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Twitter recently replaced its iconic blue bird emblem with the "doge" meme. CEO of Twitter Elon Musk posted a discussion and responded, "as promised," confirming the update.
Where the Shiba Inu canine meme, which also serves as the logo for the cryptocurrency dogecoin, is taking the place of the blue bird logo.
WHAT IS DOGECOIN?
The digital token was developed in 2013 as a quicker but more enjoyable option to bitcoin by software engineers Billy Markus and Jackson. Its name and logo were inspired by a Shiba Inu meme that went popular a few years ago. It was originally created as satire on the numerous fraudulent cryptocurrency coins that had emerged at the time.
Whereas the Japanese hunting canine breed known as the Shiba Inu is small, alert, and agile and does very well in mountainous territory.
Whereas among many of the most valuable cryptocurrencies worldwide, dogecoin is currently the eighth most valuable asset.
DIFFERENCE OF OTHER BITCOINS WITH DOGECOINS
Unlike other bitcoins whose maximum possible number is fixed at 21 million (a figure that is estimated to reach by 2040) this dogecoin do not have any upper limit, and due to which there are already more than 100 billion in existence.
CURRENT SCENARIO
The price of Dogecoin increases by over 30% until Musk changes the Twitter logo to a picture of a Shiba Inu. Its value had previously been around 6 rupees, but following this move by Twitter, it has risen to 8.5 rupees due to a significant increase in demand.
CONCLUSION
Since taking over the social media giant last October, Elon Musk has made a number of changes, including the announcement that $8 per month would be charged for the coveted blue checkmarks. Twitter has since removed the verified checkmark from "The New York Times" after the publication confirmed that it would not be paying for a verified check.
| PRELIMS | Cryptocurrency, Bitcoin, Blockchain |
| MAINS | Cryptocurrency and related issues |
WHAT IS CRYPTOCURRENCY?
Any form of money that exists digitally or virtually and uses cryptography to protect transactions is known as cryptocurrency, also referred to as crypto-currency or crypto.
Cryptocurrencies use a decentralized system to track trades and create new units rather than a central body to issue or regulate them.
The blockchain, a decentralized peer-to-peer network, underpins it. A virtual money protected by cryptography is known as a cryptocurrency or crypto. In a computerized database, where individual ownership records are kept, it is intended to function as a medium of trade. The coin is independent of governmental oversight and operates using blockchain technology.
BENEFITS ASSOCIATED WITH CRYPTOCURRENCY
ADVANTAGES OF CRYPTOCURRENCY
DISADVATAGES OF CRYPTOCURRENCY
However, some study has shown that the price of a Bitcoin is closely correlated with the cost of producing one, which uses an increasing amount of energy.
DIFFERENCE BETWEEN BITCOIN AND CRYPTOCURRENCY
| BITCOIN | CRYPTOCURRENCY |
| Bitcoin is a digital currency that utilizes cryptocurrency. | Cryptocurrency is a digital currency that does not depend on Bitcoin, It is a self-dependent currency that does not depend on any other central authority. |
| The primary use of bitcoin to make payment or store of value. | Cryptocurrency has various use cases such as payment systems, smart contracts, supply chain management, and more. |
| Bitcoin has many abilities as it simplifies and speeds up transactions without numerous government restrictions. | It is very popular because it offers low-cost and secure transactions for exchanging goods and services. |
| Bitcoin mainly focuses on reducing influencer costs and reducing transaction times but is less flexible. | Cryptocurrencies are created to exchange goods and services in a secure environment with little or no intervention from a central authority. |
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