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The Bitcoin bubble has given rise to a host of imitators hoping to cash in on the cryptocurrency craze. The source code for Bitcoin and Litecoin is readily available and easy to duplicate. That has given rise to more than 100 altcoin currencies hoping to benefit from demand for digital currencies.
Billy Markus of Portland, Oregon, and Jackson Palmer of Australia started Dogecoin in December as a joke and didn't take it seriously. The currency is based on Litecoin and features the Shiba Inu from the Doge internet meme.
The currency quickly found a following on Reddit. Dogecoin differs from Bitcoin and other altcoins. Whereas altcoin investors are aiming for capital appreciation, Dogecoin supporters see the currency as a force for social good. They've raised funds to send athletes to the Winter Games.
First, there is an active community of supporters who tip each other and worthwhile causes freely. The cryptocurrency is worth just a fraction of 1 US cent, perhaps because of this, Dogecoin has surpassed Bitcoin in daily transaction volume, though not in dollar value.
The most recently development is that Dogecoin will have built-in inflation rate of about 5% per year. By the end of 2014, Dogecoin will have 100 billion units in circulation and issue about 5.2 billion additional units annually.
This differs from Bitcoin and many other altcoins, which are capped. Detractors say this will hinder Dogecoin's ability to appreciate. But supporters say inflation will allow Dogecoin to grow with demand. This will make it more viable as a currency, as inflation will discourage hoarding.
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