Best Dogecoin Mining Pools in 2020: The Complete List ...
Dogecoin Mining Software « Doge Door
How do I mine Dogecoin?
Let’s take a lucky guess that you’re here today because you’ve heard a lot about cryptocurrencies and you want to get involved, right? If you’re a community person, Dogecoin mining might be the perfect start for you! Bitcoin was the first in 2009, and now there are hundreds of cryptocurrencies. These new coins (that operate on their own native blockchain) are called altcoins or alternative coins. One popular altcoin is Dogecoin. It can be bought, sold and traded, just like Bitcoin. It can also be mined! So, what is Dogecoin mining? You’ll know what hardware and what software you need to get started. You’ll also know whether or not Dogecoin mining is for you! So, where would you like to start? The beginning? Great choice. Let’s have a quick look at how Dogecoin got started. A (Very) Short History of Dogecoin In 2013, an Australian named Jackson Palmer and an American named Billy Markus became friends. They became friends because they both liked cryptocurrencies. However, they also thought the whole thing was getting too serious so they decided to create their own. Palmer and Markus wanted their coin to be more fun and more friendly than other crypto coins. They wanted people who wouldn’t normally care about crypto to get involved. They decided to use a popular meme as their mascot — a Shiba Inu dog. https://preview.redd.it/rymnyyz1iil31.png?width=303&format=png&auto=webp&s=f138e3fe56eef9c6b0e7f49b84fefc41fb83e5aa Dogecoin was launched on December 6th, 2013. Since then it has become popular because it’s playful and good-natured. Just like its mascot! Dogecoin has become well-known for its use in charitable acts and online tipping. In 2014, $50,000 worth of Dogecoin was donated to the Jamaican Bobsled Team so they could go to the Olympics. Dogecoin has also been used to build wells in Kenya. Isn’t that awesome! Users of social platforms – like Reddit – can use Dogecoin to tip or reward each other for posting good content. Dogecoin has the 27th largest market cap of any cryptocurrency. Note: A market cap (or market capitalization) is the total value of all coins on the market. So, Dogecoin is a popular altcoin, known for being fun, friendly and kind. It’s a coin with a dog on it! You love it already, don’t you? Next, I want to talk about how mining works… What is Mining? To understand mining, you first need to understand how cryptocurrencies work. Cryptocurrencies are peer-to-peer digital currencies. This means that they allow money to be transferred from one person to another without using a bank. Every cryptocurrency transaction is recorded on a huge digital database called a blockchain. The database is stored across thousands of computers called nodes. Nodes put together groups of new transactions and add them to the blockchain. These groups are called blocks. Each block of transactions has to be checked by all the nodes on the network before being added to the blockchain. If nodes didn’t check transactions, people could pretend that they have more money than they really do (I know I would!). Confirming transactions (mining) requires a lot of computer power and electricity so it’s quite expensive. Blockchains don’t have paid employees like banks, so they offer a reward to users who confirm transactions. The reward for confirming new transactions is new cryptocurrency. The process of being rewarded with new currency for confirming transactions is what we call “mining”! https://preview.redd.it/rcut2jx3iil31.png?width=598&format=png&auto=webp&s=8d78d41c764f4fe4e6386da4f40a66556a873b87 It is called mining because it’s a bit like digging for gold or diamonds. Instead of digging with a shovel for gold, you’re digging with your computer for crypto coins! Each cryptocurrency has its own blockchain. Different ways of mining new currency are used by different coins where different rewards are offered. So, how do you mine Dogecoin? What’s special about Dogecoin mining? Let’s see… What is Dogecoin Mining? Dogecoin mining is the process of being rewarded with new Dogecoin for checking transactions on the Dogecoin blockchain. Simple, right? Well no, it’s not quite that simple, nothing ever is! Mining Dogecoin is like a lottery. To play the lottery you have to do some work. Well, actually your computer (or node) has to do some work! This work involves the confirming and checking of transactions which I talked about in the last section. Lots of computers work on the same block of transactions at the same time but the only one can win the reward of new coins. The one that earns the new coins is the node that adds the new block of transactions to the old block of transactions. This is completed using complex mathematical equations. The node that solves the mathematical problem first wins! It can then attach the newly confirmed block of transactions to the rest of the blockchain. Most cryptocurrency mining happens this way. However, Dogecoin mining differs from other coins in several important areas. These areas are;
Algorithm: Each cryptocurrency has a set of rules for mining new currency. These rules are called a mining or hashing algorithm.
Block Time: This is the average length of time it takes for a new block of transactions to be checked and added to the blockchain.
Difficulty: This is a number that represents how hard it is to mine each new block of currency. You can use the difficulty number to work out how likely you are to win the mining lottery. Mining difficulty can go up or down depending on how many miners there are. The difficulty is also adjusted by the coin’s protocol to make sure that the block time stays the same.
Reward: This is the amount of new currency that is awarded to the miner of each new block.
Now, let’s compare how DogeCoin mining works compared to Litecoin and Bitcoin… Mining Comparison Bitcoin uses SHA-256 to guide the mining of new currency and the other two use Scrypt. This is an important difference because Scrypt mining needs a lot less power and is a lot quicker than SHA-256. This makes mining easier for miners with less powerful computers. Fans of Litecoin and Dogecoin think that they are fairer than Bitcoin because more people can mine them. Note: In 2014, Litecoin and Dogecoin merged mining. This means they made it possible to mine both coins in the same process. Dogecoin mining is now linked with Litecoin mining. It’s like two different football teams playing home games in the same stadium! Mining Dogecoin is a lot faster than mining Litecoin or Bitcoin. The block reward is much higher too! Don’t get too excited though (sorry!). Dogecoin is still worth a lot less than Bitcoin and Litecoin. A reward of ten thousand Dogecoin is worth less than thirty US Dollars. A reward of 12.5 Bitcoin is currently worth 86,391.63 US Dollars! However, it’s not as bad as it sounds. Dogecoin mining difficulty is more than one million times less than Bitcoin mining difficulty. This means you are much more likely to win the block reward when you mine Dogecoin. Now I’ve told you about what Dogecoin mining is and how it works, would you like to give it a try? Let’s see what you need to do to become a Dogecoin miner… How to Mine Dogecoin There are two ways to mine Dogecoin, solo (by yourself) or in a Dogecoin mining pool. Note: A Dogecoin pool is a group of users who share their computing power to increase the odds of winning the race to confirm transactions. When one of the nodes in a pool confirms a transaction, it divides the reward between the users of the pool equally. Dogecoin Mining: Solo vs Pool When you mine as a part of a Dogecoin pool, you have to pay fees. Also, when the pool mines a block you will only receive a small portion of the total reward. However, pools mine blocks much more often than solo miners. So, your chance of earning a reward (even though it is shared) is increased. This can provide you with a steady new supply of Dogecoin. If you choose to mine solo then you risk waiting a long time to confirm a transaction because there is a lot of competition. It could be weeks or even months before you mine your first block! However, when you do win, the whole reward will be yours. You won’t have to share it or pay any fees. As a beginner, I would recommend joining a Dogecoin pool. This way you won’t have to wait as long to mine your first block of new currency. You’ll also feel like you’re part of the community and that’s what Dogecoin is all about! What You Need To Start Mining Dogecoin Before you start Dogecoin mining, you’ll need a few basics. They are;
A PC with either Windows, OS X or Linux operating system.
An internet connection
A Shiba Inu puppy (just kidding!)
You’ll also need somewhere to keep the Dogecoin you mine. Go to Dogecoin’s homepage and download a wallet. Note: A wallet is like an email account. It has a public address for sending/receiving Dogecoin and a private key to access them. Your private keys are like your email’s password. Private keys are very important and need to be kept completely secure. There are two different types; a light wallet and a full wallet. To mine Dogecoin, you’ll need the full wallet. It’s called Dogecoin Core. Now that you’ve got a wallet, you need some software and hardware. Dogecoin Mining Hardware You can mine Dogecoin with;
Your PC’s CPU: The CPU in your PC is probably powerful enough to mine Dogecoin. However, it is not recommended. Mining can cause less powerful computers to overheat which causes damage.
A GPU: GPUs (or graphics cards) are used to improve computer graphics but they can also be used to mine Dogecoin. There are plenty of GPUs to choose from but here are a few to get you started;SAPPHIRE Pulse Radeon RX 580 ($426.98)Nvidia GeForce GTX ($579.99)ASUS RX Vega 64 ($944.90)
A Scrypt ASIC Miner: This is a piece of hardware designed to do one job only. Scrypt ASIC miners are programmed to mine scrypt based currencies like Litecoin and Dogecoin. ASIC miners are very powerful. They are also very expensive, very loud and can get very hot! Here’s a few for you to check out;Innosilicon A2 Terminator ($760)Bitmain Antminer L3 ($1,649)BW L21 Scrypt Miner ($7,700)
Dogecoin Mining Software Whether you’re mining with an ASIC, a GPU or a CPU, you’ll need some software to go with it. You should try to use the software that works best with the hardware you’re using. Here’s a short list of the best free software for each choice of mining hardware;
CPU: If you just want to give mining a quick try, using your computer’s CPU will work fine. The only software I would recommend for mining using a CPU only is CPU miner which you can download for free here.
GPU: If you mine with a GPU there are more software options. Here are a few to check out;CudaMiner– Works best with Nvidia products.CGminer– Works with most GPU hardware.EasyMiner– User-friendly, so it’s good for beginners.
Scrypt ASIC miner:MultiMiner– Great for mining scrypt based currencies like Litecoin and Dogecoin. It can also be used to mine SHA-256 currencies like Bitcoin.CGminer and EasyMiner can also be used with ASIC miners.
Recommendations You’re a beginner, so keep it simple! When you first start mining Dogecoin I would recommend using a GPU like the Radeon RX 580 with EasyMiner software. Then I would recommend joining a Dogecoin mining pool. The best pools to join are multi-currency pools like Multipool or AikaPool. If you want to mine Dogecoin but don’t want to invest in all the tech, there is one other option… Dogecoin Cloud Mining Cloud mining is mining without mining! Put simply, you rent computer power from a huge data center for a monthly or yearly fee. The Dogecoin is mined at the center and then your share is sent to you. All you need to cloud mine Dogecoin is a Dogecoin wallet. Then choose a cloud mining pool to join. Eobot, Nice Hash and Genesis Mining all offer Scrypt-based cloud mining for a monthly fee. There are pros and cons to Dogecoin cloud mining; The Pros
It’s cheaper than setting up your own mining operation. There’s also no hot, noisy hardware lying around the house!
As a beginner, there isn’t a lot of technical stuff to think about.
You get a steady supply of new currency every month.
Cloud mining pools don’t share much information about themselves and how they work. It can be hard to work out if a cloud mining contract is a good value for money.
You are only renting computer power. If the price of Dogecoin goes down, you will still have to pay the same amount for something that is worthless.
Dogecoin pools have fixed contracts. The world of crypto can change very quickly. You could be stuck with an unprofitable contract for two years!
It’s no fun letting someone else do the mining for you!
Now you know about all the different ways to mine Dogecoin we can ask the big question, can you make tons of money mining Dogecoin? So, Is Dogecoin Mining Profitable? The short answer is, not really. Dogecoin mining is not going to make you a crypto billionaire overnight. One Dogecoin is worth 0.002777 US Dollars. If you choose to mine Dogecoin solo, it will be difficult to make a profit. You will probably spend more money on electricity and hardware than you will make from Dogecoin mining. Even if you choose a Dogecoin pool or a cloud pool your profits will be small. However, if you think I am telling you to not mine Dogecoin, then you’re WRONG! Of course, I think you should mine Dogecoin! But why? Seriously… Well, you should mine Dogecoin because it’s fun and you want to be a part of the Dogecoin family. Cryptocurrency is going to change the world and you want to be part of that change, right? Mining Dogecoin is a great way to get involved. Dogecoin is the coin that puts a smile on people’s faces. By mining Dogecoin you’ll be supporting all the good work its community does. You’ll learn about mining from the friendliest gang in crypto. And who knows? In a few years, the Dogecoin you mine now could be worth thousands or even millions! In 2010, Bitcoin was worthless. Think about that! Only you can choose whether to mine Dogecoin or not. You now know everything you need to know to make your choice. The future is here. So, what are you going to do?
Charlie Lee's (aka coblee) final thoughts on Merged Mining
I'm glad to see that my post has got the community talking. This is what I wanted to do. Sorry for trying to scare you guys into action. Most shibes do not realize how bad the situation is and will become. I was around when Namecoin went through the rollercoaster difficulty problem and had to merged mine in 2011. I've mined Namecoin and I have also mined Namecoin merged mined with Bitcoin. I created Litecoin and spent 3 years working on it seeing it go from a CPU coin to a GPU coin and now a ASIC coin. I've seen many coins get attacked for lulz. So there are only a few people that truly understands the situation you are in as well as I do. Most of them are happy to sit back and make popcorn. But, I felt responsible for doing something (anything) to try to help. The first time I approached you guys, I thought it was win/win for Dogecoin and Litecoin. Today, it's pretty much only to help Dogecoin survive. I own some Doge, not a trivial amount but also not a huge amount. So I won't lose sleep over it if it goes to 0, but I am definitely not doing this to protect my investment. And I don't make posts to try to manipulate the market. You may not have liked the way I presented the facts in my post. Some think it's FUD. Maybe I did do a little of that to scare people to action. But whatever the case, at least it's working. Some of you hate me. Some of you think that I'm an egotistical maniac that just came here to gloat and say I told you so. Whatever. I'm too thick-skinned to let this bother me. I do what I feel is right. All I know is that I will hate to live with the fact that I knowingly let dogecoin get attacked when I could have done something about it. Maybe it's because if Litecoin is my child, Dogecoin is my grandchild (or is it my child's dog?) The community and good will you have built in such a short time is admirable. I would hate to see it get destroyed by someone doing it for lulz. And if Dogecoin does get attacked, it will be bad for all of crypto-currency. Dogecoin introduced a lot of new people to crypto-currency. These people will be hurt the most. And that's bad for everyone. I still see a lot of confusion about merged mining, and I would like to clarify as much as I can:
This is not an offer from me or Litecoin. I am just proposing a solution. You can do whatever you want and I can't stop you.
If you do decide to merged mine, TheMage and I (and others) will do whatever we can to convince pools to merged mine.
Merged mining will fix your hashrate problem so that you would never to worry about hashrate and can concentrate on what's more important.
Merged mining does not merge our community, our devs, or anything for that matter. Litecoin users hate that just as much as you guys hate it.
Merged mining is not the only viable option. You should explore all the options and decide what's best for Dogecoin.
I truly believe something needs to be done now. You do not have much more time to wait.
Lastly, no solution will please everyone. So the dev team will need to make a decision after weighing everything. But inaction is the worst decision.
And if you have questions about how merged mining works, please read my whole merged mining AMA again. It answers all your questions about why merged mining does not hurt dogecoin price. And why merged mining is really the best solution to this unique problem. I will be around to answer any questions. (But please read the AMA first) And I am at the Chicago Bitcoin conference today and will be at CoinCongress in San Francisco on Wednesday/Thursday. If anyone wants to approach me to talk in person, I will be glad to. I don't bite... really, I don't. :) *EDIT: I tipped the top posts each 1000 doge until I ran out of coins. I got most of these coins as thanks when I did the AMA. Figure I should pass these back to people who are contributing to this conversation. Thanks! *
New to Cryptocurrency? Please read this, my advice from following the crypto community.
Hey folks -- Incredibly unexpectedly to me, DogeCoin seems to have struck a chord with the world, and now I'm seeing all sorts of new people into cryptocurrency. Welcome! To me, the cryptocurrency scene is utterly fascinating. However, as it is so new and money is involved, it can be quite dangerous. So, I'd like to share some advice that I've attained through being involved in the community for awhile:
The world of Cryptocurrency is the Wild West 2.0
This is the main point I want to make, and the rest are just supporting details. There are good people and there are scammers. There are opportunities to grow and learn and contribute cool things, and there are sharks that will take advantage of people and fraud them out of money. There are genuine market dynamics as well alongside massive manipulation, and it's hard to tell which is which without studying it for awhile. There aren't any rules, there can be rampant greed a times, there are always bubbles on bubbles on bubbles (see http://www.pbs.org/wgbh/nova/body/mind-over-money.html -- this basically shows that humans naturally make financial bubbles and how the entire market is ruled by psychology). I have no doubt that cryptocurrency will be studied for years, academically, as "what happens in a free market." Fascinating stuff. Just know what you're getting yourself into!
Never "invest" in Cryptocurrency more than you are willing to lose
First of all, buying cryptocurrency is not really investing, it's much closer to gambling. I have never recommended purchase of any crypto with dollars to anyone, but I always recommend mining, because it's quite inexpensive and makes it easier to treat these coins as magic funny money. Pretty much all cryptocurrency "value" is just the amount of bitcoin people are trading it for, and bitcoin is an extremely volatile asset that can and has dropped in value 50%+ overnight, and that isn't any different with DogeCoin. This is why I want to keep the DogeCoin community lighthearted. It's never fun to lose money, but everyone needs to understand that, unless they are just mining, any money they put into it can be lost. Not trying to scare everyone away! Just be careful.
If you decide you want to purchase, use exchanges, ebay/paypal is not generally recommended
Even though I wouldn't recommend purchasing over mining, if you insist, I would always recommend going through http://coinbase.com, purchasing bitcoin, and trading it for dogecoin at market value on one of the major exchanges (bter, vircurex, coinedup, imo. Cryptsy, as you have seen, is a bit of a toilet) as opposed to purchasing anything on ebay/paypal, even though it is faster. First of all, people mark up the price on ebay, because they are targetting newbies. Second of all, paypal will not honor any cryptocurrency agreement, so if the buyer files a dispute, the seller won't get the money - another reason for markup. This goes for selling as well, for the same reasons.
Use different passwords on different sites
The vast majority of people are honest, but not everyone, so be careful and diligent. Don't use the same password twice, set up 2-factor authentication wherever you can. Forums often get hacked and steal passwords, and sometimes site operators aren't safe and have your passwords hidden in plaintext.
Make wallet backups and encrypt your wallet
Your wallet.dat file holds are your coins. If you lose that, you are toast. If someone copies that file from you, they can steal all your coins. You want to encrypt it and use a very strong password, and back it up - on a thumb drive, etc. Or export the private key and write it down somewhere (google paper wallet for how to accomplish this) Note that there is a bug right now for some windows platforms when encrypting the wallet. I'll fix it soon..ish... >_<
Don't leave your coin in online exchanges or pools too long, or too much online wallets
When you're using an exchange, pool, or online wallet, keep in mind that at any point they can go down or be hacked. It's best to keep the payout threshold low in pools and only keep money in online exchanges you find trustworthy with 2-factor authentication. Considering its newness, DogeCoin does not yet have long running trusted services, so of course not saying dogewallet (or any other wallet service that will come about for dogecoin) is untrustworthy, but that it is a risk to keep too much coin in any type of online wallet. (Note - dogewallet turned out to be a unsafe/compromised/maybe a scam)
Consider Mining CPU Coins and GPU coins at the same time
If you're mining Dogecoin with a graphics card, you can also mine with your CPU at the same time (though generally you'll need to use MAX_CPU_THREADS - 1 to avoid issues). There are some coins that are essentially CPU only -- the most interesting of these, I find, are Primecoin and Protoshares. The easiest way to do this is to go through http://www.ypool.net and follow the instructions from that site. Both these coins are well established and have interesting algorithms. Mining two coins at once -- much profit!
Try not to become elitist! Continue being generous, welcoming, and have fun
This is my last piece of advice to all. This is the tone I hope to always keep for DogeCoin. The cryptocommunity is full of elitism and greed, and it makes sense in from a psychological standpoint. People get very invested and want to thwart away anything that entrenches on their territory. I hope that the DogeCoin community will never get that way. I want us to understand how that happens and resist it. Even though 5 new coins just came out that essentially cut and paste DogeCoin, we don't need to trash their coins and feign being superior to everyone - there will be many more popular coins that come out in the future. And really, I mean, c'mon. I slapped a dog on a coin :) Let's remember that and continue to do what I am seeing right now, which is incredibly welcoming, generous, and fun. Thanks folks. Enjoy your holidays :)
I've got to be crazy you say? Mining DogeCoin is always Much Profit you say? (Such Bull. Much Graphic) Well it's not and it wasn't going to be!
DogeCoin Mining is no longer stable, due to switching mining pools and people who follow Coinwarz to the second, the difficulty is swinging wide and large. (FORE)
DogeCoin Mining is no longer Much Profitable (ABANDON SHIBE) in comparison to Litecoin which has a long-term growth rate and a value that follows the gains of BitCoin.
DogeCoin Mining is now bringing in less Doge than the market cap of cryptsy (144 BTC/day or less)(DOG POUND) and most of the Doge in the marketplace is being bought and attempted to be sold at a short term profit.
What does this all mean?
Due to the current drop in Bitcoin price, the price of Doge should have gone up (Sputtering Car. Very Stall), however the market is resisting
Mining with large rigs aimed at DogeCoin will yield less profits than mining Litecoin or other alt-coins that are appreciating in value.
Have we lost our faith in Doge?
No, since we only have a small Mining operation here at MAD Doge, we're sticking with DogeCoin to the bitter end, and it's always a good time to CPU mine a few doge yourself. But as far as Large Mining Rigs are concerned (500KHASH+) we recommend splitting to a more profitable coin, and fast (Squealing tires).
The Entire alt-coin empire is seeing a downturn in pricing (Sad Shibe) and the whole community is starting to feel the pressure.
It's not over:
The end of DogeCoin is not near, it is still topping charts as one of the most popular Alt-Coins, but has little to no backing. (Crickets)
Once we see traction, we'll see a real boost, but that usually takes months.
Patience Prevails, so strap in and hold on, the Moon is Pretty far away.
So, do you want us to cover some new topics, since Doge is not going anywhere fast, we're really scraping for news. As far as previous stuff goes, here's what's happened:
Well, it was expected that this could happen since BitCoin dealt with all of that. Unfortunately it's also sad to know that even though closing of markets could bring down BitCoin only to $500 (After it's quick rise), yet it was a variety of illegal activities spurring on others that brought BitCoin to it's current level. What really makes me THIS right now is that BitCoin's sketchy past is ruining people's view of crypto currency now. This year was supposed to be the year of the BitCoin (or more importantly, the year of the crypto currency) but instead it's looking like the year of the fall of BitCoin. I'm not saying BitCoin will be wiped from existence, but at the time when investors are starting to look at BitCoin, this could not have come at a worse time. What can we do? Get down to serious business, that's what.
Keep friends who are thinking about Buying/Selling drugs with DOGE to avoid it.
Represent DogeCoin seriously, we can still have fun within the community, but outsiders are very weary. Look at it this way, shy dogs don't just walk up to dogs chasing each other, they usually join in when they see confident dogs looking for some new friends.
DOGE can't be brought down and we're looking at some defining moments. I'm looking at a rise...perhaps a moderate buy. BUY BUY BUY
The mining rate is very high and that usually drives up demand
The USD value is still high, but it seems to be a new standard
The Jamaican Bobsled Team is running Sunday, get in early before the news catches on.
It's all turning out to be the foundation that each coin is based on. Thankfully DogeCoin has a firm foundation of classy shibes.
This is intended to be a short guide covering the most common questions and answers for new Shibes. For more detailed guides on all of the topics mentioned here, see the "Getting Started" sidebar. How Do You Pronounce Doge? Doge like Vogue. Or like the guy in the background of the Snoop Dog song "What's My Name". I Got a Tip, What Do I Do? If you received a tip from another Redditor, dogetipbot will send you a private message asking if you want to accept the tip. Just send a reply with +accept in the message and dogetipbot will create your wallet automatically and send you the wallet address. I Haven't Gotten a Tip But I'd Like to Get into Tipping. If you've never received a tip but still want to get started, send a private message to dogetipbot with +register in the body and dogetipbot will make you a Reddit Dogecoin wallet. How do I tip someone? Below your comment, type: +dogetipbot 500 doge (change the 500 to the amount of doge you wish to send). If the user doesn't accept your tip or doesn't set up a wallet for 2 days, tip expires and is credited back to you. How Does My Doge Tipping Account Work? It is automatically linked to your Reddit account. To add Dogecoins to it, send them from your software wallet. Once you have coins in your Dogetipbot wallet, you can also do it in reverse - sending the Dogecoins from your Dogetipbot wallet to your software wallet. How Do I know the Tip I Sent Worked? You will receive an instant "successful" message if the receiver already has a dogetipbot account. If they dont initially but register for one after receiving your tip, you will then get a "successful" message. After two days if the tip is not claimed, it is returned to you. What is the easiest and safest way to buy Dogecoins?
Purchase Bitcoin(s) using Coinbase.
Send your Bitcoin(s) to a Dogecoin exchange (in order of volume): Cryptsy, Vircurex, Coined Up, CoinEX
Trade your Bitcoin(s) for DOGE.
How do I mine Dogecoins?
Already have the software wallet? Skip to 3. Otherwise Download the Dogecoin wallet from Dogecoin.com
Unzip and run the Dogecoin-qt.exe program (no installation needed).
Now that I have Dogecoins in my software wallet, how do I get them to my Dogetipbot wallet so I can tip on Reddit?
Just send the amount you wish from your software wallet to the dogetipbot wallet address it provided you. To retrieve your dogetipbot wallet address, send a message to dogetipbot with +info in the message.
What commands can I send to the Dogetipbot? Send a message to dogetipbot and in your message include one of the following commands: +register - request a dogecoin tipping address that you can send dogecoins to. This will also become the address received tips go to. +info - check your dogecoin tipping balance. +withdraw - used to withdraw coins from your Dogetipbot account to an external address (like the software wallet you downloaded on your computer). Syntax: withdraw [wallet address] [amount] doge (or) withdraw [wallet address] all doge (withdraws all your dogecoins). Don't include the brackets. +accept - accept a tip if you've never registered with dogetipbot before. If you've already registered, you will accept tips automatically. +reject - reject a tip. Can only be done if you haven't registered yet. Not recommended (who would say no to free DOGE?).
Shibe tank! Much worry! Oh no!~ Quelling the panic and fear of the pricedrop in dogecoin, your weekly guidance!
There are two main factors at play in the dogecoin market driving the price down: 1) Early adopters who are taking profit. 2) professional miners who are "selling up the food chain" to get to bitcoins. A. Early in the game, 1 megadoge was common and very low in value. Now, 1 megadoge is a small fortune to some. To those with a large portfolio (10 - 100 mil plus) the recent rise in price is a windfall. They could be looking at >$50K USD portfolio values and it become tempting to sell out, especially during christmas time. This drives the price down naturally. It also causes panic selling, while people who own a few think others with similar amounts are losing confidence (which is far from the case, especially if you look at the growth in the community). B. Recently, dogecoin has become the most profitable to mine (coinwarz.com). This increased profitability has caused sites like multipool.us (a multi GH/s scrypt and multi GH/s sha256 pool) to adopt it as the currency of choice to mine and let people "cash in and trade up" to LTC or BTC. This "career mining" is driving the price down by flooding the exchanges with doge so they can make a profit. To them, it is not a lack of confidence, it is just a commodity they can trade for their desired currency (which typically is USD so they can pay their electric bill and newegg credit card). Neither of these are saying "NO CONFIDENCE IN DOGE! IT'S OVER! ABANDON SHIP!" They're basically saying: "I want BTC, or USD. I think doge is cute but I have a business to run and your coin is currently at the top of coinwarz; nothing personal." "Great, so miners are profiting off of our work! Doge has gone....to the dogs and houston we have a problem getting to the moon! What do we do!??" Okay here is my guidance: 1. This too shall pass ~ As the frenzy to mine DOGE skyrockets and floods the exchanges, the difficulty skyrockets as well. difficulty WILL overtake price and it will not be the most profitable to mine, another coin will be. So the faster they mine, the faster they'll be finished mining and our pools remain.
Lower price will invite REAL investors ~ Now that investors see how high it HAS gone, it becomes more appealing. We've set some support and resistance numbers and that is important; they're numbers the free market has agreed upon to set in stone. At HALF price it's a bargain for people to put USD, EUR, YEN, CNY etc. and BTC and LTC. Once they put that real money into it, price goes up, holdings for doge adopters goes up, they use their currency (now with more worth) to pay for projects, investments, artists, game designers, websites, etc. to spread awareness of Dogecoin and Shibe love!
So TL;DR: Career miners are sucking price from the market slowly and steadily, but will move on as diff increases, nothing personal. Lower price invites real investors at the exchange, who will raise the price and drive more shibe innovation and investment, which raises awareness and causes more investment and liquidity, raising the price and confidence even more. Wow! such economics! so truth much relaxed many anxiety lifted.
I talked about DOGE and Cryptocurrencies for one of my education courses. WARNING - Wordy!
This one's addressed to any social studies, mathematics, and computer technology people out there, but I'm sure there are a ton of ways to adapt this concept to be relevant in other content areas. I recently became interested in cryptocurrencies. Anyone who even casually browses the internet or who keeps up with current events has likely heard of Bitcoin. Though I do not own any Bitcoins, when I first heard of the idea, I was intrigued. Bitcoin is a digital currency which some say exists as the internet's approximation of gold. Anyone can use their computer's processing power to "mine" Bitcoin, though as time progressed, just like real gold, Bitcoins became more and more difficult to "mine". To "mine" a Bitcoin is to have your computer solve a rather difficult math problem. Over time the math problem becomes increasingly difficult, which allows Bitcoins to become more difficult to acquire over time, increasing their value. When I first heard of Bitcoin, I was skeptical that it could ever become something truly valuable. I thought of it much like the real estate bubble that led to the economic depression of the past several years. I thought, "People say this is worth something, but how can something that cannot be redeemed for something useful carry an intrinsic value?" At one point, when Bitcoins were valued at $200 each, I half jokingly considered investing what little savings I had in the currency because I had seen it reach much higher values, crash, and rebound in the past. I definitely regret my decision not to invest in Bitcoins as they are now valued at over $900 each. The last weeks of December 2013 brought a new cryptocurrency. It is called Dogecoin. Apparently there is an internet meme based on a cute looking dog that some motivated people created a new form of currency themed around. Its unofficial catch phrase goes something like, "Such coin, very currency, wow!" I knew nothing of the "doge" meme, but I was intrigued by a currency that was nearly identical to Bitcoin, yet highly accessible to anyone who wanted some. Because, unlike Bitcoin, the currency was new and still relatively easy to "mine" when I became interested in it, I was able to use the CPU of my personal laptop to produce nearly 1000 DOGE over the course of several weeks. How much is 1000 DOGE worth in USD? About 33 cents (which is far less value than the energy my processor used to produce them). When Bitcoins came into existence they were nearly worthless because nobody accepted them. Now it is possible to not only exchange Dogecoins for valuable Bitcoins, but many Dogecoin supporters have began accepting the currency for goods and services. Learning about Dogecoin has taught me not only about cryptocurrencies but also about regular fiat currencies like the USD. In my opinion, and barring any intervention from governments (like we saw when China more or less banned the use of Bitcoins, and when the US arrested the operator of the Silk Road, a website that took advantage of the anonymity of cryptocurrency transactions to facilitate worldwide trade of illicit products up to and including heroin and murder-for-hire), these types of currencies are here to stay. This is because of the fact that currencies derive their value from the people who adopt them... Despite the fact that Bitcoin has no governing body manipulating interest rates or adjusting for inflation like the Fed does with the USD, it has become clear that there is a strong demand for a decentralized currency that can be transferred quickly and anonymously between any two persons in the world with an internet connection. Though there are countless types of currencies in the world, US Dollars and the Euro are two of the world's favorite ways to express value. In order for people to accept and trade in a given currency, people must not only be able to exchange goods and services for a certain amount of it, but they must also be able to exchange the currency for goods and services themselves with ease. Bitcoin became valuable not only because of its built in rarity, but also the ease of its transmission. Cryptocurrency transactions are generally much faster than standard "ACH" (Automated Clearing House) transactions that banks use to transfer funds from one account to another. Instead of a centralized institution like a bank determining an individual's rights to a certain amount of digital currency, the entire network of computers participating in this great experiment provides validation for whether or not any particular user has any claim to a valuable "solution" to the Bitcoin algorithm and verifies when Bitcoins are transferred from one user to another. Though I do not own any Bitcoins, I could easily convert my Dogecoins to Bitcoins (though I would own a very small fraction of one), and with minimal effort I could convert those Bitcoins to US Dollars. Cryptocurrencies are decentralized, which means that I do not need to go through a bank to transfer my valuable currency to another person. I need only to know that person's "wallet address" and I can send them as many "coins" as I want. Many banks charge a fee when a merchant accepts a transaction via credit or debit card. Many merchants, most notably Overstock.com, are beginning to accept payments in cryptocurrencies like Bitcoin. Accepting cryptocurrencies not only allows transactions to be processed more rapidly, but also payments are received in a currency that has a higher level of liquidity than the USD, as transactions can be processed nearly instantaneously. Bitcoin was introduced in 2009. It took several years for it to reach mainstream status, but in that time, many early adopters became millionaires. The value of Dogecoins is currently quite low, so it is difficult to view it as a serious investment, however one cannot predict the future. To me, Dogecoin is simultaneously a satire and something real. Accepting that a currency that was made up on a whim has real and tangible value really amounts to a huge leap of faith, but taking this leap has been strongly influential on my thoughts about US Dollars and other more widely accepted currencies. The message I got from re-examining money in this way is that currencies are only as valuable as PEOPLE determine them to be based on what they can exchange them for. My interest in Dogecoin led me to join the online community, Reddit, which is the community where the cute picture of a Shiba Inu dog spawned a new form of currency. Complete strangers walked me through the rather complicated process of setting up my computer to "mine" a digital coin that costs more to produce, due to the cost of electricity it takes for my computer to operate, than it is currently worth. Currently, the most active sector of the Dogecoin market is "tipping" members of the community. When someone posts something particularly insightful, useful, funny, or cathartic on Reddit, some Dogecoin enthusiasts "tip" them in Dogecoin. When Bitcoin first came around, Reddit users would often "tip" one another by sending them these coins. Today, a tip of a full Bitcoin would be a truly generous act, as giving someone a BTC would be the equivalent of nearly $1000. Currently, "mining" Bitcoins requires high end computing power, particularly the power possessed by top end graphics cards produced by companies such as NVidia and ATI. Interestingly, as the value of Bitcoins rises, so do the prices of top of the line video cards - an annoyance to gamers who seek the slick, hyper-realistic look that using such hardware provides. Litecoin, like Dogecoin, is basically a copy of Bitcoin's concept with a few tweaks. For example, if savvy miners discovered every Dogecoin possible, there would be over 100 billion in circulation. However, the mathematics that provide rarity to Dogecoin make it so that as more coins enter circulation, new coins become increasingly difficult to acquire. Though, when first conceived, Litecoin was expected to be just another fad with values similar to those currently held by Dogecoin, in the past few years its value has soared to nearly $25 per Litecoin. In fact, many mining "pools", which are groups of people who combine their processing power, have progressed from mining Bitcoins, to mining Litecoins, to finally mining Dogecoins (which are then sold for Bitcoins which can be potentially exchanged for US Dollars). Of course, most of these pools sell their Dogecoins for Bitcoins because they are the most liquid form of digital currency available, I can imagine marketplaces that deal in Dogecoins alone (as we speak, markets that exchange DOGE to USD and vice versa are developing and are having difficulty keeping up with demand) giving this currency, based on a silly picture of a cute dog, tangible value. As far as classroom application, I don't think that it would take a computer genius to design and implement a "Classcoin" that students could "mine" or acquire using different methods, though it would certainly take a person more technologically savvy than myself. Not only could students use processing power to generate new "Classcoins", but they could do things like trade them for extra points toward a test, develop services that other students might be interested in paying for such as tutoring. Also, the teacher can "mine" "Classcoins" and distribute them to students for any number of reasons. Instead of merely a process undertaken by a computer program, the system could be enhances so that students could be rewarded with increasing numbers of "Classcoins" because their classroom performance (grades, behavior, etc.) might directly correlate with the processor speed that their particular "Classcoin" mining program is capable of utilizing. Due to the design of cryptocurrencies in general, students could develop and participate in markets that trade them, develop unique ways and fresh markets for buying and selling these currencies, and use them as a lens to examine the way that fiat currencies like the USD gain, lose, and maintain value. If students mined and traded in a currency that is currenly relatively easy to "mine" with consumer hardware, such as Litecoin (which is considered by many to be the "silver" to Bitcoin's "gold"), proceeds could be easily converted to USD and spent on rewards and supplies to benefit students (at least until school supply companies begin to accept cryptocurrencies - Overstock.com is planning to soon!). Using cryptocurrencies makes it easy for parents and other interested parties to donate funds to schools, classrooms, teachers, and specials programs that directly benefit children without the need to interface with banks, checking accounts, or credit cards. Sorry to post two unnecessarily long posts in a row. My wife and pretty much everybody else I know are pretty sick of hearing me yammer on and on about these things so you all get to hear some of it for once.
Dogecoins vs Litecoins + What are nowadays the most profitable pools
Hello guys im really new to mining coins ( lite,btc or dogs etc.). I was searching like hell whats the actual best or the most profitable coin . Well i found that litecoins are ,,ok ´´ , but now i need to help with pool , where to choose how ? Im using now LTC pool rabbit coz ive read good things about it , but is there another pool that is better ? And the last question is should i mine dogecoins/ litecoins or bitcoins ? ( + ur facorite pools ) thank you really much im new to this here . Thank you for your time P.S. im using just mine PC with kHash/S like 300+- and im running it 24/7 . mine graphic card is nvidia geforce 540 ( simply ,,ok ´´)
Dogecoin and bitcoin estimated inflation rate for the next 10 years. 2015: Bitcoin: 10.00% | Dogecoin: 5.20% 2016: Bitcoin: 9.09% | Dogecoin: 4.94% 2017: Bitcoin: 4.17% | Dogecoin: 4.71% 2018: Bitcoin: 4.00% | Dogecoin: 4.50% 2019: Bitcoin: 3.85% | Dogecoin: 4.30% 2020: Bitcoin: 3.70% | Dogecoin: 4.13% 2021: Bitcoin: 1.79% | Dogecoin: 3.96% 2022: Bitcoin: 1.75% | Dogecoin: 3.81% 2023: Bitcoin: 1.72% | Dogecoin: 3.67% 2024: Bitcoin: 1.69% | Dogecoin: 3.54% “The goal for the currency is to keep approximately 100 billion coins in circulation - thus after 100 billion Dogecoins are created, rewards will continue at 10k each block. This will help maintain mining and stabilize the number of coins in circulation (considering lost wallets and various other ways coins may be destroyed) at 100 billion.” https://github.com/dogecoin/dogecoin/issues/23#issuecomment-33893149
Date of introduction Dogecoin Date of introduction: 8 December 2013 Litecoin Date of introduction: 7 October 2011 Bitcoin Date of introduction: 3 January 2009 Market Cap comparison: http://cryptmarketcap.com/
“Dogeparty is a layer on the Dogecoin network for new coins that foster creativity and promote social good.” www.dogeparty.io “Dogeparty is faster, because Dogecoin is faster. 10x the speed of Bitcoin. Dogeparty is cheaper, because Dogecoin is cheaper. The transaction cost for Dogecoin is about 1/500th of the Bitcoin transaction cost.” https://coinreport.net/little-altcoin-sanity-impact-dogeparty/
In honor of Talladega, here is a list of 98 FACTS ABOUT DOGECOIN AND DOGECOIN FACTS. Enjoy!
Hello, everyone! In honor of the Talladega race, here is a list of 98 facts relating to Dogecoin and other Dogecoin-related facts, however tenuously. ;) This list isn't an official fact sheet, nor is it particularly authoritative, but hopefully you'll learn something interesting. I tried to offer a mix of obvious and esoteric information.
Josh Wise is the underdog(e) racer driving the Dogecoin-sponsored car in the Talladega NASCAR race.
The number 98 comes from the number of Josh Wise's race car. You'll often see tips, etc. with 98 in them on the dogecoin subreddit.
Other funny tip amounts include 4.20 and 777.
NASCAR is an acronym meaning National Association for Stock Car Auto Racing, referring to the stock cars that are souped-up from “normal” vehicles.
NASCAR's roots are in bootlegging, where people drove illegal booze around and avoided cops with fast cars during the Prohibition.
Doge- has become a useful prefix. A well-known example is the Dogecar.
The Dogecar in question is a Ford Fusion.
“Talladega” refers to the name of the racing track, the Talladega Superspeedway. The track was originally known as the Alabama International Motor Speedway, which is not nearly as catchy as 'Dega.
The actual name of the race that Josh Wise is racing in is the Sprint Cup, during Aaron's 499.
The Dogecoin “mascot” is a Shiba Inu, a Japanese dog breed whose name is sometimes translated as “Small Brushwood Dog.”
People in the Dogecoin community are known as “shibes,” the nickname of the Shiba Inu.
Sometimes “Shibes” is capitalized, just as “dogecoin” can be written in lowercase.
The palindrome of Dogecar is Racegod.
“To the moon!” is a rallying cry in both the Dogecoin and Bitcoin communities. It can refer to several things: the skyrocketing price, the adoption of the currency, or both.
Dogecoin is based on a meme in which a Shiba Inu named Kabosu looks quizzical and uses strange grammar to remark on things.
A mainstay of Doge grammar includes the use of “wow” at the end of statements.
The Dogecoin font of choice is Comic Sans, released in 1994 with Microsoft products.
Comic Sans, a much maligned font, was redesigned recently as Comic Neue. Classy!
Dogecoin's code is derived from Litecoin, which is a cryptocurrency that developed after Bitcoin.
Some of Dogecoin's biggest fund-raising efforts have included sending the Jamaican Bobsled Team to the 2014 Winter Olympics, building wells in Africa, and supporting victims of natural disasters. Plus the Dogecar!
A Dogecoin ATM was demoed at Coinfest in early 2014.
In Tijuana, Mexico, there are two Bitcoin-based ATMs that support Dogecoin.
A house was recently put up for sale with the price of 100 million Dogecoins.
A key difference between Dogecoin and Bitcoin is that Dogecoins are less rare, with 5.2 billion coins released into the economy every year.
There are a handful of Dogecoin-friendly restaurants that accept Dogecoins as payment for food. One of the most well-known is the Iron Rail Diner.
The Iron Rail Diner offers a “To the Moon” Sundae.
If you'd rather buy food online, Dogecoin marketplaces have sprung up to allow shibes to grocery shop in their favorite cryptocurrency.
The dogecoin subreddit lists a ton of service providers and shops that allow Dogecoin purchases, and there are other directories that can help you lighten your Dogewallet.
Three foods available for purchase on ShopDoge are two flavors of Doritos and a pack of Mountain Dew.
The stereotype does stand to some scrutiny: recent demographic surveys have skewed towards young, tech-savvy males.
In fact, two recent surveys have shown female participation within the Dogecoin community at less than 15%--and one showed the level to be less than 10%.
Mountain Dew is generally shown on labels as Mtn Dew. No period after Mtn, much like there being no period after the Dr. in Doctor Pepper.
The no-period thing wouldn't be that unusual to someone familiar with British English: in many situations, the period is omitted after the title.
The Tex-Mex fast food chain Taco Bell has exclusive rights to Mountain Dew Baja Blast.
Tipping is a huge deal in the Dogecoin community.
Although dogecoin is obviously very welcoming towards Dogecoin tips, other subreddits are less excited about them.
“Tip” as a word isn't all that old. It originated in the 1700s and was originally a slang term.
Tipping started in England when guests would offer “vails” for overnight accommodations.
The word “gratuity” is much older, though the word in English has a much more official feel than the tipping found in the Dogecoin community.
Tipping is a common practice in the U.S., but it's not an expectation around the world.
The practice of tipping waitstaff in the States derives the fact that waiters and waitresses earn a much lower wage in order to offset food costs.
In Japan, it's weird to tip people.
Tips in USD are considered taxable income by the IRS, the Internal Revenue Service.
The drinking water campaign in Kenya was funded partially by a 14 million-doge tip through Twitter, so-called the “most valuable tweet in history.”
Dogecoin can be bought, acquired through tips, or acquired through faucets.
Faucets are sites that offer a slow leak of cryptocurrency to users who enter their wallet address. Although the faucets offer free coins, the amounts are generally very small.
A common occurrence in the Dogecoin community is the giveaway, a spontaneous tipping event with rules and parameters—even if the rules are that everyone who comments gets some Dogecoin!
Although there are many shibes who start out in Dogecoin via mining, many others are lured in by the giveaways and the free Dogecoins that dogecoin hoists upon newcomers.
The first Dogecoin conference happened in May 2014 in San Francisco. It was appropriately called DOGECON SF.
Dogecoin started as a joke, but it soon became serious business.
Another thing that started as a joke includes the game Goat Simulator, a ridiculously game in which the player causes goat mayhem.
Testing new ideas as “jokes” can be a good way for businesses to get a sense of what their consumers actually want.
One big example is ThinkGeek's Tauntaun sleeping bag, a joke that was so awesome that it had to eventually come true.
Be careful, though: depending on where you live, online gambling may be illegal regards of currency.
Actually, the laws regarding cryptocurrency and gambling are a bit nebulous.
Online poker sites began to disallow U.S. Players from gambling their USD on a Black Friday.
Black Friday is the day when profits go “in the black” (to the moon!) in time for the upcoming Christmas and holiday shopping season. It's a U.S. holiday of sorts after Thanksgiving in November.
DogeMusic brings busker tips from the real world into Dogecoin tipping online. Much generous.
Tipping in Dogecoin can be a type of crowdfunding, a pooling together of money for a cause that's rife around the Web of 2014 on sites such as Kickstarter, Kiva, and Indiegogo. In fact, these sites could one day accept Dogecoin tips!
May 4th is Buy Something with Doge Day, an effort to stimulate the burgeoning Dogecoin economy.
May 4th is also Star Wars Day, an unofficial celebration that was given the nod by LucasArts. May the Fourth be with you!
Dogecoin was introduced to the world on December 8th, 2013.
If Dogecoin were a person, it would be a wobbly toddler. At the age of four months, toddlers' eyes have generally sharpened to 20/40 vision.
If Dogecoin were a puppy, its vision wouldn't be in black and white, like some people believe. Instead, it would be saturated in yellows and blues!
Dogecoin shares a birthday with Nicki Minaj, Mary Queen of Scots, Eli Whitney, and Ann Coulter.
Another famous birthday twin includes Sinead O'Connor, who was sent to an asylum for shoplifting when she was a teenager.
The day after Dogecoin's inception, an article reported that over 500 were mining the new cryptocurrency. That number has increased tremendously since then.
One famous Dogecoin supporter is the man behind Goatse.cx.
Goatse.cx is a shock site from the Internet days of yore featuring, well... Google it.
The owner of the .cx domain, Christmas Island, is the one who stopped the scourge of Goatse.
Before the advent of novelty domains such as .ninja or .bar, domain names were based on actual locales.
Colombia, owner of all .co domains, gets revenue from sites with a .co suffix.
One of the top-rated posts on dogecoin shows a photo of the Jamaican bobsled team in the Olympic parade.
Another post shows 50,000 Dogecoin-worth of pizza being delivered to a homeless shelter.
Dogecoin is very much focused on philanthropic efforts. Studies show that doing good makes you feel good, which has likely contributed to the tipping culture on Dogecoin.
That said, there have been Dogecoin scams and the like, so it's important to be cautious but friendly, much like how you'd approach an unfamiliar doge.
Reddit supports Dogecoin not only through the dogecoin community. The co-founder of Reddit, Alexis Ohanian, accepts Dogecoin donations for crowdfunding efforts and is a big supporter of the currency otherwise.
Much as there is doge, there is cate. Cate doesn't have a spokescat, however.
One of the most famous meme cats is Grumpy Cat.
Grumpy Cat arose to fame on Reddit in 2012 and has since become a cat celebrity of sorts.
Dogecoins have been featured in street art, the most famous incidence being when an anonymous shibe started donating thousands of Dogecoins to people in San Francisco.
FUD is an acronym for “fear, uncertainty, doubt.” It's bandied about in an effort to calm people down during spikes and lulls in the Dogecoin economy.
The amount of Dogecoin raised to fund the Dogecar was 67.8 million Dogecoins, around $55,000 at the time of exchange.
Before the Talladega race, dogecoin was a trending subreddit.
The future of Dogecoin appears bright, but there's nothing factual to say about it: so many things can happen that it's impossible to predict any sort of growth trends.
Another FAQ, this one written for people with absolutely no prior knowledge of cryptocurrency
Several very informative posts have already been made, and I'm not trying to diminish them in any way! But many of them contain technical terms that not everyone will understand. So I wrote this - it's long, but explains things in a different way. Use or ignore as you see fit. AND PLEASE CORRECT ME IF YOU FIND ANY MISTAKES! I don't understand this computer money, please explain!
What is Dogecoin?
Dogecoin is a cryptocurrency. What that basically means is that coins are digitally generated and only exist in cyberspace, independently of any governments or financial institutions.
So it's not real money?
Depends on what you think is real. If we go back in history, the first way people traded with each other was by exchanging goods. You might have a chicken that I wanted, and I might have some carrots, which you would like to have, so we swapped. Later it became common to trade metals like gold and silver for goods. Some of the metals were stamped into coins, by kings and rulers who wanted to show that they protected (and taxed) all trade in their lands. The coins were still gold or silver, so they had a value in themselves, even if the king died or lost his power. But then some kings began minting coins that had no real value in themselves. They were made of cheap materials, like copper, iron or even paper. They only had value because the king guaranteed it. You had to really trust the stability of the state in order to use such coins and bills. Basically, the king kept all the gold and silver in his coffers, and made a promise to the people, that they could always exchange their money for gold if they wanted to. Money gained a symbolic value. Not everyone accepted this right off the bat. It took several centuries for this form of economy to be widely accepted. But after that it became common almost all over the world. It was called "the gold standard". The USA stopped using the gold standard in 1971, by order of President Nixon. This happened because of "inflation", a situation where the US Dollar became worth less than the gold it symbolized. Since 2013 no countries use the gold standard anymore. Most money today is "fiat", meaning that it doesn't depend on the value of any physical asset. The value of the Dollar and other currencies now primarily depends on how much banks and investors trust them to remain stable mediums of exchange. So in a way, it's safe to say that money has become purely symbolic. It only has the value that people think it has. On top of that, most financial transactions today are digital. You never get to actually touch most of the money you spend. Now enter cryptocurrency! The first digital currency was Bitcoin, introduced in 2009. Instead of being issued by a state, Bitcoin was generated by a piece of software that anyone could run on their computer. Bitcoin has become very succesful, with a value of several hundred USD per coin, solely because people believe in it. Although most economists say that Bitcoin doesn't meet the definition of "money", people all over the world still use it to buy stuff. However, Bitcoin also has its problems. Inspired by Bitcoin technology, and trying to avoid the issues that have made it problematic, several other cryptocurrencies have been developed. One of these is Dogecoin, which actually started as a joke.
If it's a joke, how can I trust it?
Well that is the beauty of cryptocurrency - it's actually safer to use than "real" money. Here's why: The computer software, that Dogecoin is based on, is called a "block chain". Besides generating new coins at a steadily decreasing value (to avoid rapid inflation), the block chain also records every transaction ever made with Dogecoin. And every user of Dogecoin has a complete copy of the block chain on their computer or other device, in the form of a "wallet" where coins are stored. Now compare this to the traditional fiat money, you use every day. Chances are you have some cash in your wallet, but most of what you own is deposited in a bank, run by people that you have to trust with your money. You hope they will act responsibly, but they don't always. Think of what caused the recent financial crisis, the socalled "subprime mortgage crisis" in 2008, from which world economy is still trying to recover. It was banks and investors behaving irresponsably in order to get quick profits. There's also the risk of fraud or theft, when you trust other people with your money. One single bank employee could potentially alter the bank ledger and transfer money to himself. It's a risk you get when the ledger only exists in one or very few copies. Not so with Dogecoin! The ledger - or block chain - exists in millions of copies, one for every device used to store or generate Dogecoins. You don't need a bank.
Is there no risk at all?
There's always a risk. Scammers and thieves are attracted to anything of value, including Dogecoin. You should always secure your coins by encrypting and backing up your digital wallet. And you should use all possible caution when trading. If you follow the Dogecoin community closely, you will be alerted to any dangers that may appear. Basically, the biggest risk, you have to worry about, is that people stop trusting Dogecoin as a means of exchange. Therefore, never invest more than you can afford to lose!
How do I get Dogecoin?
There are several ways: 1: You can mine. Parts of your computer hardware are very good at processing math problems, which are what formulates the security algorithm protecting the Dogecoin network. By participating in this, you are helping secure our network of users - and you earn coins at the same time! All you need to do is run a special piece of software, join a pool, and leave your computer on as long as possible. There are expenses, such as energy bills and wear and tear on your hardware, but you will get a steady flow of coins. 2: Buy Dogecoin with fiat. Several websites and markets offer to exchange Dogecoin for USD, Euro etc. It's easy and mostly safe. Ask other Dogecoin users about the reliability of individual sellers. 3: Sell something for Dogecoin. There's no limit to the kind of goods and services you can offer in return for Dogecoin. Advertise on the Dogecoin markets, and let the buyers come to you. 4: Tips. Let's not forget this staple of Dogecoin economy! From the very beginning, a tip with Dogecoin has been a popular way of showing appreciation online, on reddit and Twitter in particular. Join the Dogecoin community, and tips will be coming your way, I guarantee it! 5: Faucets. A faucet website offers free coins to visitors. There's a catch of course: You will have to look at ads. This is the way owners of these websites can afford to essentially give away money.
How do I pay someone in Dogecoin?
From your Dogecoin wallet, you can send coins to anyone, 24 hours a day, 7 days a week, and with very little delay, no matter if your recipient is in London, Tokyo, Oslo or in Forkland, Alabama. All you need to know is their wallet address. Every transaction goes straight from sender to recipient with no middle man, and costs only a very small transaction fee, that you will hardly notice. It is fully anonymous - only you and the recipient know the details.
Can Dogecoin make me rich?
Don't count on it. The way Dogecoin is designed, it will most likely not run up value like Bitcoin, because there are simply more coins, and one of the things that determine the value of a currency is supply and demand. Because there is such a big supply of Dogecoins, each coin is not worth much. Other things that influence the value of Dogecoin are: 1: The value of Bitcoin. Because many miners exchange their Dogecoin for Bitcoin. 2: What you can buy with it. As long as there are people willing to sell goods and services for Dogecoin, it will be worth something. And the more people join us, the bigger the Dogecoin economy gets, and the chance of an increase in value goes up. 3: Wealthy shibes. Also known as "dogeillionaires", the richest shibes hold a large amount of coins that they keep out of circulation. Many other shibes hoard a little Doge as well, just in case... This hoarding is actually good for the value of the coin, because it decreases the supply in relation to demand.
Is it a ponzi scheme?
No, because nobody is asking you to invest anything. You can be part of the Dogecoin community without spending anything besides time. But be warned, you may start to spend a lot of that, because we're such nice people to hang out with. Generosity and friendliness are the main properties of a true "shibe" (Dogecoin user).
Why is Dogecoin better than other cryptocurrencies?
Dogecoin shares the best properties of other cryptocurrencies. It's safe, it's fast, it's anonymous and decentralized. It's not under the control of any government or bank. But on top of that, we shibes share a special culture, that you won't find in any other crypto community. Dogecoin was not created for speculation, profit or tax evasion purposes. It was created to put a smile on your face and make the world a better place. Dogecoin users have funded several charities worldwide and the developers of the coin created the Dogecoin Foundation for that very purpose. The community has also gained some renown by sponsoring underdog athletes like the Jamaican Bobsled team and Nascar driver Josh Wise. By using Dogecoin, you become part of a movement that is not based on greed and anger. We may "stick it to the man", but we do so without condoning crime or selfishness. We believe that Dogecoin can change the world for the better, by providing a simple and decentralized means of exchange, that puts the individual, not the "1 %" in full control.
What's with the dog?
The doge internet meme became a worldwide fad in 2013, when someone found a photo of a Shiba Inu dog with a whimsical expression, and added text to it in broken English, among other things spelling "dog" as "doge". Shiba Inus and "dogespeak" quickly flooded the internet, and eventually inspired developer Jackson Palmer to create Dogecoin, as an ironic response to the die-hard seriousness of the Bitcoin community. But Dogecoin soon attracted a large following of its own, and became "the family friendly cryptocurrency". The original "doge" of the meme is Kabosu, a japanese Shiba Inu, rescued from a puppy mill. Her owner has recieved generous donations from the Dogecoin community, which also supports several other dog-related charities like rescue operations and Doge4Kids, which provides service dogs to children in need. The doge meme is still the primary source of good cheer and silliness in the Dogecoin community, which works tirelessly to launch Doge to the moon!
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