What is Dogecoin? How cryptocurrency saved the Jamaican bobsled team

Dogecoin was born December 6th, 2013. Credit: dogecoin.com
Dogecoin was born on Dec. 6, 2013.
Credit: dogecoin.com

You’ve likely only just wrapped your mind around the concept of Bitcoin (or have you?) but there’s already a new player in town: Dogecoin.

The upstart cryptocurrency is the new pup in town, and its bite is proving just as big as its bark.

On Monday, Dogecoin led the dog-and-pony show (yes, the canine puns will continue) by coming to the rescue of the Jamaican bobsled team, which needed funds in order to travel to the Sochi Winter Olympics. Dogecoin threw the team a bone by raising $30,000.

But what is Dogecoin? How did an Internet meme (Doge, the lovable shiba inu) transform into the fluffy figurehead of a digital currency — and what is digital currency, anyway?

Who better to explain it than Jackson Palmer, creator of Dogecoin?

Take us through Dogecoin’s history a bit. How did Doge, an Internet meme, come to be the face of cryptocurrency?

Dogecoin started out as a simple tweet, which was me parodying the sheer number of altcoins (alternative cryptocurrencies) coming on the market. Shortly after I posted this, I took live dogecoin.com with a picture of the famous Doge meme photoshopped on a coin. Billy, my co-founder, got in touch with me a couple days later saying he’d turned it into a real thing and the rest is history.

What are the main differences between Bitcoin and Dogecoin? Which is worth more?

Dogecoin is more similar to Litecoin, another Bitcoin alternative. It boasts faster transaction times and a really passionate community, which sets it apart from all other cryptocurrencies out there.

How often does the value of Dogecoin fluctuate? How will its value be sustained?

The value has been growing over the past couple of weeks, based on the popularity of the currency online. It’s being widely used for “tipping” on social media sites such as Reddit and Twitter, and people are actually using it to purchase goods and services, too. The number of Dogecoin transactions in any 24-hour period outnumbers those of all other cryptocurrencies combined.

What kind of demographic is going for Dogecoin? Who are the people using this crytocurrency?

It’s the currency of the Internet, and people are using it for sending kudos to people sharing or creating great content. Other uses are for buying online games, and similar microtransactions.

How do people actually go about buying Dogecoin?

At the moment, the best way is to convert some U.S. dollars to Bitcoin and then use a service such as BTER.com or Cryptsy.com to transfer those Bitcoins into Dogecoin.

Dogecoin raised more than $30,000 for the Jamaican bobsled team. Can you take us through the process for how this actually turns into cash?

Our amazing community donated millions and millions of Dogecoin via the Dogecoin Foundation, which we then converted to Bitcoin using an online exchange. The fantastic folks at Crowdtilt are now helping us convert this to USD and to put the funds in the hands of the bobsled team.

How long do you predict Dogecoin will be a viable currency? Is it the currency of the future or is this a trend of our time?

I think it’s the Internet currency of the future, as it’s fast and fun. It’s already taken the “tipping” world by storm, and as it spreads across other social media platforms I think Dogecoin will only get bigger and bigger.

Follow Cassandra Garrison on Twitter: @CassieAtMetro


News
Entertainment
Sports
Lifestyle
National

Rapper affiliate of Wu-Tang Clan 'cuts off own…

Rapper Andre Johnson, who has performed with New York outfit the Wu-Tang Clan, is in a critical condition after reportedly cutting off his own penis…

National

Cleavage complaint: Disneyland staffer orders curvy mom to…

A curvy mom-of-three says she filed a formal complaint after staff at Disneyland Resort in California ordered her to cover up her boobs. Melissa Behnken,…

International

Canadian charged in 'Heartbleed' attack on tax agency

OTTAWA (Reuters) - Canadian police have arrested a 19-year-old man and charged him in connection with exploiting the "Heartbleed" bug to steal taxpayer data from…

National

Every dog has his day in court, in…

(Reuters) - Call him juror K-9.A computer glitch is likely to blame for a summons that called a German Shepherd to report for jury duty,…

Television

‘Survivor: Cagayan’ recap: Episode 8

Sure, it's called Survivor. But this season should really be called 'The Tony Show.'

Television

Jim Rash talks 'The Writer's Room' and amazing…

For Jim Rash, as the fifth season of "Community" comes to a close, the second season of "The Writer's Room" begins.

Going Out

Tasty chicken and waffles in NYC

Try some soul food goodness around the city.

Television

'Dexter' star Jennifer Carpenter moves into producing role

The actress who played the title character's sister in "Dexter" is teaming up with producer George Stelzner to adapt Erika Hayasaki's book "The Death Class:…

NBA

Knicks wrap up season with win over Raptors

The Knicks wrapped up their season as it began — undermanned — but that still didn’t deter them from ending it the right way.

MLB

Adam Warren closes out doubleheader sweep for Yankees

Adam Warren navigated a tricky ninth inning earn the Yankees a 2-0 victory over the Cubs.

NHL

Marc Staal healthy, eager to contribute to Rangers…

Marc Staal remembers the feeling of helplessness watching his teammates compete for hockey’s ultimate prize and being unable to contribute.

NFL

2014 NFL Mock Draft: Updated, new April version

2014 NFL Mock Draft: Updated, new April version

Wellbeing

This Week in Health: chocolate may prevent obesity…

Can chocolate prevent obesity and diabetes? Location of study: U.S. Study subjects: Mice Results: The positive health benefits of chocolate have been studied increasingly more…

Wellbeing

This Week in Health News: breastfed infants trying…

Are breastfed infants trying to prevent mom from having another baby? Theory: The act of breastfeeding not only brings mom and baby closer together –…

Wellbeing

Unexplained infertility may be caused by lack of…

Researchers have identified a protein on the egg's surface that interacts with another protein on the surface of sperm, allowing the two cells to join.

Tech

5 surprising facts about Google Glass

Your sex life could get more interesting.