In honor of the canine inspiration of a Japanese Dog covered in the captions of Comic Sans, Dogecoin was named and it is a cryptocurrency which is accepted by a significant number of retailers. Its business directory boasts of over 200 companies accepting it as a form of payment. This cryptocurrency has a good number of users who are committed and enthusiastic. The people who hold this cryptocurrency are involved in various charity campaigns for establishing the legitimacy of the cryptocoin.
Dogecoin involves proof-of-work system and the main technological difference in Dogecoin is that it uses hashing algorithm. It uses Scrypt algorithm which requires more computing power to run than the traditional algorithm. The main benefit of Scrypt technology is that many of these cryptocurrencies allow merged mining with other currencies which are compatible. This means that without expending more processing power, the users of one Scrypt based cryptocurrency can compete for verifying transactions with different currency networks at once. This can help in improving the energy efficiency of the currency and also provide greater financial rewards.
Dogecoin is highly secure and its community members are always trying to make sure that it behaves as a good medium of exchange as opposed to a medium of short term investment. The value of Dogecoin remains fairly stable but the main concern revolving around this cryptocurrency is its extremely low value per coin.
If you want to be a part of the community of positive and forward thinking cryptocurrency enthusiasts, Dogecoin is a good option and a lighthearted and welcoming group is there for you. But if you want to get into a serious investment, Dogecoin lacks value at present. But the monetary risk of trying Dogecoin is low along with some other good advantages which can encourage you to give a trial to this technology.
Where to buy Dogecoin?
Want to buy or sell Dogecoin? Click on the following companies to find out the best place for selling and buying Dogecoins in Australia.
Want to find out the price of Dogecoin live? View our Dogecoin calculator and see the value of the coin now!