Review on Dogecoin by Benaiah A. Akinlade
Dogecoin: A coin without mining limit, but for how long?
Dogecoin was supposed to be a joke or a fun currency. It was developed from Luckycoin, a coin that was built on the Litecoin platform. Dogecoin makes use of the Scrypt algorithm for validating a Proof of Work mining protocol called Auxiliary Proof of Work that allows miners other PoW cryptocurrencies especially Litecoin to at the same time mine DOGE for free. This process is called merged mining.
The Dogecoin blockchain can process up to 30 transactions/second and each DOGE transaction costs around 1 cent of the USD.
Dogecoin was initially designed to be mined by anybody with a computer that uses a CPU or GPU, but it was discovered that it can cause your computer to overheat.
If you mine with a CPU or GPU, you can get less than 1 DOGE per hour or per day, although this depends on the types of hardware you use. So you are advised to join a Dogecoin mining pool such as AikaPool
.
There is no limit to how much doge you can mine, and this has really contributed to it’s low trading value because it is not scarce to get.
I advise that you mine as much dogecoin as possible because, believe that when dogecoin mining limit is set, and it becomes scarce, its trading value will rise
Pros
- It is not too difficult to mine
- It is a resilient currency
- There is no limit to the number of dogecoins you can mine, so you can get as much as possible
Cons
- It has low trading value.
- It is not meant for serious investments
- Investors have not placed trust in the coin
- It’s mining limitlessness makes is trading value very low
