Dogecoin is a cryptocurrency , and it all started as a joke. It is Billy Markus and Jackson Palmer who developed Dogecoin in 2013, and it was the popular “doge” meme that inspired them at the time.
Jackson Palmer chose to withdraw from the project after a while. The reason was that he didn’t think crypto had any future and the joke wasn’t as funny anymore. After that, there was only Billy Markus left.
Check out how it all started in this video:
However, it would turn out that Jackson Palmer was wrong. At the time of writing, 10 years have passed since Dogecoin was developed, and cryptocurrency has established itself as a good payment alternative. Dogecoin is also one of the most popular cryptocurrencies out there, especially after Elon Musk showed interest in it.
In this article we will get to know Dogecoin better. We will take a closer look at the history behind Dogecoin and how the cryptocurrency works in practice. In addition, we will tell you why Dogecoin is a good investment.
The story behind Dogecoin
As mentioned, Dogecoin was developed as a joke. Billy Markus and Jackson Palmer were inspired by 2013’s Doge meme, and they wanted to make something funny out of it. Dogecoin was supposed to be a contrast to the dark reputation of cryptocurrency, which was mainly connected to criminals and the like.
Based on the Doge meme, Markus and Palmer began developing a peer-to-peer digital currency. The goal was for it to have a reach greater than that of Bitcoin . At this time, cryptocurrency was still a fairly unknown phenomenon. Although Bitcoin had taken the world by storm a few years earlier, it was not that widespread yet.
The history of cryptocurrency in general is thus relatively bleak. Billy Markus and Jackson Palmer wanted to do what they could to make the industry less serious. In addition, they wanted to distance themselves from the cryptocurrencies that were seen as controversial.
This resulted in the development of Dogecoin, which was ready for launch on the 6th. December 2013. Word that a new cryptocurrency had been launched spread like wildfire, and within the first month Dogecoin had approx. 1 million visitors!
How does Dogecoin work?
Dogecoin is developed based on the same technology as Litecoin. Litecoin is known to be one of the very first cryptocurrencies to hit the market after Bitcoin. Dogecoin is based on Proof of Work technology, which means that this is a cryptocurrency that can be mined in the same way as Bitcoin and Litecoin.
What separates Dogecoin from both Bitcoin and Litecoin is that a ceiling has been set on how much Bitcoin and Litecoin can be mined in total. That is not the case with Dogecoin, so this is a cryptocurrency that can be mined indefinitely.
In the years that have passed since the launch of Dogecoin, it has been realized that this is a cryptocurrency that can be used for many different purposes. Dogecoin is of course used in connection with purchases and investments, but shortly after the launch, Dogecoin also became involved in charity.
That’s why you should invest in Dogecoin
It is no secret that many people have been and are skeptical of Dogecoin. Not just Dogecoin, but cryptocurrency in general. This has led to people questioning various aspects, for example the extent to which Dogecoin is a good investment or not. Simply why should one invest in Dogecoin?
Here are some good indications of whether DiogeCoin is worth investing in:
There are several reasons why you should consider investing in Dogecoin. We would without a doubt describe Dogecoin as a good investment, and here is a small overview of the reasons why we have come to this position:
- Dogecoin is one of the largest cryptocurrencies on the market today.
- Dogecoin is a very popular cryptocurrency , both because of its origin (the Doge meme from 2013), but also because other well-known people have shown interest in it, which has meant that cryptocurrency has gained a relatively good reputation.
- It is generally very easy to be able to predict how the price movements for Dogecoin are going to be in the short term. The recognition from famous people plays an important role in that this causes the price of Dogecoin to rise to a very large extent.
- The great interest has meant that the experts are very positive about Dogecoin. The future for Dogecoin therefore looks very bright – if we are to believe the experts!
- The rate of Dogecoin is volatile. This means that the chance of profit in the short term is relatively good.
How to buy Dogecoin
Have you let yourself be fascinated by the Doge meme in the same way as Billy Markus and Jackson Palmer, as well as sitting with a little investor in your stomach? Then it may be that it is Dogecoin that you should invest in!
Investing in cryptocurrency can sound very difficult and it can “scare” many people from actually doing it. But when it all comes down to it, it’s really not as difficult as many people think.
With good help from a trading platform , it is actually possible to buy Dogecoin just by completing a few very simple steps. These are the steps you have to go through to buy Dogecoin:
- First of all, you need to find a trading platform that both offers Dogecoin and that you like. There are many trading platforms out there, so it is a good idea to spend plenty of time finding a good trading platform.
- When you have found the trading platform you want to trade with, you must register an account on the platform. In addition to registering, you may also be asked to verify yourself. Both parts must be done in order for you to gain access to the trading platform.
- After you have gained access to the trading platform, you need to find the cryptocurrency you want to invest in, which in this case is Dogecoin.
- Once you have found your cryptocurrency, Dogecoin, start trading. Press “shop” and read the information that appears on the screen. Then complete the trade by pressing “Open trade”. And as simple as that, you have bought Dogecoin!