ALL ABOUT DOGE COIN
Bitcoin is now worth thousands of dollars and eve reached a zenith of about $20,000 which has since gotten it nicknamed the “digital gold”. However, not all cryptocurrencies are as expensive and as such taken as seriously as Bitcoin, and one of those crypto assets is the ever-lovable Dogecoin. But what is DogeCoin (DOGE)?
What is the best dogecoin miner hardware? Bitcoin is rarely out of the headlines these days, as the talk of regulation and lack of regulation continue to inspire passionate debates about the cryptocurrency and blockchain technology universe it initiated just under a decade ago. Cryptocurrencies have come a very long way and are now firmly part of the psyche of the modern life.
The Bitcoin network was launched back in 2009 and since then a number of other cryptocurrencies have been launched and one of these cryptos is Dogecoin. Dogecoin was designed to be a friendly coin. It was designed to appeal to those that would ordinarily find it difficult to invest or start mining cryptocurrencies.
Best Dogecoin Miner Hardware
What is a Dogecoin Miner all about?
Doge coin is among the first wave of altcoins to come online after Bitcoin began to gain traction and value. It was first released in December 2013, by and Adobe Systems Engineer Jackson Palmer in conjunction with one Billy Markus from Portland, Oregon. At the time of its release, Bitcoin had become the hot currency for use by unsavory characters selling all kinds of illicit substances on what is known as the Darkweb.
Due to its high cryptography feature and no need for banks to process its transactions, Bitcoin became the perfect means of exchange for these drug vendors, and in a part joke and part protest, Dogecoin was created by Palmer and Markus to give it a distinct identity from Bitcoin and its dark world.
Origin Of Dogecoin
Dogecoin was not a fresh creation that was made from the ground up by its makers. It is essentially a fork of the Luckycoin crypto asset which in turn was created from the source code of Litecoin. Like both Luckycoin and Litecoin, Dogecoin is created using the Scrypt protocol which means that it cannot be mined using specialized hardware like ASIC miners, which in turn means there is a much fairer competition and no industrial mining rigs were ever developed for it.
The Dogecoin Mascot: What is it?
This crypto is often labeled as a joke cryptocurrency, partly because of its origin, and partly because of its legendary mascot, the Shiba Inu Doge from the Internet Meme sensation. While almost every cryptocurrency has a symbol, Doge is one of the very few with an official mascot.
Dogecoin prides itself as the cryptocurrency with the most feel-good, and vibrant community online. Due to the sub-penny value of the currency, most Dogecoin owners only use the crypto asset to tip one another, and to offer cryptocurrency newbies the chance to hone their skills when it comes to using wallets and other crypto features and facilities.
What is Dogecoin Mining?
Dogecoin as earlier stated is created based on the Scrypt protocol. There is no specialized hardware as of yet developed to mine the cryptocurrency, due to its very low value and limited exchange possibilities. At the initial phase, there were 100 billion Dogecoin to be ever created but in an announcement in February 2015, the Dogecoin Co-Founder Jackson Palmer made it known that Dogecoin would no longer carry a coin supply cap, and as such, the currency can be infinitely mined b those interested.
Launched in 2013, this coin is one of the most sought after and this is simply because of its good and playful nature. Ranked one of the most valuable coins in the market, Dogecoin has managed to become one of the best altcoins in the market. Experts and others in the industry have attributed this increase in value to its friendly and welcoming nature.
How it works
To get an idea of how mining works on Dogecoin, it is important that you first understand how it works in the first place. Basically, cryptocurrencies are digital currencies this means that they are not printed by a central authority. If that is the case, how then are coins released into the market?
When users carry out transactions on these crypto networks, it is the duty for a certain group of people (miners) on the network to validate and ensure that these transactions are original. They process these transactions and for that, they earn a percentage of coins. The percentage they earn is exactly how coins are released into the market. This is how it works on the Dogecoin network.
This is simply the act of getting rewards for validating transactions that are carried on the network. To become a miner, you need to run a node and compete against other miners in finding and adding blocks to the Blockchain network. These miners receive both the reward for finding blocks and also the transaction costs paid by these senders.
As a miner, you can either decide to join a pool or mine individually. One of the main benefits of joining a pool is that you get to spend less on getting the needed resources for mining. For those mining by themselves, they get all the rewards and transaction fees that they earn instead of having to share with others on the pool. Although mining pools have been identified to be the best way to mine coins because they are more productive.
Some of the best mining hardware for Dogecoin include but are definitely not limited to these;
- CPU – to mine Dogecoin, you can make use of your computer’s CPU. While this is powerful enough to mine Dogecoin, it is not recommended by experts because it may lead to serious damage to your computer. If you can take the risk, then you can use it to mine.
- GPUs – Graphics Processing Units are simply used to improve the graphics of your computer and they can also be used to mine Dogecoin. Currently, there are a number of GPUs you can choose from to mine Dogecoin.
How do you Store Dogecoin?
Although this is more or less a fun currency, the fact that it has a value that can be exchanged for other currencies or even fiat means that one has to take appropriate measures in order to keep it safe from the ever-sophisticated online hackers. Depending on the amount of Dogecoin you actually have, you have a wide range of options from the native wallet found at www.dogecoin.com/getting-started/ to the use of Hardware Wallets that support the currency.
If you wish to have quick access to your Doge coins for the sake of exchange or tipping fellow community members, then a hot wallet would do. But if you wish to keep it for long-term storage purposes, then a cold wallet option is highly recommended, of which a Paper Wallet will come in handy.
What are the Exchanges For DOGE Coins?
Doge coin like most other cryptocurrencies is now an exchangeable asset. Exchanges that accept Doge coins for other cryptocurrencies or fiat currency like the US Dollar in other instances include AltQuick, Canadian-based Satoshi Vault, Bter, and BTC38 among others. Not only exchanges, the first Doge ATM machine was unveiled in February 2014 in Vancouver, Canada.
What is the Future for a Best Dogecoin Miner?
The Doge coin fever has caught on over the years, and the currency still maintains one of the largest online communities of any cryptocurrency. However, due to the infinite supply of the currency, it is unlikely that Dogecoin will ever become a strong contender to take on heavyweights like Bitcoin and Ethereum in terms of value.
However, the plus side of the currency is that it is still among the growing number of currencies that are ASIC-resistant, which boosts the decentralization mantra that cryptocurrencies are supposed to champion. Also you never know what the price may end up being worth some day. Look at other coins and what they did.