What is Dogecoin, and what is its history? What is the reason for calling it this name ?? How can I set Dogecoin? What is the difference between Bitcoin and Dogecoin ??
Dogecoin is one of the most popular digital currencies, so what is Dogecoin, what is the difference between Bitcoin and Dogecoin, and how is Dogecoin mined?
What is a dog coin?
It is a cryptocurrency like other virtual digital currencies such as Bitcoin, which is distinguished by being very fast, unlike other currencies, in addition to being decentralized - that is, no one manages it like the circulated paper currencies - and is not subject to any control by anyone, even whoever created it cannot monitor your financial transactions. In Dogecoin coin!
The Name
The dog coin was named after the dog programmer Billy Marcus, who adopted the project of this digital currency as he was nicknamed “Shibatoshi”, this nickname is the combination of the word “Sheba” - the name of the dog - and “Toshi” taken from the name of the founder of the Bitcoin currency “Satoshi” “.
The origin and history of the dog coin
Dogecoin was created in December 2013 by programmer Billy Marcus, as its price started from $ 0.00026 but quickly rose suddenly, until it reached on the 19th of the same month the equivalent of $ 0.95 per thousand of dogecoin currency, the reason for this The rise is the decline of other digital currencies such as Bitcoin, which was affected by China's decision to prevent investment in Bitcoin in Chinese banks and banks, after several days the currency fell very significantly and by 80%, but it gradually rose again.
The price of a currency is in great turmoil in 2021, as it is currently settled at 0.337800.
The development of Dogecoin
The Dogecoin development came to prominence on the 19 of 2018, as its price stabilized to the equivalent of $ 0.0066 i.e. $ 6.6 per thousand Dogecoin coins.
The first automatic teller machines for currency appeared in 2014, the first was in Canada in February, and the second in Mexico in March, when two cashiers were offered that support both Dogecoin and Bitcoin.
Coin mining
How do I set up a Dogecoin?
Dogecoin can be mined using two methods:
The first: by mining on the electronic cloud by reserving a part of the server of a specific company or site, which performs the mining process, and this method is considered the best for beginners in the field of mining in particular and in the technical field in general.
Second: It is the usual method of mining using your Mac, Linux, or Windows machine.
Is Dogecoin mining profitable?
Perhaps a lot will ask whether mining Dogecoin is profitable or not, in fact, the Dogecoin currency is considered to have low financial returns because it is low in price. Therefore, any devaluation of the currency may become a problem for those who pay high costs in bringing the requirements of the mining process such as high-speed devices and others .
The difference between Bitcoin and Dogecoin?
Bitcoin is a digital currency that many users around the world, so what is the difference between Bitcoin and Dogecoin? The following table shows the difference between them.
Ease of mining
Mining a Dogecoin is easy and simple, that is, its algorithms are easy and uncomplicated to decipher, as it takes one minute to mine a single block.
While Bitcoin mining is difficult and has complex algorithms, not to mention the intense competition and the abundance of miners for it, mining a single block takes 10 minutes.
Its price
Dogecoin is very cheap and thus easy to obtain.
While the price of Bitcoin is very high and often unstable in the market, as it has reached $ 40,000 per bitcoin!
the speed
Dogecoin is a very fast currency.
Bitcoin is slow.
Can I convert this currency into dollars?
It may be a figment of the imagination, but in fact it can be monetized!
The Canadian company Vault of Satoshi supported the Dogecoin currency, converting it into any monetary currency, this support that the currency received only indicates the success of the Dogecoin.
A number of experts believe that the Dogecoin is the currency of the future, due to the process of inflation that can be predicted according to the global market.