Dogecoin (DOGE): Definition, History and How It Works

Dogecoin is a crypto asset based on an open-source model with a peer-to-peer system, as is also the case with Bitcoin. However, what differentiates Dogecoin from other crypto assets is its unique and humorous origins and character. Dogecoin is also known as a crypto asset that is friendly, easy to access, and has a solid and generous community. Here's an explanation of Dogecoin, its history, and how it works!

Understanding Dogecoin (DOGE)

Dogecoin is a type of crypto asset inspired by a popular meme showing the face of a Shiba Inu dog with an adorable expression. The writing and name Dogecoin on this meme coin also appears using the Comic Sans font which brings a light and fun impression.

Like all crypto assets in general, DOGE also uses blockchain technology, which is a system that records and verifies all transactions that occur on a peer-to-peer network. Blockchain ensures that transactions made cannot be faked, duplicated, or altered.

Dogecoin has the symbol DOGE and the ISO 4217 code DOGE. One Dogecoin is equivalent to 100 million units called Koinu. Dogecoin can be exchanged for fiat currency, such as rupiah or dollars, or with other crypto assets, such as Bitcoin or Ethereum. Dogecoin can also be used for various purposes, such as shopping online, donating, giving tips, or just having fun.

History of Dogecoin (DOGE)

To some uninformed people, all crypto assets look the same. However, their histories are often very different, and this ambivalence creates a surprising ecosystem. What about the Dogecoin story?

When it was created in 2013, Dogecoin was officially the first asset directly inspired by a meme, a recurring joke on the Internet. Like many people at the time, engineers Billy Markus and Jackson Palmer were fascinated by the Doge phenomenon after a Shiba Inu owner almost accidentally sparked panic on the web with photos of his dog in 2010.

Palmer was the original creator of what would become one of the most popular assets in the crypto world. However, to take part in this online joke, the first action is not to create a token. While on his way home from work, Palmer was just “playing around” by purchasing the Internet domain name dogecoin.com and creating a logo with the famous dog's head.

His friend, Billy Markus (founder of Dogecoin), then took over and used this opportunity to continue developing a similar project as he was creating a currency related to the game Animal Crossing.

As Palmer and Markus' ambitions strengthened, DOGE gradually developed into a cryptocurrency with great potential, even though Dogecoin initially seemed like just a joke. Furthermore, technical developments have made this asset very promising.

How Dogecoin Works

As explained above, Dogecoin is not directly based on Bitcoin, a pioneer in the crypto field. However, technically, Dogecoin was created as a hard fork of an older cryptocurrency, Luckycoin, which was derived from Litecoin (LTC).

As such, Dogecoin borrows the Scrypt-based consensus mechanism from that cryptocurrency. This is why many observers note that Dogecoin has many similarities to Bitcoin. Scrypt was later used in Dogecoin's proof-of-work (PoW) protocol to prevent miners from using ASICs, which are objects specifically designed for mining Bitcoin.

How to Buy DOGE on Bittime

You can buy and sell DOGE tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. DOGE is available on Bittime with DOGE IDR pairing.

To be able to buy DOGE/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make TRX purchases in the application. Complete Guide on How to Buy DOGE on Bittime.

Monitor price chart movements of Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read Also:

What is a Meme Coin and Why is it Popular?

What is Coin in Cryptocurrencies?

Shibarium: Shiba Inu's Layer 2 Blockchain Ecosystem and Tokens

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.