Tesla CEO Elon Musk and other celebrities have posted multiple tweets backing dogecoin lately — and some in the cryptocurrency world aren't impressed. Nic Carter, a venture capitalist known for his bullish stance on bitcoin , thinks Musk's enthusiasm for the meme-inspired digital token is "disconcerting" as it's mainly used as a "vehicle for speculation. Carter said dogecoin was what introduced him to crypto in and that, while it was "entertaining and fun" at the time, it's now "sort of an empty husk.
Dogecoin was briefly the No. Created in by software engineers Billy Markus and Jackson Palmer, dogecoin was intended to be used as a faster — but "fun" — alternative to bitcoin. It's based on the once-popular "doge" meme, which portrays a shiba inu dog alongside multicolored text in Comic Sans font. After taking a brief two-day break from Twitter , Musk returned to make several tweets about the dogecoin, calling it "the people's crypto.
Carter wasn't the only bitcoin enthusiast to have criticized Musk for his comments about dogecoin. Musk agreed to pay a fine and stepped down as Tesla chairman to settle with the U. Securities and Exchange Commission over the matter. And unlike national currencies such as the Australian dollar, the rate of release for new Bitcoin is slowing down over time. Launched in , there are now billion Dogecoin in existence, with as many as five billion new coins minted each year.
But how can a currency with a seemingly unlimited supply have any value at all? But Dogecoin is much more interesting when seen through a cultural lens. Read more: Why is Bitcoin's price at an all-time high? And how is its value determined? The cryptocurrency was created by software engineers Billy Markus and Jackson Palmer — although Palmer, an Australian, has since walked away from the project. Now, Dogecoin has outlasted almost all the early derivative altcoins and has a thriving community of investors.
In , Dogecoin holders sponsored the Jamaican Bobsled Team. Musk himself shared a similar sentiment a few days ago. Speaking on the app Clubhouse , he said:. Dogecoin was made as a joke to make fun of cryptocurrencies, but fate loves irony. The most ironic outcome would be that Dogecoin becomes the currency of Earth in the future. But Dogecoin is best thought of as a cultural product, rather than a financial asset.
The reality is few cryptocurrency users hold it as a serious investment or to use in regular transactions.
Dogetipbot was a cryptocurrency transaction service used on popular sites like Reddit and Twitch. It allowed users to send Dogecoins to other users through commands via Reddit comments. In May Dogetipbot was discontinued and taken offline after its creator declared bankruptcy; this left many Dogetipbot users losing their coins stored in the Dogetipbot system.
Dogecoin's implementation differs from Litecoin by several parameters. Dogecoin's block time is 1 minute as opposed to Litecoin's 2. Several cases of people using their employers' or universities' computers to mine Dogecoin have been discovered. Dogecoin started its initial coin production schedule with billion coins in circulation. By mid the billionth Dogecoin had been mined with an additional 5 billion coins put into circulation every year thereafter.
There is currently no implemented hard cap on the total supply of Dogecoins. Initially, Dogecoin had a supply limit of billion coins, which would already have been far more coins than the top digital currencies were allowing. Nonetheless, in February , Dogecoin founder Jackson Palmer announced that the limit would be removed in an effort to create a consistent reduction of its inflation-rate over time.
The Dogecoin community and foundation have encouraged fundraising for charities and other notable causes. Inspired by the Winter Olympics fundraiser and smaller charity fundraising successes, the Dogecoin Foundation, led by Eric Nakagawa , began collecting donations to build a well in the Tana river basin in Kenya in cooperation with Charity: Water. The campaign succeeded, collecting donations from more than 4, donors, including one anonymous benefactor who donated 14,, Dogecoin approx. On March 25, , the Dogecoin community successfully raised He finished the race in fifteenth, the last car running.
He finished twenty-eighth in the race due in part to a refueling issue; he was in twelfth place after a gas-and-go pit stop, but the gas can did not engage long enough, resulting in a second pit stop that took him towards the back of the pack. From Wikipedia, the free encyclopedia. The Daily Dot. Archived from the original on Retrieved Just Ask Doge". The New York Times. Archived from the original on October 3, Retrieved October 3, Accessed 28 December Dogecoin is the most Internet thing to happen, ever".
Digital Trends. Archived from the original on December 14, Retrieved December 12, Sydney Morning Herald. Fairfax Media. Archived from the original on March 31, Retrieved April 5, Vice Media. Retrieved December 23, Junkee Media. Retrieved January 12, Jackson Palmer accidentally invented Dogecoin in early December Business Insider. Archived from the original on December 20, Retrieved December 19, International Business Times.
Archived from the original on September 6, Retrieved December 20, Archived from the original on January 23, Retrieved December 10, Archived from the original on 21 September Retrieved 21 September DogeCoin fetches percent jump in value in 24 hours". Archived from the original on December 19, Archived from the original on December 23, Retrieved December 22, Archived from the original on December 26, Retrieved December 26, Many Dogecoin.
Very Disappear. So Gone. Archived from the original on December 27, Retrieved December 25, Los Angeles Times. After Dogewallet heist, Dogecoin community aims to reimburse victims". December 27, Archived from the original on February 27, Retrieved March 2, Archived from the original on April 23, Retrieved January 12, — via Twitter.
July 8, Archived from the original on July 9, Retrieved July 9, At the most basic level, they are both decentralized cryptocurrencies. Whereas fiat currencies such as the U. Litecoin was launched in by founder Charlie Lee, who announced the debut of the "lite version of Bitcoin" via posted message on a popular Bitcoin forum. One important similarity between these two cryptocurrencies is that they are both proof of work ecosystems, meaning that the underlying process by which both bitcoin and LTC are mined is fundamentally similar though not exactly the same, as we will see below.
For an investor, many of the basic elements of transacting with bitcoin and LTC are very similar as well. Both of these cryptocurrencies can be bought via exchange or mined using a mining rig. Both require a digital or cold storage "wallet" in order to be safely stored between transactions. Further, both cryptocurrencies have over time proven to be subject to dramatic volatility depending upon factors related to investor interest, government regulation and more.
One area in which Bitcoin and Litecoin differ significantly is in market capitalization. Another of the main differences between Bitcoin and Litecoin concerns the total number of coins that each cryptocurrency can produce. This is where Litecoin distinguishes itself. The Bitcoin network can never exceed 21 million coins, whereas Litecoin can accommodate up to 84 million coins.
This is because both Bitcoin and Litecoin are divisible into nearly infinitesimal amounts. In fact, the minimum quantity of transferable Bitcoin is one hundred millionth of a Bitcoin 0. In November , IBM executive Richard Brown raised the prospect that some users may prefer transacting in whole units rather than in fractions of a unit, a potential advantage for Litecoin.
Although technically transactions occur instantaneously on both the Bitcoin and Litecoin networks, time is required for those transactions to be confirmed by other network participants. Litecoin was founded with the goal of prioritizing transaction speed, and that has proven an advantage as it has grown in popularity. According to data from Blockchain. For example, a merchant selling a product in exchange for Bitcoin would need to wait nearly four times as long to confirm payment as if that same product were sold in exchange for Litecoin.
On the other hand, merchants can always opt to accept transactions without waiting for any confirmation at all. The security of such zero-confirmation transactions is the subject of some debate. By far the most fundamental technical difference between Bitcoin and Litecoin are the different cryptographic algorithms that they employ.
Bitcoin makes use of the longstanding SHA algorithm, whereas Litecoin makes use of a comparatively new algorithm known as Scrypt. In both Bitcoin and Litecoin, the process of confirming transactions requires substantial computing power. In exchange for doing so, these miners are rewarded by earning units of the currency which they have mined. SHA is generally considered to be a more complex algorithm than Scrypt, while at the same time allowing a greater degree of parallel processing.
Consequently, Bitcoin miners in recent years have utilized increasingly sophisticated methods for mining Bitcoins as efficiently as possible. The practical consequence of this has been that Bitcoin mining has become increasingly out-of-reach for the everyday user unless that individual joins a mining pool. This has led many commentators to view Scrypt-based cryptocurrencies such as Litecoin as being more accessible for users who also wish to participate in the network as miners.
It remains to be seen whether the cryptocurrencies with which we have become familiar will retain their stature in the months and years to come. Library of Congress Business Reference Services. Litecoin Wiki. Bitcoin Wiki. Bitcoin Forum. Brown About Bitcoin and Litecoin.
Bitcoin Magazine. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of.
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|Bordeaux vs monaco betting preview nfl||Coingen provides precious little in terms of support so I scoured the web for help and found a checklist to run through to get the network humming. Jackson Palmer accidentally invented Dogecoin in early December Dogecoin marketed itself as a "fun" version of Bitcoin with a Shibu Inu Japanese dog as its logo. It's based on the once-popular "doge" meme, which portrays a shiba inu dog alongside multicolored text in Comic Sans font. Article Sources. Jeff Garzik, one of Bitcoin's core developers, told me; "It is trivial to create your own currency.|
|Fx binary options||He tried to create his own cryptocurrency for "sillies," as he put it. One important difference: bitcoin is the original blockchain proof-of-concept. Read more about But Dogecoin is best thought of as a cultural product, rather than a financial asset. Suddenly the UK police were involved. Musk agreed to pay a fine and stepped down as Tesla chairman to settle with the U. This is just another in a long list of examples.|
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