These are a few examples of businesses from various industries that use Dogecoin.Īmong the top companies that use Dogecoin are Twitch, GameStop, Dallas Maverick, Playhub Casino, Prodigy, and FlokiNET Etc.ĭogecoin, like other cryptocurrencies such as Bitcoin, can be used to transfer money between people, either as payment for goods or services or simply as cash. What Can Dogecoin Be Used For?ĭogecoin is now used for transactions by many businesses and organizations, including restaurants, groceries, web hosting, product retailers, E-booksellers, and travel services. You can mine Dogecoin either alone or as part of a mining pool. The altcoin also has a 1 minute block time and an uncapped total supply, which means that there is no limit to the number of Dogecoin that can be mined. The annual issuance of new coins, however, is limited to 5 billion and can continue indefinitely.ĭogecoin's proof-of-work protocol differs from Bitcoin's in several ways, one of which is the use of Scrypt technology. A seemingly infinite number of coins can be created. In addition, unlike Bitcoin, which has a hard limit on total issuance, Dogecoin has no limit on the number of coins that can be mined. As a reward for processing transactions, networked computers perform complex mathematical calculations that effectively unlock coins or fractions of coins.Īs of September 2022, there were approximately 132.7 billion Dogecoin in circulation, though new coins are created literally every minute. How Do You Mine Dogecoin?ĭogecoin, like other cryptocurrencies, is "mined" by the currency's decentralized network of computers. (There are approximately 19 million bitcoins, with only 12.5 BTC mined every ten minutes). It has approximately 130 billion DOGE in circulation, with miners producing 10,000 more every minute. That changed in 2021: as of April, Dogecoin was one of the top ten cryptocurrencies by market cap, with a total value of more than $50 billion, despite the fact that each individual coin is worth pennies. Unlike Bitcoin, which was designed to be scarce, Dogecoin is designed to be abundant with 10,000 new coins being mined every minute and no cap on supply.įor the majority of its existence, Dogecoin was regarded as an amusing "meme coin" beloved by its community but with little monetary value. They combined two popular themes in their online community at the time: the ascendant cryptocurrency Bitcoin and a meme depicting a Shiba Inu and a misspelled version of the word "dog." Dogecoin is a peer-to-peer, open-source cryptocurrency, similar to a Bitcoin altcoin, that offers its users a completely unknown, decentralized, and secure environment free of any third-party interference in transactions.ĭogecoin was created as a joke in late 2013 by software developers Billy Marcus and Jackson Palmer, who were Reddit friends that had never met in person.
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