Dogecoin: What it is?

Finance Technology

Dogecoin is a cryptocurrency. It started as a joke about a year ago. On Friday, this currency reached its new peak. Now its market cap has increased to 9200 million US dollars (about 6.90 lakh crore rupees). This currency has given more than 26000 per cent returns in the last six months. Let us tell you that digital or cryptocurrencies are virtual currency operating on the Internet. Apart from Bitcoin, there are hundreds of other cryptocurrencies in the world such as Red Coin, Sia Coin, CiscoCoin, Voice Coin and Monroe.

What is Dogecoin
Cryptocurrency is a digital currency based on blockchain technology. Coding techniques are used in this currency. Through this technique, the transaction of currency is completely audited, due to which it is very difficult to hack it.

This is the reason that the possibility of fraud in cryptocurrency is very less. The use of cryptocurrency does not depend on the central bank, which is its biggest drawback. Dogecoin started as a joke but thanks to the power of social media and mimes, it is today one of the most popular cryptocurrencies in the world.

Dogecoin was started as a joke in 2013 by software engineers Billy Markus and Jackson Palmer. But after the tweet by Tesla and SpaceX CEO Elon Musk, its prices rose strongly.

Highest return given
In the past six months, S&P, the leading benchmark index of the US stock market, has given a return of 19 per cent. Whereas, cryptocurrency Bitcoin has given a return of 286 per cent. Tesla’s stock, called Darling of the stock market, has given a 56 per cent return. At the same time, Dogecoin has given a bumper return of 26000 per cent during this period.

What is the difference between Bitcoin and Dogecoin?

According to a CNBC report, many years when Dogecoin was built by engineers. The same code was then used. Which has happened in the software to make bitcoin. Whereas, bitcoin is a comprehensive and best ecosystem currency.

Dogecoin is an inflationary currency, experts say that it means “more dogs can be made every minute of every day.” There is no limit to make it. For example, 10,000 more Dogecoins are issued every minute of every day. That equals about 15 million dogecoins per day or 5 billion dogecoins per year.

Now what next
Experts say that the price of Dogecoin has increased due to Mim Culture. How much does this sustain later? Must have seen it Because it has no real system. If you can do something like this, then there can be a boom in it. Elon Musk says that cryptocurrency may be giving good returns but caution should be exercised while investing.

Musk made several tweets in February in support of Dogecoin. It was trading at 3 cents before Musk’s tweets. This is not the first time that the price of Dogecoin has increased due to Musk’s tweet. Earlier on December 20, he also tweeted One Word: Doge and its price was increased by 20 per cent.

Well, known crypto exchanges like Coinswitch / WazirX / CoinDCX / Bitbns / Zebpay are working in India. It can be bought or sold through them. After verifying KYC, create your account. Put your bank details / UPI details on the app. Once the bank details / UPI are registered, add money to the exchange. After depositing the money in the exchange, you can use it to buy Dogecoin or any other cryptocurrency.