How Does Doge Work? An Overview Of Dogecoin's Market

How Does Doge Work? An Overview Of Dogecoin's Market

From Mathew Philip

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Dogecoin started in 2013 as meme crypto that people bought in because of how adorable it was and for sheer participation, but nobody expected anything much about it. In 2018, it acquired a total of one billion US dollars which grew much more in 2020, when Elon Musk referred to it as the "crypto of the people." Dogecoin went into the market slow and steady, then experienced a booming 500% increase in buy-ins.

But seeing Dogecoin's achievement can be more overwhelming than motivating. Some are already enjoying the small leeways of the currency, and you might not be one of them yet. You might be just anyone scrolling through countless guide blogs about Doge. But there is nothing to worry about because Doge is an easy currency to enter and transact with other people. But more than the definition, what is Dogecoin?

It is like other cryptos, running through Blockchain technology, a ledger that runs digitally and records all transactions that do not necessitate the state to see or look after. What is a more straightforward explanation of Blockchain technology? Imagine carrying a wallet with two cards: one that you can use publicly, like an ID you can give to a store for a discount. And the other one is what you use for yourself only.

You see a store willing to give you an extra cookie so long as you give your public ID. You do, and you bought a cookie with an extra one. But the person beside you could not get the additional cookie because they do not have a public ID to show.

The analogy is mainly similar to how Blockchain works. You do have two cards: public and private. You use the public card to transact with other people in the same market. But the transaction process is more tedious. There are the miners who verify whether you can go about the transaction.

The miners look at your capacity based on your currency to trade and what exactly you want to trade. And the miners also work in a different setting under the same market. They work to get the most number of transactions verified.

Next, let us look at how you can purchase Doge. So, you have to go back to your wallet again. Then you should get an application that enables you to trade cryptocurrencies. You need to verify your account in that trading application by completing their registration form. It will ask you to put your bank details for faster transactions.

As you start trading, you will see the graphs for the leading cryptos and Dogecoins are there. You have to be aware that the better reputation crypto has, the higher the price you will have to pay to trade as much as you want to proceed to the Blockchain. Be wary of sites, too. You should verify their status by looking up their website and seeing if they are legitimate and trustworthy.

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