Dogecoin

Definition of 'Dogecoin'


Dogecoin is a peer-to-peer open source cryptocurrency and falls under the category of altcoins. Launched in December 2013 with a Shibu Inus (Japanese dog) as its logo, Dogecoin looked casual in its approach but is gaining wide acceptance for online transactions. It is a decentralized virtual currency and uses peer-to-peer technology to carry out its operations. Dogecoin is scrypt based (i.e. based on a password key) and enables fast payments to anyone, anywhere across the globe.

Investopedia explains 'Dogecoin'


Dogecoin, which was created by Billy Markus and Jackson Palmer, is currently one of the fastest growing cryptocurrencies. The Dogecoin community has a slogan, ‘To the moon!’ which shows their optimism and enthusiasm towards this virtual currency.

Dogecoin is one of the many digital currencies that have been launched after the success of Bitcoin. Dogecoin presents itself broadly based on the Bitcoin protocol, but with modifications. It uses scrypt technology as a proof-of-work scheme. It has a block time of 60 seconds (1 minute) and the difficulty retarget time is four hours. There is no limit to how many Dogecoins can be produced i.e. the supply of coins would remain uncapped. Thus Dogecoin is an inflationary coin, while most cryptocurrencies (like Bitcoin) are deflationary (there’s a ceiling on the number of coins that would ever come into existence).

Dogecoin deals with large numbers of coin that are lesser in value individually, making the currency more accessible with a low entry barrier and fit for carrying out smaller transactions. With these traits, Dogecoin is becoming popular for "tipping" fellow internet-goers for sharing or creating great content. 

 



comments powered by Disqus
Hot Definitions
  1. Federal Reserve Note

    The most accurate term used to describe the paper currency (dollar bills) circulated in the United States. These Federal Reserve Notes are printed by the U.S. Treasury at the instruction of the Federal Reserve member banks, who also act as the clearinghouse for local banks that need to increase or reduce their supply of cash on hand.
  2. Benchmark Bond

    A bond that provides a standard against which the performance of other bonds can be measured. Government bonds are almost always used as benchmark bonds. Also referred to as "benchmark issue" or "bellwether issue".
  3. Market Capitalization

    The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share. The investment community uses this figure to determine a company's size, as opposed to sales or total asset figures.
  4. Oil Reserves

    An estimate of the amount of crude oil located in a particular economic region. Oil reserves must have the potential of being extracted under current technological constraints. For example, if oil pools are located at unattainable depths, they would not be considered part of the nation's reserves.
  5. Joint Venture - JV

    A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture (JV), each of the participants is responsible for profits, losses and costs associated with it.
  6. Aggregate Risk

    The exposure of a bank, financial institution, or any type of major investor to foreign exchange contracts - both spot and forward - from a single counterparty or client. Aggregate risk in forex may also be defined as the total exposure of an entity to changes or fluctuations in currency rates.
Trading Center