Understanding Dogecoin by Yee Kok Siong
Dogecoin is a peer-to-peer internet currency that enables instant payments to anyone in the world. The good side with the currency is that it can be efficiently mined with consumer-grade hardware. The coins also provide faster transaction confirmations (usually of about 2.5 minutes).
The dogecoin network uses a memory-card which serves as a proof that the currency can be mined using regular CPUs and computers used by many people.
How it can be used?
For you to use Dogecoins you need to have a digital wallet. This is an address that you use to receive the coins. When you have a new wallet, the dogecoin network generates a private key that is given to you.
The network also generates a public key that you use when exchanging the coins with other users.
The private key is kept as a big secret and the owner is the only person who knows it. The reason why it's kept as a secret is because anyone who knows it can claim complete ownership of the funds associated with it.
Due to the importance of the key, it's vital that you guard it as much as you can. This is because if you reveal it to other people it can easily result to loss of your money.
This is a place where all the transactions that you engage in are maintained. Many experts equate the block chain to a logbook. Since the block chain records every transaction that you engage in, it's updated every time that you complete a transaction.
To eliminate errors in the records, all the transactions are first verified before they are written permanently. For example, if you send money to a friend, the transaction is first added to the most current "block" after which it undergoes verification for authenticity.
Once the verification is complete it's written permanently. The verification process is done by "miners".
How to acquire Dogecoins?
There are a number of ways you can acquire the coins. Some of the ways include: mining, faucets, tips, and changing of other forms of currency to dogecoins. The most common method of acquiring the coins is mining. Here you only need to have a computer and software that allows you to mine the coins.
To mine faster you may be required to purchase an ATI/AMD video card. You need to note that the better the card you have, the faster you will mine the coins.
Also read: What You Need to Know About Dogecoin?
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