Review on Dogecoin by Praise Olagbadun
My Review On Dogecoin
Dogecoin is one of the oldest cryptocurrencies in the world and was launched on December 2013 by Jackson Palmer who is a product manager at Sydney in Australia. Just like Litecoin, Dogecoin is an altcoin (an alternative coin to Bitcoin. It was formed out of fun not mainly for investments
. Dogecoin is discovered to be most trader's favourite cryptocurrency and one of the most important cryptocurrency in the world not minding it's low market value. However, the cryptocurrency is majorly used for gambling due to its low market value and the transaction fee is very low. It was supposed to be a fun currency and was developed from Luckycoin which was built on the Litecoin platform. Dogecoin coin can be mined for free and presently has no mining limit although in the beginning it was limited to a 100 billion coins but in 2014, one of it's founder's eliminated this limit in order to reduce inflation. It's low market value has been greatly contributed by the fact that it has no limit and it is in abundance. It is a virtual currency that we can find in the market today although it's origin is different from other cryptocurrencies, it is the second most popular in it's field.
I do believe Dogecoin would have a high trading value and a mining limit would be set in the nearest future due to its popularity and should be mined today because we don't know when it would
Pros
- Not difficult to mine via the introduction of CPU
- Considered as one of the must important cryptocurrencies in the world
- Can be mined
- It has no extraction limit
Cons
- It has no real use because it is a meme coin
- It's market value is really low because it has no mining limit
- It is not stable
- It is not meant for serious invesent as it's market value is very low
- Lesser security when compared to other altcoins
