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The rise of Dogecoin and other cryptocurrencies alike has made exorbitant profits for people. Cryptocurrency has risen in popularity and has already been accepted as forms of payment from major companies such as Home Depot, Starbucks and even the Dallas Mavericks. Cryptocurrency is a virtual form of money that does not have a centralized bank to oversee the internal operations. Instead, it is backed up by cryptography technology and a blockchain system which is one of the most innovative inventions of the twenty-first century. The “crypto” in cryptocurrency comes from cryptography which is a way of encoding messages so that the transferring of information could be done securely. A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in a single list, called a chain. Although cryptocurrency does not have a traditional security system like banks do, it has an extremely strong security system thanks to its breakthrough technology.
Dogecoin is a crypto that has shocked the world. Published in 2013, Dogecoin initially started as a joke by Jackson Palmer that mocked the fact that so many altcoins (independent cryptocurrencies) were being made. In the beginning stages of the coin’s existence, it gained minor popularity by sponsoring an array of different events like Nascar, the 2014 Olympic Jamaican bobsledding team and a clean water campaign for people in Kenya. With the historic rise in prices of bitcoin, the cryptocurrency market has been in fierce competition for second place. A cosign from a name as big as Elon Musk’s has risen the price of Dogecoin exponentially which has made many thousands of dollars for early investors. The formerly small coin that no one took seriously has risen in value by over one thousand percent.
Elon Musk has plans to put an actual Dogecoin on the face of the moon with his SpaceX program. The Shibu inu logo’d coin has been globally recognized as the next “must have” altcoin, but some experts say that it is just a phase and the hype will die down. The future of Dogecoin may be unknown, but the future of currency is changing rapidly. Cryptocurrency is unique in the fact that it can be used as a global form of currency as opposed to the traditional way of currency exchange. Dogecoin is just one of many Altcoins that are revolutionizing the way the world uses currency.
