Dogecoin is a cryptocurrency, or virtual, electronic currency, that was introduced at the beginning of December 2013. Like Bitcoin, it is possible to mine or “dig” for Dogecoins by solving algorithmic problems online. You can also acquire them from people who have already done so. Unlike Bitcoin, Dogecoin’s founders are not anonymous. Dogecoin was created by an American programmer called Billy Markus and Jackson Palmer who works for Adobe in Australia. Dogecoin’s early popularity probably springs from its association with the internet meme Doge, which sees internet users superimpose broken English phrases in colourful script over manipulated images of a Shiba Inu dog. Doge is not only the inspiration behind the creation of the “look” of the currency, the meme also seems to underpin some of the philosophy of the Dogecoin community. Dogecoin’s viral popularity also contributed to another problem – disagreements on how to pronounce it. Here is cofounder Jackson Palmer explaining what he had in mind in a YouTube video.
Dogecoin in the news
In January 2014 Dogecoin users got together to raise money to send the Jamaica bobsleigh team to the Winter Olympics in Sochi.
In February 2014 Jackson Palmer announced that Dogecoin would be an inflationary currency, unlike Bitcoin which has a hard cap on the total number of coins in existence and therefore encourages hoarding. The decision to keep adding coins to circulation was simultaneously welcomed and derided.