly for they create mixed reactions among the users.
On December 19th 2013, Dogecoin had its value shooting up to almost 300% in a period of 72 hours.Economically such a shift is not healthy because it eventually leads to inflation.That is the reason why bitcoin is higher in value than the dogecoin . dogecoin met its unexpected major crash when it dropped by a large percentage as a result of large mining pools trying to exploit every computer power to gain more of the coins.
On December 20th, 2013, Banks in India warned those who were already using the currency on the risks that are associated with its use not leaving other cryptocurrencies behind.On December 25th 2013, Dogecoin was robbed where a large volume of coins stolen through hacking the exchange.
After its breaching,so as to assist the victims of the theft , the Dogecoin fraternity started an initiative to compensate those who lost their currency. Approximately a month afterwards, enough money was collected from the donations to replace all the lost coins.Later on the volume of Dogecoin in the market took over the rest. That is how dogecoin made its way up!
