What Actually is Dogecoin?
With all the publicity Bitcoin has been receiving recently (1 unit reaching $1000 and then China refusing to trade with it) many may have also noticed something else emerging, under the name of Dogecoin. But what exactly is it?
Doge as a Meme
There are two things you need to know before I can tell you what Dogecoin is. The first thing is what doge is. For those of you who do not already know, Doge is a recent meme which made its first appearance on social blogging site Tumblr. It features an image of a dog, accompanied by various words and phrases written in the comic sans font. There is some debate on how it is pronounced but the general consensus is that it is pronounced 'douje'.
For more information on the topic I suggest these links:
What is Cryptocurrency?
The second thing you need to know is what a cryptocurrency is. A cryptocurrency is a special form of digital, computerized currency. Cryptocurrencies use the science of cryptography,i the study of solving and writing codes.
So basically cryptocurency is a form of money which is actually in the form of code.
Have you used cryptocurrencies before?
A note on Bitcoin
So now that we've discussed what cryptocurrency is, I think it is only fair we take a little time to discuss Bitcoin. At the moment it is one of the most powerful currencies in the world. One BTC is equal to over $500, and it started its life off being worthless. Over its short history it has had many ups and downs, especially when it comes to trading.
The worth of Bitcoin
At this moment Bitcoin is worth around $800 per unit (per BTC). If you own any bitcoins right now (as of January 7th 2014) I would suggest converting it to dollars, or your preferred currency here.
But what is Dogecoin?
We've gotten all the other stuff out of the way, now we can finally talk about Dogecoin. It is basically an alternative to Bitcoin. There are some minor differences between it and Bitcoin but they are not particularly important and they are a little too advanced for me or this article. The important thing you need to know about Dogecoin is that it is a cryptocurrency based off the popular Doge meme. It is only being talked about because it connects with popular culture. There are many over cryptocurrencies out there but this stands out because people 'like' it.
The current worth of Dogecoin
At this moment the worth of Dogecoin is only $ 0.00027, but don't let that scare you away, Bitcoin had to start off somewhere too. And out of all the various different cryptocurrencies out there, this is the only one that is rising in popularity. Many economists predict that it will be worth $100 per unit by the end of this year. If that is true I suggest you get the software and start trading now.
Top five current crypocurrencies
Worth of each unit in dollors
What is CoinyeWest?
Last but not least is the newest cryptocurrency to make a hype. This coin is based on the music artist Kanye West; but apparently not associated with him. The interesting thing about Coinye West is that it is not available yet, it comes out for trading on January 11th and it hopes to be a contender with Bitcoin, Litecoin and Dogecoin. I would keep an eye out for it in the near future.