Dojo For Doge | Dogecoin To The Moon | What is Dogecoin?

Dojo For Doge | Dogecoin To The Moon | What is Dogecoin? Dogecoin is a first-generation cryptocurrency that can be used to transfer value globally in a secure manner. Famously, Dogecoin features the Shiba Inu from popular internet memes. Nevertheless, the decision to use this character was brought on by the developer’s desire to keep the project light-hearted. Like Bitcoin and Litecoin, the main purpose of this coin is to allow for peer-to-peer transactions to occur in a censorship-resistant manner.

So is Dogecoin a type of cash (or currency) as the name implies? Im addition, that category doesn’t really work. Thus, Fiat currencies like the U.S. dollar are backed by the issuing government. But by definition, cryptocurrencies like Dogecoin are decentralized, meaning they’re not issued or controlled by any government or some regulatory authority and Dogecoin’s price is highly volatile, and the tokens are difficult to spend in the real world needless to say that the price has risen like never before, at times over 500% hike. Dojo For Doge | Dogecoin To The Moon | What is Dogecoin?

Moreover, it wouldn’t be too hard to argue that much of Dogecoin’s coding is a direct copy of Bitcoin. Discussing the idea, one of the coin’s founders, Billy Markus stated that it only took 3 hours to create Dogecoin. Moreover, he described how he literally used the control F function to scroll through Bitcoin’s code and replace all instances of Bitcoin with Dogecoin. He also made a couple of other adjustments to further the concept like changing the term mining to digging. Notably, Markus decided on a 1 minute block time. In addition, a blockchain network’s block time is a reference to how often a new “block” of transactions is added to the “chain” of transactions

Dojo For Doge | Dogecoin To The Moon | What is Dogecoin?

Therefore, so is Dogecoin a type of cash (or currency) as the name implies? That category doesn’t really work. Fiat currencies like the U.S. dollar are backed by the issuing government. On the other hand, but by definition, cryptocurrencies like Dogecoin are decentralized, meaning they’re not issued or controlled by any government or some regulatory authority and Dogecoin’s price is highly volatile, and the tokens are difficult to spend in the real world needless to say that the price has risen like never before, at times over 500% hike.

Because, Nothing says 2021 like dogecoin, a dog-themed cryptocurrency that has recently skyrocketed in value, thanks in part to the support of Elon Musk and other celebrities. For a time it was the 10th largest cryptocurrency. After all, Dogecoin finished 2020 at less than half a penny per DOGE, according to CoinDesk’s dogecoin price index. It now trades at or above 5 cents, putting its year-to-date returns at around 1,000%.

And finally Collective belief can trump ‘fundamentals’

Thus, How does this happen? How does something that seems patently absurd become undeniably real? It’s in part because reality seems to be increasingly shaped by collective belief, rather than underlying facts. 

Think about this as an example. For instance, teenagers rise to dizzying levels of fame on TikTok, and gaining millions of dedicated followers with collective support of fans and the app’s mysterious algorithm. Therefore, do those seconds-long videos deserve global acclaim? Are these people deserving of fame? Maybe not, but it also doesn’t really matter. Some are becoming millionaires. This may be harmless, but less so are internet-driven conspiracy theories that don’t have to be based in fact to have real-world consequences. People just have to believe they are true.

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