Dogecoin is an oddball online currency developed by two software developers, Billy Markus and Jackson Palmer. These two Internet geeks spent several months last year perfecting the design and operation of a new online payment method called dogecoin. They envisioned a currency based on the peer-to-peer theory of general acceptance, where users do not have to transact through any particular authority. It was supposed to be a replacement for PayPal, which for a long time was considered the most popular way to transfer money. Dogecoin went under several iterations before finally arriving at what is known as the “proof of stake” technique.
Even though dogecoin bears a close resemblance to other successful virtual currencies, like BitUSD or LTC, dogecoin has its own distinctive identity. Unlike most of its competitors, dogecoin did not come into being because of a contest to be the first digital currency to launch. There is no special significance attached to dogecoin beyond the fact that it is one more way for the users of the Internet to participate in the phenomenon of tipping.
Some editors (members of a forum called credits) started to use dogecoin as a way to earn some extra money. But, dogecoin’s unique characteristic – the no-tipping system – was missing something. This was discovered when dogecoin started getting a lot of buzz around the start of 2021. There was a lot of buzz about how one could get paid to do online tasks. People were lining up to get tips for dogecoin from the website tipped.
The website tipped started out with no intention of getting paid for tipping. Its sole purpose was to let users of the forum post doge-themed photos on the site. They would then be rewarded with doge-tipping credits. The photos were posted by people such as those who were fromspace, space, and squid. It was no big secret that many members of these social media sites were doing something online in the confines of their free time, so it was only natural that doge-tippers would appear.
Others joined in on the fun, posting dogecoin as they completed different tasks online. It was a welcome addition to a community that valued dogecoin and treated it as something of value. Dogecoin became an instant hit. Its fast pace, ease of use, and low-cost transaction fees attracted a lot of newcomers, especially to the highly competitive field of currency trading.
What followed was a fun ride of sorts as dogecoin was used as a means to transfer money to friends, make donations to charity, and participate in the fun games and competitions run on the Dogecoin ledger. The games themselves were a great deal of fun, and the competition for the top prize was quite fierce. So how did this fun trend take off? Many sources tell the story of one man: Mike “Mogul” Welsh. His entrepreneurial spirit had long been fueled by his love of hip hop culture, and when he discovered a unique opportunity through the Dogecoin tracker, he jumped at the chance to create the first dogecoin on the Internet.
His dogecoin mining business was designed to help dogecoin entrepreneurs make money by making it easier for them to process transactions. He thought of himself as being in the dogecoin business, but not the type of business you would normally associate with the word “doge”. He didn’t mine, refine or sell the coins; instead, he sold access to his database, which contained information about all current dogecoin in circulation. His customers simply needed to have the correct address to get the coins, and then send a transaction request to his service. Within a few days, they’d be receiving their rewards.
A few years later, Mike’s girlfriend was moving into a new home, and she asked him why he hadn’t told her about the dogecoin thing. He told her it was a joke, and that he wasn’t really into it much. A few months later, however, he was hospitalized, suffering from a heart attack. Doctors found he had a single block in his heart, which is when they discovered the joke was on the way out too. A few months after that, the cryptocoin was taken completely offline, and Mike’s story was immortalized in an article that ran in the New York Times. The joke was on then, and it’s been just as fun ever since.