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forget to like it and share it with others. Today we are gonna talk about Dogecoin, what
is dogecoin? and a huge news circulating that has been given by the CEO of Robinhood! Let's get back to our work so Dogecoin is
a cryptocurrency, like Bitcoin or Ethereum but it’s a very different kind than either
of these popular coins,different in its own perfect way. Dogecoin was originally created at least in
part as a joke for crypto enthusiasts, and took its name from a once-popular meme, but
little did we know the joke would turn into something else. Despite this very strange origin story, it
has exploded in popularity in 2021, in fact, Dogecoin has become the fifth largest cryptocurrency
by market cap.

Which is a big big deal because believe it
or not the crypto world is very crowded at the moment. Software engineers Billy Marcus and Jackson
Palmer developed Dogecoin in late 2013. Palmer branded the cryptocurrency’s logo
using a meme popular at the time that featured the deliberately misspelled word “doge”
to describe a Shiba Inu dog. Yes ! that's a hundred percent true information,
it started as a joke. “Doge really started to poke fun at Bitcoin,”
said Pat White, CEO of Bitwave.

In its early hatch days, a community of enthusiasts
arranged publicity stunts to raise Dogecoin’s profile, gathering funds to send the Jamaican
Bobsleigh team to the 2014 Olympics, for instance, or sponsoring a NASCAR driver. WHICH IS VERY CLEVER! But at the start of 2021, Dogecoin gained
immense popularity and high status on Reddit’s WallStreetBets message board—the prime instigator
behind the GameStop affair in January—where enthusiasts had promised to propel its value
“to the moon” as per our sources. Today Dogecoin is no joke and don't take it
lightly too. It has exploded in value and gained more than
5,000% in 2021. Among its boosters is Tesla CEO Elon Musk,
who called Dogecoin his favorite cryptocurrency and after that people have been going crazy
about it. Musk also named Dogecoin the “people’s
crypto,” and promised to plant a physical Dogecoin token on the moon. Imagine having dogecoin on the moon? That would be a fun scene to watch. Now, Dogecoin is a cryptocurrency that runs
on blockchain technology, similarly to Bitcoin and Ethereum. Blockchain is a distributed, secure digital
ledger that stores all transactions made using a decentralized digital currency.

All holders carry an identical copy of the
Dogecoin blockchain ledger, which is constantly and frequently updated with all new transactions
in the cryptocurrency. Like other cryptocurrencies, Dogecoin’s
blockchain network uses cryptography to keep all transactions safe and secure. So you need not to worry about a security
issue. People who are called miners use computers
to solve complex mathematical equations in order to process transactions and record them
on the Dogecoin blockchain, a so-called “proof of work” system. In exchange for processing transactions and
supporting the blockchain ledger, miners earn additional Dogecoin, which they can then hold
or sell on the open market, it's that easy.

Dogecoin may be used for payments and purchases,
but it’s not a very effective store of value. This is chiefly because there is no lifetime
cap on the number of Dogecoins that may be created by mining—meaning that the cryptocurrency
is highly inflationary, by design. The blockchain rewards miners for their work
by creating millions of new Dogecoins every day, which makes it very challenging for speculative
price gains in Dogecoin to hold up over time. There are certain places where you can buy
Dogecoin on a cryptocurrency exchange like Binance or Kraken. The exchanges require you to set up and fund
an account with U.S. dollars or cryptocurrency of your choice. You then are able to buy and exchange cryptocurrencies,
including Dogecoin. Notably, leading crypto exchange Coinbase
does not support purchases of Dogecoin which is a shame but it is what it is.

Some online brokers, including Robinhood and
TradeStation, also allow you to buy Dogecoin, furthermore to conventional assets like stocks,
mutual funds and bonds. They don’t offer as many of the cryptocurrencies
as exchanges, but Dogecoin is generally available. As with other cryptocurrencies, once you’ve
purchased Dogecoin it’s best to move your coins to a crypto wallet which is a digital
wallet if you don't know. Wallets take many forms, from online services
offered by exchanges like Coinbase, one thing to note is that you can’t buy Dogecoin on
Coinbase, you can store it in your Coinbase wallet, to apps on your mobile device or even
a physical hard drive, that is totally up to you.

You secure the wallet with a private password
of your choice. Since your coins are held outside of an exchange,
there’s an extra layer of protection against hacks which makes it immune to viruses and
hacks. Before Dogecoin broke out into the mainstream,
came out into the bigger picture and rocketed higher in price, you used to be able to earn
free coins for doing basic tasks online. “For many years, you could perform tasks
at Dogecoin ‘faucets’ to earn Dogecoin instead of buying it,” said C.

Neil Gray,
partner in the fintech practice areas at Duane Morris LLP. “The tasks included things like watching
an advertisement or taking a survey. More recently, it’s become difficult to
find any that work.” Now here's where we are now gonna talk about
CEO Vlad Tenev of Robinhood where he gave crazy predictions about Dogecoin. Robinhood is trying to make cryptocurrency
deposits and withdrawals easier, the company's CEO Vlad Tenev said on Twitter recently, in
response to feedback from billionaire and crypto-supporter Mark Cuban. As per our sources "Shark Tank" star investor
Cuban had tweeted the biggest factor standing in the way of cryptocurrency dogecoin growing
its foothold was people were unable to use their holdings of the meme coin on the online
trading app to make purchases.

Robinhood users can buy and sell cryptocurrencies,
but the app does not currently allow them to withdraw crypto, or access their crypto
wallets – which they need to do in order to use their digital coins for payment. Crypto assets that people are storing elsewhere
can also not be transferred into Robinhood accounts. Any holdings of dogecoin, or other cryptocurrencies,
on Robinhood are therefore effectively locked away and cannot be used to buy goods or services. This means investors and users of cryptocurrencies
must have a separate account elsewhere if they wish to use their holdings in everyday
life. Tenev's tweet suggests this could change soon,
as Robinhood is working on its deposit and withdrawal capabilities and is addressing
these issues, which has been raised continuously by the app's users. Cuban, who owns the Dallas Mavericks basketball
team, has been a staunch advocate for cryptocurrencies, especially dogecoin, and believes people should
be able to use it as a payment method.

Just recently, he helped a TikTok star use
dogecoin to purchase tickets to a Mavericks game. The Mavericks had announced in March they
would accept dogecoin as payment for merchandise and tickets. Which is great news! On Monday, Cuban tweeted they were on track
to complete 6,000 dogecoin purchases this month. Again, Dogecoin, which started as a joke back
in 2013, which was often referred to as a meme currency, has soared in value this year,
having gained nearly 12,000% in the last 12 months. It reached a high above $0.45 earlier this
month. On Tuesday, it was trading around $0.27, up
1.2% on the day. Alongside other cryptocurrencies including
bitcoin and ether, dogecoin gained popularity over the past year as retail investing surged
during the pandemic. Dogecoin traded for less than a cent a year
ago and bitcoin's value has grown over 600% over the same time. Crypto products such as additional coins,
non-fungible tokens, and even digital sports applications have been created, or have gained
traction recently. Platforms like Robinhood, which is preparing
to go public via initial public offering, allow retail investors to trade crypto assets,
as well as stocks, from their phones. Robinhood itself has also seen significant
user growth over the past year.

Now you may ask again what you ask all the
time is whether Dogecoin is a Good Investment or not? Since there is no lifetime limit on the number
of Dogecoins that can exist, and millions of new Dogecoins are released onto the markets
every single day, there is very little incentive to hold the cryptocurrency for the long term. Bitcoin continues to rise in value because
of the system’s lifetime cap on the number of coins that can be created; it doesn't provide
the factor of millions of coins per day, a major factor for its immense popularity. As a crypto experts said that “Doge really
is less like Bitcoin and more like DASH or Bitcoin Cash, where the express goal is a
spending currency,” Looking into history, the per coin value of Dogecoin has been very
low, around $0.003 per coin for most of 2020, so people were more likely to give them away. “Users on social platforms, like Reddit,
Twitter, Facebook, and others, can use Dogecoin to reward, or “tip,” each other for posting
content,” said Gray, another expert.

The gains in Dogecoin that have been seen
in 2021 may not be sustainable over the longer term. Whether the crypto’s tipping and donating
culture will continue remains to be seen. Cryptocurrency of all sorts is very unpredictable;
you never know what happens and when it happens. Investments are no joke so tell us in the
comments section down below of what you think of this video, let us know your suggestions
and give us a thumbs up as you go. See you until next time!.

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