Dogecoin Explained: EVERYTHING You Need To Know!
Hey everyone, today I will be talking about dogecoin why it’s been exploding over the past few months. Whether or not you should buy a piece of this meme coin that started off as a joke but has slowly over time become a very serious coin and a coin that’s actually holding a lot of value in this current day and age. Hence, I just picked up some cryptocurrency, and I just bought some dogecoin. I made another video about how you can buy it in 60 seconds which I’ll link at the end of this video. Still, you’re going to want to stick around because one of the last reasons behind why dogecoin is becoming so popular might surprise you, so let’s go ahead and dig into the three reasons dogecoin’s exploding. Then I’ll also give my take on whether I think it’s a good investment and whether I’ll personally be buying more.
So dogecoin is an established cryptocurrency, and it was essentially created by an ibn software engineer, billy Marcus from portland, and an adobe software engineer. Jackson palmer dogecoin has been around since December 2013. It has grown to be one of the largest ten cryptocurrencies in the entire world, and this is based on the market cap, so one of the main reasons for dogecoin’s popularity is companies are just kind of getting involved in it there’s a lot of companies like tesla like Elon Musk who is always talking about it on Twitter, there are other companies that are even making their products available to be purchased with dogecoin. They’re also making dogecoin products. It’s started off as a meme started off as a joke. You could even tip some people on Reddit and dogecoin.
But because of the foundation of this currency from the first days, it became very aware that this cryptocurrency had some really good use cases the time of transfers were really quick now the dogecoin transfer times are very fast a lot of times they’re under a minute and with other cryptocurrencies like Ethereum and bitcoin these transfer processes can take a lot longer with Ethereum can cost a lot in gas fees but with dogecoin, under a minute is actually pretty fast, so it’s actually given it some real-world use cases from actually acquiring stuff and buying things on the internet with your dogecoin, so it has completely skyrocketed over the past few months. Some people are really going all-in on dogecoin, but here’s the next reason why dogecoin is exploding. Dogecoin has just been in the news cycle so much.
This one of the reasons is it has exploded more than 400 percent over the past few weeks, and it just has people’s attention. And usually, the new cycle takes 24-48 hours. Still, it keeps coming up because people love how much satire is tied into this coin and how it actually has a real use case. That was one of the next reasons why dogecoin has actually become increasing value over time. The next few reasons are that it’s actually really easy for people to kind of understand it’s not as scary as some of these other cryptocurrencies. After all, it is just a few pennies. It’s a really easy kind of psychological mind step or a stepping stone to get over to buy their first cryptocurrency. I think it’s important because once people understand the value and the use case of dogecoin, they’ll understand more. They’ll be educating themselves to learn more about other cryptocurrencies like Ethereum.
Bitcoin, which might seem a little bit scary by their prices right now fifty thousand sixty thousand dollars for bitcoin you know, two thousand three thousand dollars for Ethereum that might scare some people away, but when your cryptocurrency only costs a few pennies, that’s a little bit easier for the mass amount of population to kind of you know to wrap their heads around and to invest a small position in and then the next thing is people are just kind of thinking it as buying a lottery ticket I mean, with cryptocurrency, a lot of these cryptocurrencies can essentially go to the moon, and that’s what dogecoin has essentially done is its increase in value. People who bought in could 10x their money over a fairly short period of time, so the coin has become more than just a meme coin. It has shown some real-world use cases, but there are some dark sides to dogecoin. A few of the things that I want to touch on are, again, those are the pros here are the cons, and with cryptocurrency, there are usually always pros and cons. You need to look at both sides of the coin, so with dogecoin, some of the biggest laws that I see that there isn’t a limited number, there’s dogecoins be being created every few minutes, so there are millions of coins being made every day.
So this is good for it’s not really suitable for a store value. Still, it is good that people will be using this in the sense that there is an incentive to use it instead of just holding on to it, so it does actually make it a sound currency because of that. Still, again over time, I don’t think it’ll really hold this value that well because so many daily dogecoins are being created and generated every day in the millions now. One of the last few reasons is there’s a huge mismatch in the distribution of dogecoin. Around 65 of dogecoins are distributed among just 98 wallets. One of the largest wallets holds around 28 of dogecoin, which is scary for some people to get invested in. There’s a good chance that that large wallet is owned by a company like Robin Hood is a big exchange that just owns a big portion of dogecoin but again until they come out and publicly state that there’s a lot of people that are skeptical that once that person or that big whale sells off their dogecoin, it’ll essentially tank the rest of the value.
Then the last thing is it’s not that easy to buy dogecoin if you actually want to own the coins kraken.com is the easiest place. I’ll link a video below in the description about how you can purchase dogecoin in 60 seconds on kraken.com. Still, it is a little bit more complicated. It’s not on coinbase. It’s not on a lot of other exchanges buying dogecoin. There is a little bit barrier to entry there. Hence, it is a little bit more difficult actually to acquire dogecoin, and again if you’re interested in buying some dogecoin, I just personally invested 500. just for fun, just go through the process and see how easy it was for science and make a youtube video, so if you go ahead and buy dogecoin, follow that tutorial, it’ll teach you how to buy it in under 60 seconds. Again this is not financial advice. Do your own due diligence and educate yourself on cryptocurrencies. Make sure that you’re not taking any YouTubers advice as to investment advice, and again if you made it this far, please go ahead and smash that like button subscribe for the two new videos I’m publishing every week and leave a comment below are you going to buy some dogecoin if so let me know why if not I’m curious to hear your reasons for not wanting to buy it take care and have a wonderful rest of your day.
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More About This Topic:
So dogecoin is an established cryptocurrency that was created by an Ibn programmer, Billy Marcus from Portland, and a programmer from Adobe. Jackson palmer dogecoin has been around since December 2013. , but its value increased exponentially in 2017.Dogecoin – WikipediaDogecoin is a cryptocurrency that enables peer-to-peer transactions, distributed computing, and micropayments to be sent and received while remaining completely decentralized. Ethereum is the first open blockchain platform with support for smart contracts on a custom built public blockchain network.
till, it is a little bit more complicated. It’s not on coinbase. It’s not on a lot of other exchanges buying dogecoin. There is a little bit barrier to entry there. because of the way that it was designed.If you google the dogecoin, you will see there were two coins. There is one that was mined, which is called “original” dogecoin and then there is a second coin which started with a capital D and that coin was created by what we call “theymos” who’s Hence, it is a little bit more difficult actually to acquire dogecoin.
So, the first reason why dogecoin’s exploding is that it has an extremely low circulating supply. Now, you might be wondering what exactly that means. Well, when a coin has a very low circulation supply, they’re also able to generate and mint more coins which as we know generates more value in the cryptocurrency markets.