Famous for its Japanese dog symbol, Dogecoin finds itself in the rather peculiar position of not receiving widespread recognition from other cryptocurrencies. However, a solid number of businesses do acknowledge the currency and this is why Dogecoin’s uses have allowed it to successfully spread over more than 200 companies. The currency’s community is full of countless inspired and devoted individuals, who have on several occasions organized charity events in order to support their favourite online payment method. Otherwise, Dogecoin is a Proof of Work type of currency and what distinguishes it the most from other online coins is the its hashing algorithm or said in a simpler way-the code, which empowers its Proof of Work type system. Dogecoin’s algorithm is of the Scrypt type, which means that it needs more CPU power. One of the benefits of Scrypt and therefore-Dogecoin is that it grants users the ability to make the best of “merged mining” with other online coins. Users of different cryptocurrencies can contest for transaction verifications on various networks at the same time omitting the need to use additional processing power. This situation is extremely beneficial for players when it comes down to the size of the monetary rewards and the currency’s saving of energy, the latter of which helps the system to complete more tasks. That being said, Dogecoin isn’t the only online currency that offers “merged mining”. SHA-256 online coins are capable of merging with Bitcoin; the thing is it doesn’t happen as frequently as it does in the case of Dogecoin.
The security of Dogecoin is of exceptional quality and strength. The extremely faithful and hardworking community makes sure that its state as a type of online currency exchange tool (rather than merely a quick near future investment) is preserved. The cryptocurrency’s value has stayed very solid with the exception of the well-known cryptocurrency crashes, which are affecting all the online coins out there in equal measure. If Dogecoin has any disadvantages, it is its considerably low value for a single coin. Part of the reason for that is the giant coin distribution which Dogecoin utilizes. All in all, Dogecoin is a great online currency to depend on, especially because of the clever and innovative people that are part of its huge community and while it’s value might be somewhat dispiriting, the monetary risk of it is exceptionally low and that is in no way a good reason on its own for anyone to give up on Dogecoin’s numerous benefits.