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What exactly is Dogecoin and will it possibly be the next big cryptocurrency?

In order to have a good understanding of what Dogecoin is, we have to understand the fundamentals of what cryptocurrency is.

A cryptocurrency is a non-physical, or digital, currency as an alternative form of exchange outside of the typical state-owned banking systems. Cryptocurrency ownership and exchange records are kept highly secured in a computerised databased and protected by strong cryptography.

Probably the most popularised cryptocurrency over the last few years has to be Bitcoin, with tens of thousands of "get rich quick" schemes and tutorials all over the internet.

But, everywhere you look nowadays, you are bombarded with a new cryptocurrency called Dogecoin. There are countless memes floating around behind it, from the likes of cute dogs to Elon Musk. But what is it all about?

Dogecoin is a cryptocurrency in its own right, fully digital and free from traditional banking fees and the banking system in general. Dogecoin was invented by software engineers Billy Markus and Jackson Palmer who, as a matter of fact, started Dogecoin as a joke to poke fun at altcoins. Now, Dogecoin has a huge internet culture and meme presence behind it, which ultimately grew it to be a lot bigger than what it initially was created for.

An interesting fact is that the worth of Dogecoin is still relatively low, and no one can predict what it will do. But Elon Musk refers to Dogecoin as the "people's currency", and was responsible for triggering a surge in its value by simply posting one Tweet: "doge".

Take a look at the video below by YouTube channel, Marques Brownlee, on Dogecoin: Explained.

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