Dogecoin Beginners Guide I Elon Musk Dogecoin explained I Cryptocurrency I Dogecoin holders worth it

doggy doggo doge dogecoin what is it how does 
it work and can you really get rich off this   lovable mean stock well it's technically not 
a stock but a cryptocurrency like bitcoin or   ethereum this past year it's gone up over fifteen 
hundred percent from point zero zero five cents   all the way to seven cents as of recording 
this video this is the story of dogecoin   ps will also be going over how you can get started 
in altcoin cryptocurrency investing as a whole started by jackson palmer a product manager at 
adobe in 2013 dogecoin began by palmer making   light of the early cryptocurrency craze 
at the time posting about his non-existent   cryptocurrency venture at the time it was a simple 
joke based around the now archaic and iconic doge   meme featuring a very startled shiba inu but to 
jackson's surprise those tweets began gaining some   popularity on twitter and then the unthinkable 
happened one night after work i sat down with a   beer i had too much time on my hands and i bought then i photoshopped the logo onto the   coin and put it up there not too much later it was 
picked up on reddit where it caught the attention   of bill marcus a software engineer at ibm who 
reached out for permission to actually go and   build out the software and turn dogecoin into a 
fully functioning working cryptocurrency based off   of the cryptocurrency lucky coin which was based 
off of the more popular and now extremely bullish   litecoin dogecoin is actually one of the fastest 
cryptocurrencies for processing transactions   here's why this is important bitcoin the 
largest and most popular cryptocurrency has   a block time of roughly 10 minutes that means 
it takes bitcoin around 10 minutes to process   all of the transactions taking place on it at 
a single time here's an example of what i mean   imagine paying for something using your credit 
card but it takes 10 minutes for your payment to   go through now imagine this happens not just to 
you but also to everybody else in the world who   bought or sold something at the exact moment 
you did that 10 minute delay is called block   time and while bitcoin has a block time of around 
10 minutes dogecoin's block time is significantly   lower at around one minute what makes it possible 
is dogecoin's simple but extremely efficient   infrastructure at its launch date in december 
of 2013.

Two weeks later the value spiked 300   through a combination of viral press and timing 
around china forbidding the trading of bitcoin   it might seem counterintuitive at first but 
china's embargo on bitcoin actually helped   increase the price of doge and other altcoins 
at the time like litecoin and ethereum this   was because other cryptocurrencies were seen as 
alternatives by investors to a weaker bitcoin thus   making their prices higher and increasing their 
value meanwhile dogecoin users began to be able to   use the coin for various things in the real world 
like tipping people on reddit or paying for in-app   purchases in mobile games fueled by the virality 
of its namesake meme dogecoin began quickly   growing and in 2014 the trading volume of dogecoin 
surpassed every other cryptocurrency at the time   including bitcoin since then dogecoin's following 
has continued to grow its followers formed a   charity called the dogecoin foundation and raised 
approximately 36 000 to help the jamaican bobsled   team attend the 2014 winter olympics as well as 
another 30 000 to help build a water well in kenya   in 2018 robin hood began allowing dogecoin to be 
freely bought and sold on their platform giving   it mass market exposure and increasing its price 
even further this was compounded by elon musk's   infamous tweets causing the price of doge to 
skyrocket within minutes of each social media post   before crashing back down a little each time 
today it has a market cap of over 10 billion   dollars and is trading at a price of around 5 to 8 
cents all from something started less than 8 years   ago as a total joke but despite all its success 
dogecoin was never meant to be inherently valuable   dogecoin is what's called an inflationary currency 
like the us dollar or other fiat currencies around   the world like the euro or british pound this 
means that there is potentially an infinite number   of dogecoins available more and more dogecoins 
can and continue to be created every single day   in the long term dogecoin's price is actually 
projected to decrease because of this with an   inflation rate of about four percent a year this 
is exactly what happens to current fiat currencies   around the world including the us dollar over 
time the same amount of currency buys you less   and less ever hear stories from your grandparents 
about how lollipops used to be 10 cents   this is unlike bitcoin which is a deflationary 
currency and actually consists of a limited   number of total coins 21 million to be exact as 
more people hear about and invest into bitcoin   its price should only increase since there will 
be fewer bitcoins available for everybody buying   right now there are over 120 billion dogecoins in 
supply and rising day by day since dogecoin mining   is actually fairly easy to do dogecoin mining is 
essentially setting up your computer to mine or   solve mathematical problems on the blockchain 
resulting in the creation of new dogecoins   basically you can farm these things and it's 
extremely easy to start in fact back in 2015   the hardware requirements needed to mine dogecoin 
could be successfully met by library computers in   colleges and public libraries thanks to its 
high price and low requirements many college   students were able to profit by successfully 
mining dogecoin on rented computer time   the actual reward for mining one block of 
dogecoin is ten thousand individual dogecoins   and since the block time is roughly every 
one minute we can assume that ten thousand   new dogecoins are created every minute since so 
many dogecoins are always being created it's not   rare meaning it takes a lot for its price to 
actually increase luckily it's definitely got   some things going for it right now to increase its 
demand but what happens when the hype dies down   right now everyone wants to see dogecoin go 
from the few pennies it's worth right now all   the way to a dollar to figure out if this will 
actually happen we can go to   at the time of recording this each dogecoin is 
worth roughly six cents with a market cap of 7.6   billion dollars for dogecoin to reach one dollar 
it would need to increase its price by 17 times or   a price increase of 1700 percent that would lead 
doge to having a market cap of over 125 billion   that's larger than all of the top eight 
cryptocurrencies besides bitcoin and ethereum   combined including litecoin ripple bitcoin cash 
stellar cardano polka dot chain link and tether   keep in mind some of these coins are already 
worth tens if not hundreds of dollars but still   have smaller market caps for example bitcoin cash 
is worth around 745 dollars around the time of   recording this video while litecoin is worth 
over 200 right now ethereum is the only other   cryptocurrency besides bitcoin with a market cap 
of over hundred billion dollars it's worth over   eighteen hundred dollars right now not saying it's 
impossible but for dogecoin to reach one dollar   in price and a 125 billion dollar market cap would 
take a lot of work but hey with some recent events   in the stock market involving companies like 
gamestop and amc anything's possible commission   free trading and online communities like wall 
street bets have made investing and trading easier   than ever before personally i wouldn't recommend 
buying into doge given the fact that it's both an   inflationary currency and because it is currently 
only being propped up by its popularity and meme   ability it's only used cases so far in the real 
world have been tipping reddit posters and buying   in-app purchases if you're just getting started in 
crypto you may want to diversify your portfolio a   little introducing r satoshi street bets the 
cryptocurrency version of wall street bets   though it's still relatively small at the moment 
at only about 300 000 members compared to the   millions of degenerates on wall street bets the 
information provided can be pretty compelling   it's in these underground communities like satoshi 
street bets crypto hive mines and alt street bets   where you'll find crypto enthusiasts talking about 
the latest altcoin pumps if you didn't already   know dogecoin is what's known as an altcoin which 
is basically any cryptocurrency that's not bitcoin   some other popular altcoins were talked about 
earlier like ripple and chain link however there   are actually dozens if not hundreds of altcoins on 
the blockchain many of which are set to skyrocket   but have yet to hit mainstream recognition for 
example the largely unknown cake token recently   grew from below one dollar in january of 2021 all 
the way up to seven dollars in february you would   have gotten a 700 return on your investment if 
you had invested just 30 days prior some other   tokens you may want to watch out for are reserve 
or rsr which has been backed by paypal co-founder   peter thiel as well as the token bnb or binance 
coin if you're looking to cash in on some of these   big crypto investment plays reddit may just be the 
place to help you do your due diligence however   buying these altcoins is a different matter 
altogether while the more popular ones like   bitcoin cash ethereum and litecoin can be bought 
and sold on places like robinhood and coinbase   most altcoins can only be purchased on certain 
cryptocurrency exchanges a few options you can   use are binance kraken and vcc exchange i can 
personally vouch for both kraken and binance but   to give you a fair warning these apps can take 
a bit of getting used to so don't be surprised   if you log into one and are greeted with what 
looks like the controls to an airplane cockpit   once you buy your cryptocurrency it's best not to 
keep them on the exchange the reason is you might   not get your money back you see cryptocurrency 
exchanges have had a history of getting hacked   in 2019 quadriga canada's largest cryptocurrency 
exchange at the time lost 145 million dollars   worth of bitcoin and other digital assets its 30 
year old founder gerald cotton apparently died   while on a trip to india taking the password to 
his physical bitcoin storage device containing all   145 million dollars in bitcoin to the grave with 
him his customers never got their bitcoin back   while unfortunate to those who had invested 
in quadriga this tale serves as a valuable   lesson to move your coins off into a cold storage 
device of your own known as bitcoin ledgers these   cryptocurrency storage devices act as portable 
hard drives keeping your altcoins and bitcoins   safe from hackers it's the perfect place to 
put your cryptocurrencies back to doge i almost   forgot if you really want to capitalize on the 
current dogecoin phrase then make sure to turn   on notifications whenever elon musk posts on 
twitter if you can manage to buy into dogecoin   right when elon tweets it's possible to make huge 
gains as dogecoin price has been seen to jump   by as much as 800 percent when elon mentions it 
congrats you now know how to get started in crypto

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