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Dogecoin For Beginners | DOGE | Cryptocurrency for Beginners 2021 - YouTube
Channel: The Newbie Investor
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Let's talk about Dogecoin or Doge
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What is Dogecoin?
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Similar to Bitcoin, Dogecoin is a peer-to-peer
open-source cryptocurrency created in 2013
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by ex-Adobe product manager Jackson Palmer
and ex-IBM engineer Billy Markus.
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Currently, it is the 4th largest cryptocurrency,
with a market cap of just a few billions less
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than Binance coin, but actually, it was initially
created as a joke!
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Jackson Palmer created the coin idea as a
satire which is why he chose Doge to be the
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mascot.
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He was then approached by Billy Markus who
wanted to create a digital currency and offered
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to build the software behind Dogecoin and
the rest is history.
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Dogecoin is based on Luckycoin and Litecoin
and uses the Scrypt technology.
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Essentially, Scrypt doesn't use SHA256 and
doesn't require ASICs or Application-Specific
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Integrated Circuits.
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Instead, you can mine it using your CPU or
GPU so it's basically meant to be more accessible
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to the broader community and easier and faster
to mine.
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It is still a proof-of-work coin, which is
also the concept behind Bitcoin and a lot
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of other coins.
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Essentially, proof-of-work means that you
need to spend a large, but feasible, amount
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of computing power which is meant to prevent
bad actors from getting involved.
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So far, Dogecoin has not been hacked or taken
over by bad actors.
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There have been security issues, but they're
not caused by the underlying technology, but
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rather the handling of it as in exchanges
and wallets.
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Now, you may ask, who is currently working
on Dogecoin?
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Well, true to its relaxed communal nature,
it only has 3 developers working on it and
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they're all part-time volunteers!
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This is really why Dogecoin is unique.
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It has a community around it unlike most of
the other coins, people can have fun with
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it, even do good deeds.
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It's the people's coin!
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It's the fun version of Bitcoin.
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It's whole concept, it's whole appeal, it's
for the broader public, the average person.
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Shameless self-promotion time!
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If you like the video, make sure you let YouTube
know.
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Press the like button below and subscribe
to help the channel grow!
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What do you use Dogecoin for?
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It probably comes as no surprise, but Dogecoin
is meant to be to be used by the community.
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So far, it has mostly been used for tipping
content creators on Twitter and Reddit, although
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there's also charities like SocksForTheHomeless
and DogePizza that use Reddit to raise money
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for good causes.
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Again, because of its small development team,
I think it's unlikely that we'll see any major
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developments with it, at least for now.
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How many Dogecoin tokens are there?
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The circulating supply right now is about
130 billion!
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Unlike Bitcoin or Ethereum, Dogecoin is an
inflationary coin meaning that the mining
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rewards remain the same AND there is no supply
cap.
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With Bitcoin, the mining reward is halved
every 4 years, but that's not the case for
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Dogecoin.
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Every minute, a single lucky miner gets 10,000
Dogecoins which is worth around $7,000 as
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of 8th May 2021!
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Now, the big question, why buy Dogecoin?
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To be honest, there not a lot of good reasons,
if any really.
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It is currently experiencing a huge surge
in price and popularity, but obviously, it
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is highly speculative and while a lot of people
have made money, there's also been a few who've
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lost money.
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If you want to gamble with your finances,
that's probably your coin.
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Personally, I avoid it simply because it's,
well, a hype coin.
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It does have a wide appeal, but given its
inflationary nature and few uses, I don't
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see the long-term value in holding it.
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In the short term, you may double your money,
but you can also lose 95% of it.
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All I'm gonna say is, make sure you understand
the risks if you buy Dogecoin.
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Okay, so, we've seen the massive surge, almost
15,000% or 150 times year-to-date, but the
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question remains: what moves the price and...
is it all just hype? (* include upcoming events
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*)
In this case, yes, it's all just hype.
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My best guess is that the surge in Bitcoin
had a knock-on effect on the cheap altcoins
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and that started the rise.
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Then, add Elon Musk to the mix and a few other
influential investors and billionaires and
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watch it explode.
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The price target for 20th April was $0.42
because..
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420.
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Its price is strongly correlated to Elon Musk's
tweets.
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In fact, tonight, Elon Musk is meant to appear
on SNL and people think that this will propel
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Doge beyond a dollar.
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Funny thing is, it actually could, but that
just shows you how insane it is to analyse
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any of it.
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(*laughs*)
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If, for some reason, you still think buying
Dogecoin is a good idea, well, how can you
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buy it?
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Well, you can buy it on Binance, Coinbase
and it was recently released on eToro.
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You can buy it through Robinhood, but they
don't allow you to withdraw it, they don't
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give you access to your Doge wallet which
seems a bit dodgy to me (*laughs*).
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Personally, my top choice would be Binance.
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They respect your rights, they don't exploit
you, they give you access to your coins and
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that's why they get my business (*laughs*).
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If you're interested, check out the link in
the description.
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Before I close off the video, I just want
to say that I'm not trying to trash Dogecoin
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or the community.
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It's funny to see it grow, to see it become
larger than most banks or even Coinbase, but
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I still think this is a horrible coin to own
if you're doing it for the profit.
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It's fun to see it, but it's literally gambling
so you need, we need to be careful.
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Anyway, that was Dogecoin in a nutshell.
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Let me know what you think in the comments
below.
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Check out my playlist "Crypto for Beginners"
for more beginner videos.
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If you enjoyed this video, like, comment,
share it with your friends and subscribe.
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Thanks for watching and I'll see you in the
next video!
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