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What is Dogecoin?
Dogecoin is a decentralized Internet currency for settlements between network users. The token is developed on the Scrypt algorithm; it was based on a fork of the LTC coin called Luckycoin.
The creator of Dogecoin cryptocurrency is programmer Billy Markus. He came up with the idea of issuing a fun digital coin that could become more popular and in demand than Bitcoin. Dogecoin gets its name from the original "doge" Internet meme, which is based on a photograph of the Japanese dog Shiba Inu.
The founder of SpaceX and Tesla, Elon Musk, repeatedly called Dogecoin his favorite cryptocurrency, and jokingly announced himself as the CEO of the project. At the same time, it is known that the billionaire himself is not an investor in digital money, but only owns 0.25 BTC.
- Speed and cost. Doge boasts fast transactions and low transaction fees.
- Unlimited offer. The coin was originally limited to 100 billion coins, but was later replaced with an unlimited supply.
- Dogecoin Community — over 100,000 Reddit members are known for their friendly and welcoming group.
- Charity. DOGE users use currency for good deeds. For example, they raised over $25,000 in Dogecoin to help send a cash-strapped Jamaica bobsled team to the 2014 Olympics. They also partnered with a water charity to mobilize thousands of people to access clean water in Kenya.
Transaction processing speed
One of the advantages of Doge is the very fast transaction processing speed compared to other cryptocurrencies. This is due to relatively simple mining, which allows for faster block processing. The block is created once a minute, that is, 2.5 times faster than LTC. Only 4 DOGE blockchain confirmations is needed to complete the exchange.
Dogecoin network fee
Dogecoin has one of the lowest fee rates, while it practically does not change even when transferring large amounts. The average fee is no more than $0.01.