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Dogecoin Is a ‘Scam’ That Will End ‘Very Badly’ Says Legendary Financial Advisor. What is the truth? Is DOGE really a scam? If you want to know about this token in detail then continue reading this DOGE review.

Detailed information about DOGE Token​

Dogecoin is a cryptocurrency created in 2013 as a fork from the Litecoin blockchain. The name derives from a popular meme, the Shiba Inu doge (pronounced doh-zhe). It was initially intended to be a gentle parody used for tipping content creators, but the DOGE token became a top 20 cryptocurrency valued at over a billion dollars in 2018.

Key Metrics the DOGE Token
  • Ticker: DOGE.​
  • Blockchain: Litecoin.​
  • Token type: Payment Token.​
  • Total Supply: Unlimited.​
  • Circulating Supply: 119,183,347,533 DOGE​

DOGE Token Use Cases​

Dogecoin can be used for:​
  • Currency exchange.​
  • Rewarding miners.​
  • Charity.​
Pros of Dogecoin
  1. One of the main benefits of Dogecoin is the fact that it is significantly faster than other altcoins. The currency has a block time of 60 seconds which is faster compared to other cryptocurrencies. The difficulty retarget time is four hours.​
  2. Dogecoin is the apt choice for small transactions, owing to its less value. It has a large number of coins that are individually of lesser value, which makes it more accessible with a low entry barrier.​
  3. Dogecoin has low transaction fees which makes it more suitable for regular use.​
  4. Due to its low value, it has emerged as an ‘online tipping currency’ or gaming currency, which has resulted in more and more people joining the dogecoin community.​

Cons of Dogecoin
  1. It is a coin of lesser value and is relatively less stable and mature than other coins in the market.​
  2. It has lesser security compared to other altcoins. However, since the transactions are of small amounts, the security threat should not be much of an issue.​
  3. It is not profitable to mine Dogecoin since it is a Proof of Work (PoW) coin.​

What Are The Risks Associated With Dogecoin (DOGE)?​

The biggest threat to your Dogecoin investments today is the possibility of losing it all to hackers. The alarm has already been raised about the number of individuals who are turning to hacking as a career. Initially, hacks would be perpetrated by lone individuals, and their impact was also minimal.

Today, however, professionals are grouping (some allegedly backed by governments/state actors) and combining efforts to execute large-scale digital currency heists against investors, crypto exchanges, and digital wallets.

In addition to the hacking threats, Dogecoin investors also have to contend with its higher than average volatility. Even though it operates in the crypto industry, where price volatility has been accepted as the norm, some crypto experts have gone ahead and described it as the exception. By investing in or trading the altcoin, therefore, you risk losing the investment to its wildly fluctuating prices.

There is also the risk that the cryptocurrency may at one time become obsolete, seeing that it has no intrinsic value. Unlike most other cryptocurrencies that derive value and sustainability from their blockchain technologies, Dogecoin is a meme currency that seeks to solve no real-world problem other than add “fun” to Bitcoin trading. The Motley Fool writes that while its “price may be surging, that doesn’t mean it’s a good investment.” Multiple other crypto experts and crypto investors like Shark Tank’s Kevin O’Leary have also cautioned against Doge investments saying that he doesn’t consider Dogecoin to be an investment.

Now that you have reached almost the end of this review. Is DOGE A Scam? Leave your impressions about DOGE at the comment section down below.

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