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What Is Dogecoin & How To Use It

Dogecoin is a open-source peer to peer cryptocurrency. Dogecoin is very similar to Litecoin.  The mascot,  (a breed of dog called Shiba Inu) is a meme called “Doge”.  The cryptocurrency was created as a joke after the creator, Jackson Palmer tweeted out “Investing in Dogecoin, pretty sure it’s the next big thing.” It’s probably clear that this isn’t a joke anymore.

Getting Started with Dogecoin: Wallets
To get Dogecoin, you must have a wallet. Wallets are used for storing, sending and receiving Dogecoin. There are 3 kinds of wallets, software wallets (Coins are stored on your device on an app), cold storage (Your private keys are stored on a flash drive or on a piece of paper) and online wallets (A third party is holding onto your coins in the cloud). The most common choice for a wallet is a software wallet. Software wallets are your best bet because it’s easier to access your coins than cold wallets and it’s more secure than online wallets. You can have a wallet on your phone or on your desktop. Desktop wallets are much better than smartphone wallets because they are updated more often. Dogecoin Core and MultiDoge are the 2 most used desktop wallets and are available for Windows, OS X and Linux.  Before you download either of these wallets, you must understand what a full and a light wallet is. Just like Bitcoin wallets, Dogecoin wallets need to sync with the blockchain. Full and light wallets do this in different ways. Full wallets download the entire blockchain, so it’s a solid wallet and can handle large transactions. Light wallets “skim” the blockchain, it’s much faster than full wallets but it can’t handle very large transactions.  All wallet downloads are on the official Dogecoin website at http://dogecoin.com/

Getting Started with Dogecoin: Getting Some

Once you have created a wallet, you should have a public address. A public address is a long string of numbers and letters which people can send you Dogecoin. There are multiple ways you can get Dogecoin. Buying, Mining, faucets  and begging. To buy Dogecoin, you must buy bitcoin at Coinbase, then you exchange it to Dogecoin at https://shapeshift.io/. If you don’t like this method you can buy on Ebay or /r/dogemarket. Beware of scammers though!

Many people say that mining Dogecoin is not profitable. But you can mine Litecoin and exchange it. Litecoin and Dogecoin are merged mined. This means that all Litecoin miners are securing the Dogecoin blockchain too. If you want some free coins, there are 2 methods. The first method is faucets. Faucets (Also known as “water bowls”) like https://freedoge.co.in/ give out free dogecoin every hour. You can also beg for Dogecoin on /r/dogecoinbeg there are many rich and generous shibes willing to give you some dogecoin.

Getting Started with Dogecoin: Using your Dogecoin

So now you have a few Dogecoins in your wallet. And you want to use a few. First, go to /r/dogecoin. The Dogecoin community is almost always hosting a fundraiser where you can donate Dogecoin. You can also host giveaways. Knowing the community, they will always give back to you.  You can also tip people. Tipping  is when you give a small (or sometimes large) amount of Dogecoin to the creator of the post. Instructions to sign up for the tipbot  are here https://github.com/just-an-dev/sodogetip. If you want to spend your money on goods and services. The list of websites that accept dogecoin are here.

Now you’re started with Dogecoin. Enjoy your new cryptocurrency!

Categories:   Tales From The Crypt

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