Dogecoin bases its technology on the Bitcoin blockchain and structures its platform based on the open-source Litecoin code, and improves the block generation ability (it only takes 60 seconds).
On the other hand, as far as security is concerned, it supports the Proof-of-Work system to avoid hacker attacks.
The two most important algorithms it uses are Scrypt and SHA-256, with the latter consisting of a set of hash functions. It should be noted that the use of these algorithms is not trivial, since it allows any ordinary computer to become a node and serve for Dogecoin mining.
Mining: The open nature of the platform allows you to mine dogecoins by verifying transactions made using this system. Thus, miners receive Dogecoin as a reward for doing this work, an opportunity that is available to everyone through the use of the aforementioned algorithms.
Where can I pay with Dogecoin? Dogecoin has gained immense popularity, which has led to the growth of its platform, and therefore the number of transactions is second only to Bitcoin.
Thus, this cryptocurrency can be used in numerous online stores, some of which can be found at dogecoins.com.
How to buy or receive Dogecoin?
Buy Dogecoin: although this coin is not among the most valuable cryptocurrencies on the market, it is undoubtedly one of the most popular, so you can buy Dogecoin on almost any of the largest cryptocurrency exchanges or exchange offices: Bitterex, Poloniex, Kraken, and others.
In most cases, DOGE/BTC or DOGE/another cryptocurrency, etc. pairs are available, so it will be difficult to buy coins directly with USD (C-Cex, Yobit, SouthXchange) or EUR (Bittylicious, BitFlip).
Mining Dogecoin: You can get Dogecoin in the process of mining since miners are rewarded in coins for each decrypted block. Inspired by the Litecoin code, the Dogecoin platform is very similar to its predecessor, however, blocks are mined in a record time of 60 seconds. It also doesn’t need a super team to mine, so it’s available to everyone.
For more information on this subject, you can visit the official website dogecoin.com.
Dogecoin in the future: is it worth it?
Should you buy Dogecoin? It must be kept in mind that this cryptocurrency was born as a joke and is subject to inflation, and has not undergone any major improvements or changes since 2016.
On the other hand, its fame and community must not be forgotten, so as long as its participants use Dogecoin as a medium for their transactions, it will continue to exist.
In addition, this currency is easy to use and suitable for those users who have not yet tried the new payment method with cryptocurrencies.