Dogecoin is a product of the cryptocurrency fever began by Bitcoin, but it’s also based on the popular Internet meme Doge. Dogecoin is a bit different from the other types of digital cryptocurrency you might have already read about but it’s based on the same principles.
The currency features a digital wallet (called Dogewallet) te which users hold their funds, a concept you might be familiar from Bitcoin and Litecoin.
Once again wij have a peer to peer ondergrond on the network, and a public principle with a big (and further growing) community. The process of mining is involved te here, spil well, and is one of the ways to acquire dogecoins and to keep the system safe and secure.
The basic principles of Dogecoin are the same spil other cryptocurrencies but there are also some vital differences. The volume of Dogecoin is much more immense and has no end limit ter the production.
Spil you may know, Bitcoin is set to produce a maximum of 21 million bitcoins, after which the production will zekering and the prizes for the miners will be based entirely on the transaction fees.
Since Litecoin produces four times more coins vanaf Ten minutes than Bitcoin, the limit is 84 million. Dogecoin, on the other had a set limit of 100 billion, but that limit wasgoed liquidated and now no one knows how many dogecoins will be produced.
To give you an idea of the sheer score of Dogecoin’s volume, about a month after its release, it had more trading volume than all other cryptocurrencies combined. The very first 100,000 blocks talent out a random prize of 0 to 1,000,000 for solving them. Spil you can see, there are significant differences te the policies but ultimately the main principle stays the same.
Since the principles behind Dogecoin are the same, this also implies that the difficulties of purchasing the currency are the same.
You cannot simply buy Dogecoin with credit card Visa or Mastercard, or even using PayPal since it’s against their terms and conditions to use their services to purchase cryptocurrency.
The process of buying dogecoins with credit card is made even more difficult by the fact that the cryptocurrency is relatively fresh, hence very few exchanges work with it. You don’t want to risk providing your credit card to uncertified websites, so the best way to proceed is to acquire some bitcoins and then exchange them for dogecoins.
You can very first buy 2nd Life Lindens at VirWoX using your credit card and exchange them for bitcoins (and the bitcoins for dogecoins after that), or you can add funds to a Crypto-Trade account from your Mastercard or Visa via Payee.
Then you can again obtain some bitcoins and exchange them for dogecoins. Do your research before you commence trading.
There can be a broad variation te price inbetween different exchanges so read before you buy.