What is Dogecoin?
This blog post will cover:
- What is Dogecoin?
- Where did Dogecoin come from?
- What are the advantages of Dogecoin?
- What are the disadvantages of Dogecoin?
- How to buy Dogecoin on SimpleSwap?
What is Dogecoin?
Dogecoin is an open source peer-to-peer cryptocurrency. It was originally created as a joke, but since then it became much more. Dogecoin has the whole community which makes a lot of unusual for cryptocurrencies things with it. For example, the Dogecoin community uses it to do good. They support good causes all over the world.Unlike other digital currencies, developers of Dogecoin didn't create any type of new technology. It is just a cryptocurrency transaction platform.
Where did Dogecoin come from?
Dogecoin started with a joke on Twitter in November 2013. Jackson Palmer wrote a joke about investing in Dogecoin. It captured the interest of Billy Markus. And just over a week, Dogecoin became a reality.DOGE was launched in December 2013. The idea belongs to Billy Markus and Jackson Palmer. Developers include Max Keller, Ross Nicoll and Patrick Ladder. In fact they thought that cryptocurrency was being taken not too serious and they wanted to have some fun.If you Google DOGE the first thing you'll see is a popular internet meme with a Shiba Inu dog on it. This dog became the mascot of a Dogecoin.However, now it is known not only for its mascot but also for the charity work the team is doing.The other interesting thing about DOGE is the fan team. They call themselves Shibes and they have their own language.
What are the advantages of Dogecoin?
- Low fees
Developers wanted to create a currency that people would actually use, other than just use it as an investment.
- Friendly community
It is the only cryptocurrency that has its own community, where people support each other and make good deeds with cryptocurrency they hold.
- Each transaction takes a little time
- Simple to use
What are the disadvantages of Dogecoin?
- No updates
They haven't released any updates in more than 2 years. It is impossible to survive like this in a constantly developing Cryptoworld.
- DOGE is not widely accepted
Basically, there is not a lot of places where you can use it.
- It cannot be considered as a long term investment
Since most of the users are looking for a cryptocurrency to invest, it may be considered to be a disadvantage. However, it was not created as an investment.
How to buy Dogecoin on SimpleSwap?
Let’s say you want to buy Dogecoin. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select DOGE in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient’s Address. Dogecoin will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
This is everything you need to know to buy DOGE.