April 13, 2022

A beginner’s guide to Dogecoin

Aside from Bitcoin (BTC), there are over 6,000 currencies in the market. To ensure a smooth transaction and trading experience, each currency has its own unique features. Dogecoin (DOGE) is one of them and it is one of the most popular digital currencies today.

This coin has one of the most active and largest crypto communities. As soon as Dogecoin was made available to the public, it was intended to be used as a digital currency for sponsoring sporting events and raising money for various charities. 

Since Dogecoin is meme-based, it's one of the most talked-about cryptocurrencies right now, especially on social media and at crypto betting sites like Bitcasino. In addition, Dogecoin has caught the attention of industry leaders as well. Elon Musk, the founder and CEO of SpaceX, an American space transportation service, is one of the many prominent figures in the industry that promotes the use of the digital coin.

How does it work?

All crypto transactions on the network are recorded in a public distributed ledger called the blockchain. There are some changes made to Dogecoin's network, such as faster access rates and lower transaction fees. Dogecoin is expected to be the ninth-largest cryptocurrency in terms of market capitalization in the next years to come thanks to the strong community that supports the Dogecoin.

To validate and process transactions on the network, the network uses a consensus technique known as proof-of-work (PoW), where miners solve complex math equations. The miners are then rewarded.

What makes DOGE different from other popular coins in the market is that it has no lifetime cap. This simply means that Dogecoins are continuously mined. The only downside is that it is highly prone to inflation.

Why should you invest?

Those in the Dogecoin gaming community and other users continue to invest in DOGE because they believe its value will continue to rise in the long term. In addition, several well-known figures and celebrities have expressed their support for the adoption of Dogecoin. 

Not only this, but when you're just a beginner in the crypto world, DOGE is an excellent option. DOGE is a fantastic entry point into the world of crypto investing because it can be maintained for a long time. Investors must be prepared to weather the storms, but volatility and profits are part of the course before you can succeed.

The only drawback is that DOGE could be overtaken by another coin if it gets pushed aside. This is one of the reasons why some crypto fans are still hesitant about investing in Dogecoin.

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Features of Dogecoin

Dogecoin is more than just a coin based on a popular meme. It has also piqued the curiosity of a pool of investors thanks to its unique features. Some of them are:

Decentralized

Since DOGE is considered a digital currency, it is decentralized. This means that no one, including the government, can control any of your transactions. Network security improves when more miners join the network. Due to this, the DOGE network is vulnerable to a 51% attack.

It is also worth noting that the 51% attack is carried out by a group of miners to obtain control over the majority of the network's hash rate. This results in network instability. A miner's network can be manipulated once they seize control of it. 

No maximum supply

In contrast to other coins like Bitcoin, Dogecoin does not have a fixed supply limit. A miner can earn up to 10,000 DOGE for each block they produce. A whopping 14 million DOGE coins are minted daily thanks to the generous rewards this coin offers. These digital coins are kept in the wallets of miners or traded on the market.

Impressive growth

Since DOGE was introduced in the market, it has shown steady growth. Dogecoin was able to grow despite the major crackdown on cryptocurrencies that took place in China and around the world. Even though its price is steadily rising, it is still within reach of most people. As a result, the number of dogecoin sports bettors is increasing daily.

Direct

Miners and users alike benefit from Dogecoin's simplified system, which makes it easy for everyone to participate in the market. In addition, there are no or low transaction costs for sending and receiving files.

Mining Dogecoin is greener

DOGE can be mined either in a mining pool or by yourself. It is possible to increase and enhance mining efficiency by joining a mining pool. Having a computer that runs Linux, Windows, or macOS and a reliable internet connection is all you need to start mining DOGE.

Waiting for the transaction to complete is crucial if one wants to mine DOGE on one's own, as there are many rivals in the market. 

Resilience

Compared to other popular coins, DOGE can withstand a dip in its market value. This is one of the main reasons why Dogecoin began to attract greater attention from investors.

How to buy Dogecoin

Dogecoin can be purchased on crypto exchanges such as Kraken or Binance. To buy DOGE, all you need to do is open an account and deposit traditional currency. Once you have your coins, you then store your Dogecoins in a reliable crypto wallet that you can access when placing your bets with Dogecoin. 

To ensure the security of your funds, only gamble at a reliable betting site that is regulated and licenced. To avoid being hacked, make sure your crypto wallet is well-protected.

In addition, it is important to remember that you should always set a betting limit and play responsibly when using Dogecoin betting sites such as Bitcasino. You don't have to force yourself to invest in Dogecoin because everyone else is doing so. The price of Dogecoin and other cryptocurrencies is quite volatile, so be careful with your money. Simply put, this shows that its value is subject to fluctuation at any given time.

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