What is Dogecoin?
Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online. Think of it as "the internet currency."
Dogecoin is a fun, new and rapidly growing form of digital currency. This form of digital currency is called "cryptocurrency"; a type of digital currency. Cryptocurrency is completely anonymous, decentralized, and extremely secure.
Dogecoin is used with a wallet on your computer, your smartphone, or a website. You can use it to buy goods and services, or trade it for other currencies (both other cryptocurrencies or traditional currency like US dollars).
One of the most popular uses for Dogecoin is "tipping" fellow internet-goers who create or share great content. Think of it as a more meaningful "like" or upvote, with real value that can be used all across the internet.
It is very easy to start using Dogecoin.
- Step 1: Get A Wallet.
- Step 2: Get Some Dogecoin.
- Step 3: Use Your Dogecoin.
- Step 4: Stay Up-to-Date.
Compared to other cryptocurrencies, Dogecoin has a fast initial coin production schedule: there will be approximately 100 billion coins in circulation by the end of 2014 with an additional 5.2 billion coins every year thereafter. As of 30 March 2014, over 65 billion Dogecoins have been mined.
The Dogecoin community and foundation have encouraged fundraising for charities and other notable causes. On January 19, 2014, a fundraiser was established by the Dogecoin community to raise $50,000 for the Jamaican Bobsled Team, which had qualified for, but could not afford to go to, the Sochi Winter Olympics. By the second day, $30,000 worth of Dogecoin was donated, and the Dogecoin to Bitcoin exchange rate rose by 50%. The Dogecoin community also raised funds for a second Sochi athlete Shiva Keshavan.
Inspired by the Winter Olympics fundraiser and smaller charity fundraising successes, the Dogecoin Foundation, led by Eric Nakagawa, began collecting donations to build a well in the Tana river bassin in Kenya in cooperation with charity: water. They set out to raise a total of 40,000,000 ($30,000 at the time) Dogecoin before World Water Day (March 22nd). The campaign succeeded, collecting donations from more than 4,000 donors, including one anonymous benefactor who donated 14,000,000 Dogecoin (~ $11,000) in what news media dubbed "the most valuable tweet in history".
On March 25, 2014, the Dogecoin community successfully raised 67.8 million Dogecoins (around $55,000 at the time) in an effort to sponsor NASCAR driver Josh Wise. Wise ran with a Dogecoin/Reddit-sponsored paint scheme at the Aaron's 499 at Talladega Superspeedway. On May 4, 2014, Wise and his car were featured for nearly a minute, during which the race commentators discussed Dogecoin and the crowdfunding effort, while finishing 20th and narrowly avoiding multiple wrecks. On May 16, 2014, Josh Wise won a spot at the Sprint All-Star Race through an online fan vote beating household name Danica Patrick, largely due to the efforts of the Dogecoin Reddit community. He finished the race in 15th. The developer of the NASCAR '14 video game has announced that they are looking into adding the Dogecar as a drivable car in an upcoming DLC.
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