Published
Time to read
9 minutes
EN
What is Dogecoin?
Dogecoin is arguably one of the most popular cryptocurrencies this year, following a series of bull runs thanks to its solid fan base and Elon Musk. You certainly don’t have to be a crypto nerd to hear the word “Dogecoin” tossed around on a few occasions by various people. However, not everyone knows what dogecoin cryptocurrency is all about, why it was created, or how to buy it.
As a result, we have compiled things you need to know about Dogecoin and what to watch out for before you add it to your list of digital assets. In this guide, you will learn how you can buy dogecoin, how to mine dogecoin, and how to use Dogecoin. Today, dogecoin digital currency is ranked the 8th-largest cryptocurrency on Coinmarketcap.
What is Dogecoin?
Dogecoin is a community-based, open-source digital currency that runs on its blockchain. It is a hard fork (or copy) of Luckycoin, which is a copy of the Litecoin blockchain. If you are new to cryptocurrency, you can visit our previous post to understand how it works.
Dogecoin is in many ways similar to Bitcoin as they both run on a distributed ledger called Blockchain. However, DOGE takes lesser time to mine as opposed to Bitcoin. Another interesting fact about Dogecoin is that it is inflationary, meaning that it has an infinite supply.
For instance, Bitcoin has a maximum cap of 21 million, and no more of those 21 million BTC can ever be created. On the contrary, there is no limit to the amount of DOGE that traders can mine. As of date, there are over 130 billion Dogecoins in circulation, and many more will continue to be created.
Dogecoin is known for its committed community of supporters. Asides from this, the cryptocurrency has major draws like its low price, speed, and short-term price movement. Due to increased mainstream adoption and several public endorsements, dogecoin has risen above a market cap of about $25 billion.
Despite the recent popularity and meteoric price surge, Dogecoin creators didn’t plan dogecoin to become what it has turned out to be. It was developed as a satirical project to mock the rise in the popularity of Bitcoin and other cryptocurrencies. To know more about Dogecoin, let us have a backdrop by starting with how Dogecoin was created?
When was Dagecoin Created?
Dogecoin was created by two software engineers Billy Marcus and Jackson Palmer, in December 2013, who started as a joke. The creators intended to make a parody of Bitcoin when cryptocurrency started to amass popularity. Dogecoin got its name from the viral image of Shiba Inu Dog (a Japanese dog breed), which later became its logo.
At first, people used DOGE to tip creators for completing specific online tasks like creating content on Twitter or Reddit. After a short while, the meme-inspired cryptocurrency garnered huge followers that later became very loyal ones. Not only are they allegiant to the cryptocurrency but also generous.
In the first quarter of 2014, the community contributed 14 million Dogecoins worth approximately $11,000 to help Kenyans get clean drinking water. Another notable deed was when they donated $30,000 worth of Dogecoin to sponsor the Jamaican bobsled team’s trip to the Olympics that same year. They have also done many more laudable humanitarian acts even without a central authority.
Dogecoin also benefitted from the 2017 bull run as its market cap broke the $1 billion barriers. However, things got a little exciting for the Dogecoin community and the crypto itself when Musk took an uncanny interest in it. At some point, Elon Musk referred to himself as the “Dogefather” alongside other seemingly promotional comments, which in turn drove prices higher.
Musk was also interviewed on Saturday Night Live Show over his obsession with Dogecoin. Whenever Musk commented on the coin, prices always shot upwards. Elon Musk’s act and many more have contributed to the extreme price action of the cryptocurrency this year. The surge was also due to Dogecoin’s ever-enthusing fans that always looked for opportunities to pump its price.
Surprisingly, the hype and attention pushed Dogecoin higher to the top ten cryptocurrencies. The market cap of Dogecoin grew six-fold from December 2020 to January 2021, a remarkable feat while most altcoins are still struggling to keep afloat. Dogecoin received special mainstream attention when Bitcoin consolidated for weeks.
DogeCoin Mining: how to Mine Dogecoin?
Dogecoin uses Proof-of-work (PoW) consensus mechanism to validate and update new blocks to its blockchain network. Proof-of-work refers to a process where miners attempt to solve a complex mathematical puzzle to add new blocks to the blockchain (mining).
But how hard is it to mine Dogecoin, how long does it take to mine Dogecoin, and how can you get involved in Dogecoin mining? These and many more are the questions we get from people, especially newbies, and we will try our best to answer them in this article. You can catch up on how cryptocurrency works on our blog.
To start with, mining Dogecoin is much easier and faster than mining Bitcoin. Before it boomed, one amusing feature of Dogecoin was that miners could receive their rewards ranging from 1DOGE to hundreds of thousand DOGE. In 2014, the dogecoin reward system for miners was changed to a static reward. Regardless, the block reward is still significantly high – 10,000 DOGE when compared to more popular coins.
Like other cryptocurrencies that rely on PoW, Dogecoin miners attempt to randomly generate a fixed-length value, called “hash,” It is equal to or lower than the target value known as target hash. The first miner to come up with the correct result appends the next block and receives newly minted coins as a reward.
Miners feed block data through a hash function to produce a hash. Unlike Bitcoin that uses the SHA-256 hashing algorithm (or function) to generate a hash, Dogecoin uses a less complex algorithm called Scrypt. As a result, new blocks are added every minute on the Dogecoin protocol. Besides, Dogecoin is also more energy-efficient than Bitcoin.
Another notable perk of the cryptocurrency is the coin’s somewhat unexplainable growth is “merged mining.” It is a term used for the process of mining two cryptocurrencies concurrently without affecting overall mining performance. Since Dogecoin (being a fork of Litecoin) uses the same hash function, miners can easily merged-mine both to earn more profits.
Nowadays, earning free Dogecoin for completing simple online tasks can be pretty difficult compared to earlier times. So, you might want to consider working as a miner if you are looking for alternate methods to earn Dogecoin. As a miner, you can either work solo, join a mining pool, or participate in Dogecoin cloud mining. However, people usually recommend joining a mining pool.
How to Buy Dogecoin?
If you have been thinking- Where can I buy Dogecoin? Well, Kyrrex provides you with an easy way to buy Dogecoin using fiat or other cryptocurrencies. You can also buy dogecoin on some other popular online brokerages like Robinhood or eToro. Although, you can improve your trading skills through access to Dogecoin and several other digital assets on the Kyrrex trading platform. You can buy and sell dogecoin cryptocurrency at Kyrrex with ease. Kyrrex also gives room for cryptocurrency exchange.
Since you are purchasing a digital currency, you need a crypto wallet. It’s best to move your Dogecoin to a secure crypto wallet once your purchase is completed. There are several types of wallets, such as online, software, and hardware wallets. Kyrrex offers a secure integrated digital wallet to its users. That way, you don’t have to move your coins all around.
How to Invest in Dogecoin?
Many people often ask if they can invest in Dogecoin. Yes, you can choose to invest in Dogecoin. The cryptocurrency has been one of the few coins with extreme volatility this year, thanks to Elon Musk and few other celebrities. However, you might want to have a proper analysis of the markets before investing.
Given that Dogecoin has no maximum supply, unlike other cryptocurrencies, it is highly inflationary. Dogecoin is in many ways similar to fiat currency. Therefore, it is not a very good investment in the long term since supply is infinite, giving no motivation for people to hold it for long periods.
A good strategy might be to invest in DOGE in the short term due to its occasional price bursts. For instance, investors made quite a fortune from Dogecoin earlier this year following its massive upward rally. Nevertheless, you should invest with caution because cryptocurrencies generally are very volatile and may incur huge losses.
Where Can I Use Dogecoin?
If you’re wondering-What is Dogecoin used for, or where can I use it? You are in the right place. Apart from short-term investments, you can use your Dogecoin to purchase online stores that support it. For instance, the basketball franchise Dallas Mavericks announced in March that it accepts Dogecoin for tickets and merchandise.
Cryptocurrencies have brought various business opportunities. From the rise of online crypto services to spending cryptocurrencies as cash now, they can be held as a value store. Cryptocurrencies like Dogecoin have fixed some inefficiency of the traditional financial setups due to their speed and low prices.
Right now, there are hundreds of companies and stores that now accept Dogecoin as a payment option. DOGE holders now make purchases online and in stores. Since its inception, dogecoin has come a long way from being a joke cryptocurrency to one currently taken more seriously than ever before.
Related articles
Big Trading Opportunities with Kyrrex: How to Maximize Your Profits in Cryptocurrency Trading
The cryptocurrency market is a rapidly evolving landscape that offers big opportunities for profit. However, navigating this market can be challenging, particularly for those who are new to the space. In this article, we will explore how you can maximize your profitability in cryptocurrency trading by taking advantage of Kyrrex's wide range of trading opportunities.
The Relationship Between Open Crypto Trades and Profitability
Open trades are trades that have not yet been closed. These trades can have a significant impact on profitability, as they represent potential gains or losses. In general, having more open trades can increase profitability, as long as they are managed effectively.
One way to manage open trades is to use stop-loss orders. A stop-loss order is an order that automatically closes a trade when a certain price is reached. By using stop-loss orders, traders can limit their losses and protect their profits.
For example, if a trader buys a coin at $10,000 and sets a stop-loss order at $9,500, the trade will automatically close if the price falls to $9,500. This can help the trader get out of a bad trade before their loss becomes bigger.
Another way to manage open trades is to stay up-to-date with market trends. By staying informed on market trends and using technical analysis, traders can identify potential trading opportunities early and make informed trading decisions.
For example, if a trader notices that the price of a particular cryptocurrency is trending upwards, they may decide to open a long position (i.e. buy the cryptocurrency) with the expectation that the price will continue to rise.
However, it is important to remember that open trades are never risk-free. If the market moves against the trader, they may end up losing money on the trade. To minimize this risk, it is important to use appropriate risk management strategies, such as setting stop-loss orders and diversifying your portfolio. Stop-loss on a winning trade locks in your profits while a diversified portfolio helps to spread risk around.
The Importance of Trading a Wide Range of Cryptocurrencies
Trading several cryptocurrencies, instead of just one or a few, is essential for maximizing profitability. By limiting yourself to a small number of cryptocurrencies, you are potentially missing out on gains that could be made by trading in other coins. Additionally, trading more cryptocurrencies can help to minimize risk, as losses in one coin can be offset by gains in another.
Here are some benefits of a diverse cryptocurrency portfolio:
- Increased exposure to potential gains: By trading in a diverse range of cryptocurrencies, traders can increase their exposure to potential gains in the market.
- Minimized risk: By trading in a diverse range of cryptocurrencies, traders can minimize their risk by offsetting losses in one coin with gains in another.
- More opportunities for profit: Traders can open more orders in more cryptocurrency pairs, which increases the potential for profits.
Wide Crypto Trading Opportunities with Kyrrex
Kyrrex is a leading crypto-fiat platform that offers comprehensive services for individuals and institutional clients alike. With its advanced trading, storage, and payment technologies, Kyrrex is designed to meet the needs of modern cryptocurrency enthusiasts.
One of the main advantages of Kyrrex is its wide range of trading opportunities. Users can access the built-in trading terminal, which allows for seamless transactions in cryptocurrency pairs. Currently, Kyrrex offers a total of 20 currency pairs, including popular options such as AVAX/USDT, ETH/USDT, and XRP/BTC. By offering a diverse range of currency pairs, Kyrrex enables users to trade in a way that best suits their needs and preferences.
The Kyrrex trading platform boasts flexible functionality. Users can easily analyze and track quotes around the clock, select limit and market orders, and enjoy reduced trading commissions. These features make it easy for users to make more trades and analyze market trends, thereby increasing the chances for gains.
In addition to its trading capabilities, Kyrrex offers a comprehensive set of features to help users manage their cryptocurrency assets. With its state-of-the-art storage technologies, Kyrrex ensures the safety and security of user funds. Users can also take advantage of the platform's advanced payment technologies, which enable them to make and receive payments in a variety of currencies.
Conclusion
Maximizing profitability in cryptocurrency trading requires a combination of trading in a wide range of cryptocurrencies and effectively managing open trades. Kyrrex's wide range of trading opportunities, advanced trading tools, low trading fees, and real-time market data make it an ideal platform for those looking to engage with the cryptocurrency market.
5min reads
BTCUSDT: Analyzing Bitcoin's Performance on TradingView
Bitcoin (BTC) has emerged as one of the most popular cryptocurrencies in the world, and its value has skyrocketed in recent years. As a result, traders and investors have become increasingly interested in BTCUSDT trading on platforms like TradingView.
TradingView is a popular charting platform that allows users to analyze and trade financial markets. With BTCUSDT trading, traders can track the performance of Bitcoin against Tether (USDT), a stablecoin that is pegged to the US dollar. This pairing is commonly used on crypto exchanges, and TradingView provides comprehensive BTCUSDT charts and indicators for traders to make informed decisions.
BTCUSDT Price Action
BTCUSDT's price action has been volatile, with sharp price swings and fluctuations. However, the overall trend for BTC has been bullish, with the cryptocurrency hitting all-time highs in recent years. TradingView's BTCUSDT charts provide traders with the ability to track BTC's price movements in real-time, as well as view historical price data.
Technical Analysis on BTCUSDT TradingView
Technical analysis is a popular method for traders to analyze financial markets, and BTCUSDT trading is no exception. TradingView provides a wide range of technical indicators and charting tools to help traders analyze BTC's performance.
One popular indicator used in BTCUSDT trading is the Moving Average Convergence Divergence (MACD) indicator. This indicator can help traders identify trend reversals, as well as potential entry and exit points. Additionally, traders can use other technical indicators like Relative Strength Index (RSI), Bollinger Bands, and Fibonacci retracement levels to gain further insight into BTC's price action.
Fundamental Analysis on BTCUSDT TradingView
In addition to technical analysis, fundamental analysis is also important in BTCUSDT trading. Fundamental analysis involves analyzing the underlying factors that affect BTC's price, such as adoption rates, regulatory changes, and economic events.
TradingView provides traders with access to news feeds and economic calendars, which can help traders stay up-to-date on the latest developments that may affect BTC's price. Additionally, traders can use TradingView's social networking features to discuss and share information with other traders and investors.
Final Thoughts
BTCUSDT trading on TradingView offers traders a comprehensive set of tools and indicators to analyze Bitcoin's performance. With both technical and fundamental analysis options available, traders can make informed decisions about when to enter and exit the market. However, as with any financial market, BTCUSDT trading carries risks and traders should exercise caution and conduct their own research before making any investment decisions.
5min reads
Top 5 Crypto Charities
There are two sides to everything, though humans tend to focus on one side of the coin. The latest weapons can help through deterrence, not just destruction. Artificial intelligence is an incredibly useful tool despite its dangers. And cryptocurrency, just like everything else, can be a force for good in the world.
Crypto is about PnLs, market and limit orders, DeFi and staking, coin offerings and L1s. It is also about borderless payments which can facilitate goodwill donations by anyone from anywhere to any organization that works towards a noble cause.
The philanthropic space, just like health, finance and sports, has realized the benefits of adopting crypto. Some of the best known global and regional charities have created channels for crypto donations.
Bitcoin, Ethereum and stables like USDT are the most popular coins supported by charities accepting crypto. Depending on the type of crypto charity, other popular digital coins like Dogecoin, Monero, Bitcoin Cash and Litecoin may also be accepted.
So if you're moved to reserve some of your cryptocurrency holdings or trading gains for a worthy cause, there are lots of charity crypto projects that would be happy to receive your donation
These crypto-affiliated charities vary by mission. Some are dedicated to helping oppressed peoples in war-torn areas like Ukraine to stand up to the aggressors. Others utilize blockchain technology to support next-gen ideas and technology like effective altruism and AI.
These organizations all have noble goals and have thrived through the benevolence of citizens who use some of their crypto for charity. This article presents 5 reliable and dependable crypto charity projects. So if you're looking for charities that accept crypto, you've come to the right place.
1. Electronic Freedom Foundation
The Electronic Freedom Foundation (EFF) is a U.S. 501(c)(3) nonprofit that has a mission to defend civil liberties and human rights both online and offline, but especially online. It supports outreach and legislation that protect digital rights and provides funding for projects that promote the rights of the individual to free expression in the digital space.
The EFF sees increased legislation and user restrictions in the digital age as a wall that stifles creativity and infringes on the rights to liberty. Thus, it campaigns hard against moves that seek to restrict people's rights and freedoms, especially online. The organization has a long and proud history of canvassing change and is one of the best charity crypto projects around. It accepts Bitcoin, Bitcoin Cash and Ethereum from individual donors and you can also elect to receive some cool swag if you donate at least $100.
2. Kyrrex Charity
The start of the war in Ukraine has led to a groundswell of governmental, institutional and individual support for the beleaguered country which continues to maintain its independence in the face of overwhelming odds. The Kyrrex Charity is the social arm of Kyrrex, a regulated crypto-fiat ecosystem. Its goal is to work towards the war's end and victory for Ukraine by supporting the country's civilians, volunteers and defenders through financial aid.
The foundation organizes charity events and fundraisers all over the western world to raise money which it then distributes to various agencies across Ukraine.
Because of the difficulties caused by the war, crypto donations to Ukraine is one of the best ways to get money across to those who need it on the ground. That is why the Kyrrex Charity's main vehicle is a crypto charity fund. Benevolent individuals and organizations can directly donate Bitcoin, Ether and USDT through the foundation's Ukraine crypto donations wallets and be rest assured the money will be used for a worthy cause.
So if you have excess coins gathering dust in your wallet or cold storage and wondering how to donate crypto to Ukraine, you can send your coins to a Kyrrex Charity wallet and sleep easy knowing you've just done a great deed for humankind.
3. UNICEF Cryptocurrency Fund
Unicef, or the United Nations Children Fund, works in 190 countries across six continents to help children overcome developmental and geographical challenges and achieve their full potential from early childhood to adolescence. It's long been one of the most visible agencies of the UN and its impact has been felt in every corner of the globe for decades.
In 2019, UNICEF launched a crypto fund to simplify fundraising and grants distribution and reach their networks of donors and beneficiaries faster than the complicated web of traditional finance would allow. Donors can send BTC and ETH directly to the UNICEF CryptoFund. To date, the fund has received 8 BTC and 2527 ETH which is distributed to open-source frontier tech solutions showing promising results.
All donations made by the funds are done in BTC and ETH only and capped to $100k. Through this scheme, UNICEF has invested 52 ETH in a digital cash and voucher transfer platform in Nigeria, 43.5 ETH in a platform for digital healthcare savings in DR Congo, and 21 ETH in a tool for visual eye tests to detect vision disorders among children in the UAE.
4. The Giving Block
Would you like more control and flexibility over your charity crypto donations? Then you can check out The Giving Block. This donations service is like a crypto charity marketplace that allows you to give crypto to a nonprofit, charity, university, faith organization, environmental NGO or any other mission-driven agency of your choice.
The Giving Block emphasizes choice and flexibility. Donors are free to choose any of the 100+ organizations that accept crypto donations through the service. You can use their search tool to filter available organizations. For example, a "crypto donations Ukraine" search brings up the Ukrainian American Coordinating Council, the US-Ukraine Foundation and similar organizations. You can also switch to "Impact index funds" and donate crypto to a particular cause, such as the war in Ukraine, women and girls empowerment, or arts and culture.
Another big draw of The Giving Block is the versatility provided for those who use the platform to donate crypto to charity. Most blockchain-positive philanthropic platforms support just a few cryptocurrencies. But on The Giving Block, you have your pick of more than 70 crypto options to donate with such BTC, ETH, USDC, USDT, DAI, MAKER, AVAX, SOL, and many more.
5. The Tor Project
Tor, or The Onion Router, is the free and open-source browser that enables anonymous communication through a network of volunteer nodes spread across the world. The Tor project and its browser allow users to bypass censorship and restrictions on internet usage. It generates a semblance of digital privacy and independence in an environment rife with governmental policy.
The Tor Project accepts donations in crypto and other avenues to keep the Tor network running and protected against intrusion by global institutions and governments. Tor accepts crypto donations in 9 currencies including Bitcoin, Ethereum, Dogecoin, Augur, Dash, Litecoin, Monero, Stellar Lumen, and ZCash.
Donating Crypto to Charity
If you'd love to donate crypto to charity, you can try one of the organizations on this list or another one that accepts digital currencies. You can donate your crypto directly—no need to convert into a stablecoin or fiat money first. Moreover, if you have a stablecoin in your portfolio, you can donate that. The price of a stable fluctuates less compared to traditional cryptocurrencies, which can benefit the charity of your choice more than a volatile coin would.
Making donations to a charity actually helps fulfill one of the founding principles of cryptocurrencies—anonymity. By donating through crypto, you show that you truly care about a cause and aren't donating just to look good in the news or on social media.
5min reads