{"id":13218,"date":"2023-04-24T06:43:58","date_gmt":"2023-04-23T18:43:58","guid":{"rendered":"https:\/\/cryptocurrency.org.nz\/?p=13218"},"modified":"2024-02-02T15:37:53","modified_gmt":"2024-02-02T02:37:53","slug":"what-is-dogecoin-nz","status":"publish","type":"post","link":"https:\/\/cryptocurrency.org.nz\/get-started\/what-is-dogecoin-nz\/","title":{"rendered":"What is Dogecoin NZ? – New Zealand\u2019s Crypto Guide (2024)"},"content":{"rendered":"\t\t
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Dogecoin is often referred to as a\u00a0“meme cryptocurrency’<\/em>, but it’s much more than that. It has become one of the most active altcoins after\u00a0Ethereum<\/a>\u00a0and\u00a0<\/span>Binance Coin (BNB).<\/a><\/p>

This comprehensive guide will equip you with all the Dogecoin basics, exploring its history and defining features, such as its use of the scrypt algorithm and its unlimited supply. <\/span><\/p>

Additionally, it will detail the many ways in which Dogecoin can be used, from online purchases to charitable donations to the Jamaican Bobsled team, and show why it’s quickly becoming a popular choice for investors in New Zealand and around the world.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Related Guides:<\/strong><\/span><\/p>

How to Buy Dogecoin in NZ \u2013 Step-by-Step Guide (2024)<\/strong><\/a><\/p>

How to Buy Cryptocurrency NZ \u2013 NZ\u2019s Crypto Guide (2024)<\/a><\/strong><\/p>

Cryptocurrency Wallets NZ \u2013 New Zealand\u2019s Ultimate Guide (2024)<\/a><\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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What is Dogecoin in NZ? <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Doge is an open-source, peer-to-peer cryptocurrency that utilizes blockchain technology, a highly secure decentralized system for storing information as a public ledger.<\/span><\/p>

This digital currency is not only popular around the world, but also in New Zealand, where its community of friendly folks is growing fast. Dogecoin’s ethos is encapsulated in the\u00a0<\/span>Dogecoin Manifesto<\/a>, which inspires the movement’s amazing, vibrant community. <\/span><\/p>

At its heart, Dogecoin is a fun and accessible crypto option that brings smiles to faces everywhere in the world, including in the New Zealand cryptocurrency scene!<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"Dogecoin\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The History and Evolution of Dogecoin<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Dogecoin was created in 2013 by programmer Billy Markus and marketer Jackson Palmer as a fun and lighthearted alternative to Bitcoin and other cryptocurrencies.<\/span><\/p>

It was named after the popular “Doge” internet meme featuring a Shiba Inu dog.\u00a0Despite its initial lightheartedness, Dogecoin quickly gained a devoted following and became known for its supportive community and charitable initiatives.\u00a0<\/span><\/span><\/p>

Interesting Fact:<\/strong> In 2014, the Dogecoin community raised over $50,000 (USD) to send the Jamaican bobsled team to the Winter Olympics.<\/i><\/span><\/p>

Since then, Dogecoin has experienced its share of ups and downs, including a surge in popularity in early 2021 following tweets by Tesla CEO\u00a0<\/span>Elon Musk<\/a>. Despite its volatile history, Dogecoin has remained popular with a dedicated fanbase and continues to evolve with updates and improvements to its blockchain technology.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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How does Dogecoin work in NZ?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Dogecoin's Blockchain <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Doge’s blockchain is a decentralized, public ledger that records all Dogecoin transactions.\u00a0<\/span><\/p>

It operates using the Scrypt algorithm which is a proof of-work concept. It is secured by miners who validate transactions by solving complex mathematical problems. <\/span>This process ensures the integrity of the network and prevents double-spending.\u00a0<\/span><\/p>

Dogecoin’s blockchain is also notable for its fast transaction times and low fees, making it a popular choice for online tipping and micropayments. (33 transactions per second)<\/strong><\/em><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Dogecoin Mining and How Does it Work?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Dogecoin mining is the process of verifying transactions on the Dogecoin network and adding them to the blockchain. Miners use their computers to solve mathematical problems and create new blocks of transactions. As a reward for their efforts, miners receive newly minted Dogecoin (DOGE) as well as transaction fees.\u00a0<\/span><\/p>

Dogecoin mining uses the Scrypt algorithm. Scrypt is a “memory-hard” algorithm, which means that it requires a large amount of memory to solve mathematical problems.<\/span><\/p>

The Scrypt algorithm also makes Dogecoin mining more resistant to centralization, as it is less vulnerable to mining pools with a large amount of hashing power.\u00a0<\/span><\/p>

To get started with Dogecoin and\u00a0<\/span>Cryptocurrency Mining<\/a>\u00a0in NZ<\/span>, users typically need to join a mining pool or set up their own mining rig with the necessary hardware and software.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Private Keys and Public Keys\n<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Acting as your digital identity and signature, every cryptocurrency wallet<\/a> is distinct by having its own unique public and private key \u2013 with each unique key pair being freshly generated whenever a new cryptocurrency wallet is created.<\/span><\/p>