Details about cryptocurrency and Elon Musk's interest on dogecoin

 

Cryptocurrency is a digital currency which is used to buy goods and services. Many companies have their own currency such tokens. Cryptocurrency is also a token which can be traded specifically for the goods and services that the specific company provides. You need to exchange first real currency with crypto currency to access goods and services.

Cryptocurrencies works on block chain system. The blockchain system is a technology which is spread across the world where computer manages all the records of the transactions. The technology is the security for this type of currency.

There more 7,000 different crypto currencies are traded world-wide publicly. The total value of all cryptocurrencies is almost 2.2tillion USD. The world-famous Bitcoin only takes the share of 1.2Trillion USD in it.

Bitcoin 1.2trillion$

Ethereum 263.billion$





These are the leading cryptocurrencies in the market.

 

These cryptocurrencies are so popular because users see these types of currency as the future currency and get more interested to buy it before they become most valuable.

And cryptocurrency has no bank influence for managing the money supply. These things attract the most to buy cryptocurrency. Banks reduce the value of the money via inflation.  

And some other like the system behind the cryptocurrency that is blockchain system. Which can be more secured than any other thing. The processing and recording systems are decentralized.

Some of them are interested because the value is rising it can be benefited and they will have zero interest in cryptocurrency.

World’s biggest investors are saying that cryptocurrency is thing that is same as a check where you can do the transaction anonymously. And those who consider bitcoin as the future currency they need to know that a currency should be stabilised first then only there would be proper fair price between merchants and customers for goods and services. Sometimes bitcoin reaches the lowest amount just in the span of 6 months then any one of the merchants or consumers get affected by it.

 

Bitcoins are available to purchase in USD. To buy cryptocurrency you need “Wallet” an app where you can hold your cryptocurrency. You need to create an account in this app on exchange then you can buy cryptocurrency with real money.

Coinbase is a popular cryptocurrency trading exchange where you can buy and spend the cryptocurrency in the same platform. The legality of the currency is depended on the country you live.

If you are looking to buy cryptocurrency. You need to look who is the owner of the company and identifiable famous personality is positive sign. And you should know the investors of the company. If well-known businessman invests in the company, then it is positive sign.  

And you should be clear in wat you’re going to invest. Are you going to buy cryptocurrency or stake? Stake means getting into the participation of the company earnings. While buying only currency you get only the profit of the currency.

 

Dogecoin:


 


Dogecoin is another cryptocurrency in the market just as bitcoin. Dogecoin lost its price after Elon musk stated it as hustle during a tv show. Before the show it was $0.65 and after the show it has dropped to $0.569.

As the interviewer asked Elon musk what is dogecoin he replied that it is the future currency that takes over the world. And also, he accepted to the statement that the dogecoin is a hustle.

Some of the senior investors questioned musk that he ahs the duty to rise the price of cryptocurrency through his tweets. They also stated that who wants to play in the game Elon Musk must be prepared to lose their money.

SpaceX also accepts the dogecoin as the payment, and also started doge-1 mission to the moon which is the commercial rocket accepts the dogecoin as the payment.  Also, the company stated that this mission is going to explain the application of cryptocurrency beyond the earth’s orbit.

Dogecoin lost its price more than third of its price after Elon musk stated it as hustle. Dogecoin was started in 2013 December 6th. As created by software engineers, a payment system as a fun. The dogecoin has the famous Shiba Inu dog from the meme doge. The dogecoin promotion takes place as fun and friendly online currency. The initial price of the doge coin is $0.00026. Just in the span of 3 to 4 years it has raised to $0.017.

In 2021 after the encouragement of Elon Musk in just 24 hours it has raised to 800% which is $0.07. In 2021 April it has went to its high of $0.45. With a volume of huge $70 billion traded.

After the Elon Musk stated it has the hustle on 8Th may it has dropped to 34% within the minutes after the statement that is $0.470 which was loss of $35 billion.  But there was no raise even after Elon Musk confirmed the doge-1 mission to the moon.

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