Doges can be used for tipping and digital currency but are not worth anything intrinsically. They are also referred to as Dogecoin.
A common way of acquiring Dogecoin is by mining them. Mining is the process where someone uses their computer to solve math problems that verify transactions across a peer-to-peer network (usually the blockchain). The members of this network are rewarded with new coins or transaction fees, and those who verify these transactions earn new coins.
Dogecoin History
Dogecoin was created as a joke but has since grown into a large community. The Dogecoin community is responsible for raising the funds to get the Jamaican bobsled team to the 2014 Sochi Winter Olympics. At the time, they had collected $30,000. The deadline for payment was January 7th. The community raised $36,000 in just an hour and reached their goal of $50k before collecting an additional $30k from other sources to reach a final total of $77k in less than 24 hours.
On December 21st, 2013, Doges were used in a charity drive (Doge4Water) that helped raise nearly 40 million Dogecoins, equivalent to over $30,000 donated directly to the foundation building water wells in Kenya. You can watch Dogecoin’s history unfold and monitor the dogecoin price today at okx.com.
How Dogecoin Works
Dogecoin uses a Proof of Work system and has a block time of 1 minute. This means a new block is generated every minute (on average), and there are currently ~84 million Dogecoin in circulation. Dogecoin is an unproven coin with no significant commercial uses.
The original intention for Dogecoin was to create a fun cryptocurrency that could reach a wider demographic than Bitcoin. The creator also wanted to use the currency as an incentive for people to get involved in cryptocurrency and help promote it as one of the first truly accessible peer-to-peer digital currencies. It has certainly done that job, but some critics have called it a joke since the coin has no real intrinsic value and is worth less than one US penny right now.
Dogecoin Mining
Dogecoin can be mined with a CPU or GPU. The Dogecoin network generates 100 billion coins in its lifetime and the current block reward is set at 10,000 coins. There are several different ways of mining Dogecoin.
The most common form of mining Dogecoins is with a simple setup called a Scrypt Miner. This setup uses your computer’s graphics card to mine the coins. The idea behind this type of mining is that it keeps the process more accessible since nearly anyone can use their graphics cards to mine something (although you will be making less than $1 per day if you are doing this for fun).
You can also mine doges by working together with other miners through pools.
How can you use Dogecoin?
Dogecoin can be used to tip content creators or to donate to charities.
The vast majority of the Dogecoin community uses it as a method to tip people online. This has led to a vibrant ecosystem where users can donate their Dogecoins to each other or directly to the writers and artists they enjoy. The currency is also used for tipping on Reddit, Twitter, and elsewhere in social media:
The Future of Dogecoin
The community around Dogecoin is strong and continues to grow. The future of Dogecoin is being shaped by its community. Right now, it doesn’t look like this coin will be going anywhere soon. As more people are drawn to the digital currency ecosystem, they will get involved either as miners or as new users who want to use the coin for tipping and donations.
