Dogecoin was created as joke crypto back in December 2013 by software engineers Billy Markus and Jackson Palmer, who wanted to put the fun in cryptocurrency space. The coin emblem is that of a dog, a Shinu Inu breed from Japan, close to light yellow fur and white patches. The crypto instantly became a meme on social media platforms gaining a special likeness by Reddit and Twitter users. Bitcoin was created to solve problems associated with fiat currencies, such as inflation which had brought down markets in the 2008 recession. The founders of Bitcoin specifically had an intention of creating a digital currency that cannot be manipulated by centralized financial regulators.
The mining of Dogecoin is infinite, meaning there is no limited supply of Dogecoin. All Miners have to do is set up rigs then begin mining Dogecoin. Currently, there are 100 Billion Dogecoin that has already been mined and in circulations. Creators of Dogecoin wanted it to be a spending coin with unlimited supply runs and low processing fees compared to traditional banking charges. This increases Dogecoin availability as compared to Bitcoin, which has set its limit to be 21 million coins. The unlimited supply feature puts Dogecoin prone to inflation, something that the creators of Bitcoin worked so hard to solve.
As of the time of this writing, the price of Dogecoin is still under a penny with expectations of hitting the dollar mark by the end of the year. It is an all-time high season for the coin considering it was worth $US 0.00026 around the time of offering to the public back in 2013. Creators of Dogecoin mentioned they never had intentions of making the coin an investment vehicle but rather something that will bring joy to users. This instantaneous rise in value was propelled by famous influencers like Elon Musk, a tech giant fun of crypto, who insisted that he sees Dogecoin as an alternate preferred choice as compared to Bitcoin, which is expensive and takes more time to transact.
Bitcoin requires more processing power from computers to solve complex cryptography equations, also known as mining. This has instituted the creations of mining rigs by wealthy individuals who can afford computers with the ability to perform those calculations. Dogecoin, however, uses a different approach which is cheap, reliable, power-efficient, and can be performed by anyone who has access to the internet. The two have a promising future, despite their differences, to make a monetary system that is fun, safe, and secure.