Dogecoins has gone from a joke to one of the most popular cryptocurrencies and has become the favorite of many people including Tesla CEO Elon Musk. There are a variety of reasons to believe that Dogecoin is now a Ponzi scheme or some other type of scam.
However, Dogecoin has been proving its worth for years, and many individuals have already attempted to get their hands on the spoof cryptocurrency. Many people believe that investing in cryptocurrency requires you to be a savvy investor with a large sum of money, but the truth is that all you need is a little common sense and study. All you need to know is what Dogecoin is and how it works.
how it started
Dogecoin, that was Founded in 2013, is a popular cryptocurrency with a playful and friendly brand image that strives to be a welcoming introduction to cryptocurrency for the general public and those who have never heard of it. At first it sounded like a rogue pump-and-dump crypto, however, some of its characteristics manifest its validity as a real coin. If you are interested in Dogecoin and also want to avoid scams, we recommend legitimate and reliable platforms like coin base, Bitcoin Loophole or binance can help you trade through a comprehensive system that can connect you with the best brokers in your country.
Dogecoin’s proof-of-work methodology differs from Bitcoin’s in several aspects, one of which is the use of Scrypt technology. The cryptocurrency also has a one-minute block time and unlimited total supply, meaning there is no limit to the amount of Dogecoins that can be mined.
Even at the current price, several considerations make Dogecoin a solid investment. So it’s hard to take it as a scam for now. Following that logic, here are a few more reasons why Dogecoin is a valid cryptocurrency.
Dogecoin is growing faster than Bitcoin
Dogecoin is based on a cryptocurrency-specific technology that makes it possible Validate Transactions and prohibit users from double spending. It allows secure access to send and receive money without intermediaries via this method.
FONT used in DOGE’s algorithm. As a result, the coin has a faster processing speed than BTC. This can support its eventual acceptance and integration as a transaction currency. DOGE would go from tipping and humanitarian money to a truly digital currency serving millions of consumers on a regular basis once additional institutional relationships have been forged.
Big names in the industry are promoting Dogecoin
Elon Musk, the CEO of Tesla, has ridden the Dogecoin train with celebrities like Snoop Dogg and Paris Hilton. So what’s the big deal about it? The reason is simple: all celebrities have millions of fans and a significant impact on their audience.
As a result, they are now individuals who previously had little knowledge of cryptocurrencies like Dogecoin consider investing in them. It’s also understandable that these celebrities wouldn’t bother promoting something they are dubious about.
The Dogecoin development team is back on the scene
A cryptocurrency is only as good as the developers who created it. The more dynamic the core development team is, the better they are likely to do over the long term. This is because they can enhance cryptocurrency to make it more adaptable to changing business needs. They can also address concerns like security, which is critical to the long-term growth of any cryptocurrency.
That Dogecoin is inflationary is an advantage
The whole point of crypto was to replace fiat money with decentralized money. On this front, Bitcoin, the first cryptocurrency, failed miserably. Its goal has now shifted to storing large values. The fact that Bitcoin and others are deflationary is at the root of their failure on this front.
Bitcoin, for example, has 21 million covered shares. As more people buy and keep it, the amount of money available for day-to-day transactions becomes scarcer. Deflationary currencies may never work as currencies for a variety of reasons. However, in the long run, Dogecoin’s inflationary nature makes it one of the best cryptos.
Dogecoin is now a premium cryptocurrency
While cryptocurrency rankings in market Capitalization mean a lot, Dogecoin is currently the first tier cryptocurrency, making crypto enticing for new investors looking to trade.
Dogecoin is already a top-tier cryptocurrency, ranking 12th in terms of market cap. Following this line of thinking, Dogecoin can currently be valued in the same way as top biotech companies, with a market cap of $18,760,897,044, according to CoinMarketCap.
Based on these numbers, anyone entering the market today should take Dogecoin seriously. This not only increases liquidity, but also future value. This is a compelling argument to own Dogecoin now with the expectation of more gains in the future.
https://techround.co.uk/cryptocurrency/5-reasons-why-dogecoin-is-legitimate-in-depth-review/?utm_source=rss&utm_medium=rss&utm_campaign=5-reasons-why-dogecoin-is-legitimate-in-depth-review 5 reasons why Dogecoin is legit | In-depth review