Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees. Dogecoin features the face of the Shiba Inu dog from the "Doge" meme as its logo and namesake.It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalisation of US $5,382,875,000 on January 28, 2021.
Dogecoin was co-founded by IBM software engineer Billy Markus from Portland, Oregon and Adobe software engineer Jackson Palmer, who set out to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. In addition, they wanted to distance it from the controversial history of other coins. Dogecoin was officially launched on December 6, 2013, and within the first 30 days there were over a million visitors to dogecoin.com
Dogecoin started its initial coin production schedule with 100 billion coins in circulation. By mid-2015 the 100 billionth Dogecoin had been mined with an additional 5 billion coins put into circulation every year thereafter. There is currently no implemented hard cap on the total supply of Dogecoins. Initially, Dogecoin had a supply limit of 100 billion coins, which would already have been far more coins than the top digital currencies were allowing. Nonetheless, in February 2014, Dogecoin founder Jackson Palmer announced that the limit would be removed in an effort to create a consistent reduction of its inflation-rate over time.
There are a lot of benefits that Dogecoin brings to the market. For one, you can use this coin just like Bitcoin too quickly and securely send value to anyone internationally. Over the last few years, the coin’s network has increased, and now, more vendors than ever accept this unique token.
The Financial Conduct Authority (FCA) recently warned Brits they risk losing all of their cash when investing in cryptocurrency. Cryptocurrency investments often promise high returns but come with "very high risks". They're not protected like other types of investment either.
"If consumers invest in these types of product, they should be prepared to lose all their money," the FCA warned.
Firms offering other crypto-assets must now be registered with the FCA , and anyone who does invest in cryptocurrencies should check before investing. But consumers are unlikely to be protected by the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 of your savings if a firm goes bust.
You're unlikely to take your complaint to the Financial Ombudsman Service (FOS) either, which typically only covers traditional savings and investments if something goes wrong.