Dogecoin what is it, where can I learn more and where can I get it?
Eight weeks ago, the term "Dogecoin" (pronounced "douj-coin") didn't exist. Fast forward to February 2014 and the subreddit /r/dogecoin has shot up to over 50,000 subshibers (yes subshibers) and is still growing rapidly every day. So what is a Dogecoin? And why is it growing so fast? Where can I learn more? And where can I get my hands on some?
Dogecoin; the internet currency
Dogecoin is an 8 week old cryptocurrency, very much like Bitcoin or Litecoin which you may have heard more about. Dogecoin may have started as a joke, based on an internet meme (pronounced meem) of a Shiba Inu dog, but as it's total market cap hit the fourth largest of all the cryptocurrencies in early January 2014, after only a few weeks of being open, people are stopping the laughter and actually seeing Dogecoin for what it could become - a possible competitor to the "top doge" coins, Bitcoin and Litecoin.</>
Key facts about Dogecoin
Did you know in 2014 so far the Dogecoin community has:
- raised close to $30,000 USD to help send the Jamaican Bobsled team to the Sochi Winter Olympics
- bought over 200 Pizzas using Dogecoin and donated them to homeless shelters
- raised close to $6000 USD in under 4 hours to help send an Indian Luger to the Sochi Winter Olympics
- developed a Reddit, Twitter and Imgur Dogetipbot which allows you to send Dogecoin (or tip dogecoin) to other members of these communities quickly and easily, just by typing in a couple of words
Why is Dogecoin growing so fast?
The growth rate is mainly due to the efforts of the Dogecoin community on the subreddit /r/dogecoin. It is by far one of the friendliest and most helpful cryptocurrency communities, welcoming each new "shibe" (as they call it, pronounced "shibee") into their community with open arms, much education and a handful of tools to get started with Dogecoin easily.
FACT: Lurkers (lurkers read posts on Reddit but do not contribute) are finding they fit in with the Dogecoin community and have started actively contributing to posts on the r/dogecoin subreddit, because they are not down-voted for asking questions (no matter how many times it has been asked) and the community is full of positive people, willing to help in any way possible.
Also, many new "shibes" are often thrown a few Dogecoin from the community (by way of the Dogetipbot). This gives some Dogecoin to use and pass on to others, and a chance to be involved in, and to see what the community is about. Most of the time, new shibes end up tipping that Dogecoin on to someone else. Dogecoin is passed around so generously here, it's actually a lovely, refreshing and positive place to be.
How much Dogecoin will $50USD buy me?
At today's rate, $50USD will buy you around $38,000 Dogecoin. Considering 1 Bitcoin is now worth around $800USD and Litecoin around $20USD, you do the math. Dogecoin is growing more rapidly than Bitcoin and Litecoin ever did. If you missed the Bitcoin train, it may be worth considering getting in on the groundfloor with Dogecoin.*
But Is Dogecoin real money?
Well yes. Dogecoin can be traded to USD directly via the Vault of Satoshi. Alternatively, you can buy Bitcoin with most currencies and trade it to Doge, and vice versa.
But if you're asking this question, you are kind of missing the point. Cryptocurrency is here to stay and you would be a "wise shibe" to keep it as Dogecoin. More and more online services are accepting cryptocurrency. Wordpress.com and Overstock.com have recently started accepting Bitcoin. There's even a website where you can trade in your Dogecoin for a Dominos Pizza or Amazon giftcard, so effectively, you can already buy Pizza with Dogecoin.
How do I get started?
Head over to /r/dogecoin. The new top menu holds a lot of good information, including how to download your first wallet, how to mine Dogecoin (thats right, you can actually make Dogecoin using your computer) and where to buy it. Don't be afraid to post or subshibe while you are there, you will not regret it.
*I am not a Financial Advisor. You should always talk to your Financial Advisor before investing in anything. Dogecoin is no different.