What the FAQ: What is a Dogecoin, who launched it and what is its value

With Elon Musk's statement on Dogecoin, its value in the market has jumped 24 per cent and a lot of people are taking interest to invest in the same  
Picture: Edexlive
Picture: Edexlive

Recently, billionaire Elon Musk said that Tesla will accept Dogecoin as a means of payment for their merchandise. Immediately after this Dogecoin jumped 24 per cent to $0.195. It was Shiba Inu, the dog behind the doge meme which inspired several cryptocurrencies including dogecoin and Shiba Inu that are worth $70 billion. 

In today's FAQ, we try to understand more about Dogecoin, who launched it and the idea behind launching it. 

What is a Dogecoin and when it was launched?
Dogecoin is another type of cryptocurrency that was created by two IBM software engineers, Billy Markus and Jackson Palmer. Originally, Dogecoin was formed as a joke to generate a few laughs. In fact, it is considered the first meme coin and the first dog coin. Dogecoin was launched on December 6, 2013. There were over a million visitors to the website in the first 30 days. 

What was the idea behind developing a Dogecoin?
The idea behind developing a dogecoin was to create a peer-to-peer digital currency that could have more demography than Bitcoin. Though it started as a joke, Dogecoin became one of the popular tokens and an easy way for investors to learn about cryptocurrency and its volatility. 

Does Tesla CEO Elon Musk intend to improve Dogecoin?
Elon Musk has been working to improve Dogecoin as a cryptocurrency. Earlier, he had told that he is working with the developers of cryptocurrency to improve the network transaction efficiency. 

Do they accept Dogecoin in all places?
Experts believe that investing in Dogecoin is a bit riskier but a lot of investors are still taking interest to invest in it. It is believed that investing in Dogecoin is not the same as investing in a more established digital currency like Bitcoin. It is difficult for the rise of Dogecoin without widespread acceptance and all the shops.   

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