Is Dogecoin a worthy investment?
Is Dogecoin a worthy investment?
Dogecoin (DOGE) is not the best coin to hold for a long-term investor. That’s because there are new and better coins coming up into the market offering higher quality service. On top of that, the Dogecoin community is still stuck on the idea that dogecoin is still a joke coin, and that it was never meant to have any major growth. This would explain why a few days ago, its founder was surprised that it had hit a market cap of $2 billion despite not having a software update in 2 years. That alone shows you that Dogecoin is not an investment. In fact, even its recent price rise can be attributed to the overall growth of the cryptomarket. However, if you are a short-term trader, you can make a ton load of money with Dogecoin.
How is Dogecoin different from bitcoin?
So what is the difference between Dogecoin and bitcoin, considering that they have similar mining algorithms? Well, the difference is in the supply. Bitcoin has a finite supply, which means that the mining blocks will over time become so small that no new coins can be created. This is quite different from Dogecoin. The creators of dogecoin created a 10,000 doge reward after the 600,000 block. This makes it easier and more viable to mine dogecoin in the long run, as compared to mining bitcoin.
How to mine dogecoin
Just like Bitcoin, Dogecoin uses the proof of work mining algorithm. This means that Dogecoin miners have to verify transactions on a block, for them to get rewarded for it. Like bitcoin, mining dogecoin requires a high amount of electricity.
Is Dogecoin a worthy investment?
Reviewed by mir khaleq ali
on
11:40
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Reviewed by mir khaleq ali
on
11:40
Rating:
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