Is Dogecoin a cryptocurrency?

Dogecoin is a cryptocurrency, like Bitcoin or Ethereum—although it’s a very different animal than either of these popular coins. Dogecoin was originally created at least in part as a lighthearted joke for crypto enthusiasts, and took its name from a once-popular meme. What Is Dogecoin?

Is Dogecoin a bona fide currency?

Throughout its lifespan, the Dogecoin community has remained active and loyal. If Elon Musk's goal of turning Dogecoin into a bona fide (or 'bona fido', perhaps?) currency for transacting in, it could very well stick around long into the future. Wow.

Is Dogecoin a deflationary coin?

Dogecoin is considered an "inflationary coin," while cryptocurrencies like Bitcoin are deflationary because there's a ceiling on the number of coins that will be created. Every four years, the amount of Bitcoin released into circulation via mining rewards is halved, and its inflation rate is halved along with it until all coins are released.

What is scrypt and how does it affect Dogecoin?

The use of scrypt means that miners cannot use SHA-256 bitcoin mining equipment, and instead must use dedicated FPGA and ASIC devices for mining which are known to be more complex to produce. On December 19, 2013, Dogecoin jumped nearly 300% in value in 72 hours, rising from US$0.00026 to $0.00095, with a volume of billions of Dogecoins per day.