Billy Markus helped him turn this funny cryptocurrency into a reality. Of course, we must not forget “Shibetoshi Nakamoto” – an obvious joke on the name of Bitcoin’s creator – Satoshi Nakamoto.
Because Bitcoin gives a sense of complexity, Dogecoin was designed to be a more friendly form of cryptocurrency (practically, is a coin with a dog on it). After its launch, people have started to become more and more open to this currency, making it a friendly huge crypto community.
The Dogecoin community became bigger and involved in many charitable acts globally such as:
– ₤25,000 raised to help build a well in the Tana river basin from Kenya, for World Water Day in March 2014. The community had planned to raise a total of 40,000,000 Dogecoins, and they did it!
– In 2014, the Jamaican Bobsled Team were qualified for the Sochi Winter Olympics but financially they needed ₤41,000 to go, which they didn’t have. Dogecoin community succeeded this time too, at which point, Dogecoin to bitcoin exchange rate has raised by 50%.
– One of the largest amounts collected within the community was 67.8 million Dogecoins (₤45,000 at that time) to sponsor Josh Wise NASCAR driver.
Dogecoin also has a Reddit community called Shibe group, they built a tipping system, using the Dogetipbot where the users can tip each other with Dogecoins for the good content or other services.
Also see: Who is Satoshi Nakamoto?
Unlike Bitcoin, Dogecoin doesn’t have a supply limit, in reality that’s why the Dogecoin price is very small, about $0.002216 today and its price will not rise as much as the other strong cryptocurrencies. There are 121 billion Dogecoins in circulation now and this amount is endless.
Being a small worth cryptocurrency, Dogecoin is a good cryptocurrency used for small transactions as online donations or tipping.
Like the other cryptocurrencies, there is a risk of Dogecoin being hacked. It happened in December 2013 when a hacker gained access to the Dogewallet platform’s filesystem and modified it’s send/receive page to send all coins to a static address. He succeeded in stealing about 21 million Dogecoins. To help the people who have lost their coins, the community started a campaign called “SaveDogemas” to donate the lost coins to those who had them stolen. In just one month, they managed to collect all the lost coins and even more than that.
According to the Dogecoin’s creator, Jackson Palmer, being in this cryptocurrency market is like being in a bubble, always about to burst, saying he hopes that “when that does happen and people lose large sums of money, the negativity in the market doesn’t stifle technological innovation or interest in digital currency from the mainstream.”
An interesting fact about the DOGE community is that it made it possible to gather the necessary amount of Dogecoin in 2019 to send a golden physical copy of a Dogecoin to the Moon with the help of Astrobotic. If all goes according to plan, in Q1 2021, Dogecoin will be the first cryptocurrency that will actually reach the Moon!
If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.