Review on Dogecoin by Japheth Ayuba
From a joke to a major headline; Dogecoin
What once started as a joke (a meme) has now overtaken other crypto coins with a specific use case. The Dogecoin buzz started in 2017 and has since risen to the top of the coinmarket rankings. This can be seen clearly by the position it currently occupies today at Number 46 which indicates the the coin is a heavily traded cryptocurrency. The coin is listed on many major exchanges with a good liquidity paired up with it. The Dogecoin Doge is largely based on the Litecoin Blockchain and it approved an Auxiliary Proof of Work merged mining algorithm of which one can mine Litecoin and in the same period, mine Dogecoin. The coin is basically a peer-to-peer currency and boasts of ridiculously low fees coupled with a high transaction speed confirmation making it am ideal coin for majorly retailers. It's current value is virtually a stable one and can't be seen as an investment opportunity for traders or long time holders. The coin can be accessed on its paperwallet or third party wallets such as Trust Wallet. This coin is completely not recommended for the traders and holders but if you are looking forward to running a business powered by crypto payments, then Dogecoin is the right coin
Pros
- Dogecoin was a meme that turned asset and is majorly used to facilitate Peer-to-Peer transactions
- There is a 1 minute blocktime for transaction confirmation
- Dogecoin being bases on Litecoin can be mined as a standalone cryptocurrency or through merged mining with Litecoin using an Auxiliary Proof of Work model
- Listed on many major exchanges with good liquidity provided
- Extremely low transaction fees with super fast transaction confirmation
- The value of this coin is substantially a stable one and is ideal for business entities acceptable for making payments
Cons
- There is no limit to the total supply of this coin and this does not essentially gives value to the coin
- It's absolutely not an ideal cryptocurrency for holders and traders trading for profits
