Dogecoin is a cryptocurrency that was created by Billy Markus, a Portland programmer.
The use of the currency began as a meme-based joke where Jackson Palmer, a member of adobe systems was asked by a student to make the dogecoin idea a reality. Palmer went ahead and purchased the dogecoin domain and created a very attractive website.
A month and half later after the currency was released to the world, it become the third most valuable altcoin with a market cap of $53 million.
Although, it may seem complex to understand how the currency works, there are many resources that you can use to your advantage.
Research has shown that there are many people who are visiting the sites using the coins. The reason why there are so many people visiting the sites using the currency is because the people want to understand how the currency works from firsthand experience.
Many people making use of the currency are gamers and college students. These people play the games using the currency or send money to their friends. The most exciting thing about receiving dogecoins is that it’s very satisfying.
This is because when you receive the currency you appear as if you have received a lot of money. For example, when you are given 500 dogecoins you will see as if you have received a lot of money which will give you a high self esteem. These advantages have made dogecoin to be very famous and its use has greatly increased.
The currency has also played a major social part where it has been used in raising money for worthy causes. For example, the currency aided in raising over $3,000 that was used in funding the Jamaican bobsled team to the Sochi winter Olympics.
After doing this, the currency played a huge role in raising $25,000 that was used in helping children living with disabilities. There are many other initiatives that are in place that aim at making a difference in the society.
Although, the currency has been successful, it has suffered a number of setbacks. One setback is where the reserve bank of India cautioned Dogecoin users from using the currency due to the risks that ware involved with it. Due to the caution given by the bank, many people stopped using the currency.
Another setback is the 2013 theft where millions of coins were stolen during a hacking attempt. This made some people to be over cautious when using the currency.