What is a Dogecoin and how did it become such an important crypto-currency?
If there is something that is harder to explain what the Bitcoin is to someone, who has no idea about the crypto-currencies, it is explaining what the Dogecoin is, why it has become such a popular commodity and what is used for and why it is such an important milestone in terms of the future of the crypto-currencies.
Although the indicated coin was originated from an internet meme and started its life with a quip functionality, Dogecoin definitely earned to be talked about due to the fact that it has rapidly become the most popular crypto-currency in terms of the transaction frequency.
If you were searching for an article on the Dogecoin, which is very important due to the fact that it made many youngsters to get curious about the Bitcoin and the other crypto currencies and that it directly caused those youngsters to start using such currencies, you are at the right spot. In short, we will take a quick look at how the Dogecoin emerged and why it has become so popular, then we will discuss what the future holds.
What is Dogecoin? How did it emerge?
In fact, we can get to the bottom of the subject matter by analyzing the roots of the word “doge”
The word “doge” is derived from the intentional misspelling of the word dog as we all know. But the internet historians suggest that it is originated from an episode of an internet based / puppet animation show called Homestar Runner, aired in 2005.
The word Doge then became Dogecoin not immediately after this point as it happened after Doge gained popularity as an image macro. In this widely shared internet meme, humor is made by superimposing words like “wow” “such x” “so y” on the image of a Shiba Inu dog breed in a caricaturized manner with bad English just as if they are the thoughts of the dogs own.
This type of meme, which became widely popular in the middle of 2013 in media such as Tumblr and also became one of the phenoms of the year, reached peak popularity in December and caused the Dogecoin to emerge.
Now we know what this Doge talk is. But what about Dogecoin?
This coin, which is actually a derivative of the Litecoin and which uses the Shiba Inu Breed that is featured in Doge Meme as its own logo, was developed by the software developer Billy Markus. Dogecoin, which emerged as an idea to increase the general interest of people to crypto currencies at first and which benefitted the popularity of the Shiba Inu meme, quickly became no longer a meme but materialized as a reality and after being widely adopted by the young populous in the internet, became a rapidly rising crypto currency.
Some technical information
Dogecoin, just like the Litecoin, uses Scrypt for the Proof of Work (POW) and its block timing was determined as 1 minute intervals. In addition, the calculation of the difficulty level by the network in 4 minute periods and being not deflational in nature like the Bitcoin because of the infinite amount of mineable Dogecoin are some of the striking features.
Another curious feature of the Dogecoin, which may have played a role in being adopted by such masses in a rapid fashion, is that this coin was set to allow very rapid production of coins in its initial phases. In this way and due to the fact that it is valued as 1/1500 of the US Dollar (even at the moment) individuals were enjoying “spending” the currency in such small amounts with almost symbolic value as if the sum was big by sending 10K – 20K Doge to each other especially when the currency was first appeared.
It should be indicated that the use of Dogecoin was (and as a matter of fact still is) mainly based on making jests / jokes to each other in the internet. However, this proved to be an advantage instead of an disadvantage. Why? The answer is quite simple indeed.
From a technological standpoint, the use of Dogecoin makes no difference compared to using Bitcoin or any other coin, nor there is any difference in difficulty or ease of use. So anybody, who manages to use Dogecoin can use any other coins easily. If we consider that the reason for many people to be far and away to crypto currencies is that they haven’t fully grasped their operation and how they are used, Dogecoin served as a stepping stone in this regard.
Just think about it. A person, who likes one of your shares in a platform such as reddit, sends you 2.000 Dogecoins. (an amount that does not even make 1 USD when we considering the first time it emerged). Even if you have no concern with the subject, it is highly probable that you learn how to download a Dogecoin client, open up a wallet, transfer your coins from one place to another, store your coins safely and mine, just out of curiosity. So you see that you have accessed information that would take days to absorb by reading and studying within hours virtually with no costs and risks and without any effort even with fun.
From this point forward, using a different crypto currency is now very easy and accessible for you. Therefore, the biggest impact (and without a doubt, a very positive one) that the Dogecoin made on the other crypto currencies can be summarized as this.