Baby Doge Coin – BabyDoge
Baby Doge Coin (BabyDoge) seeks to be a purpose-driven decentralized meme project. A meme coin defines a project that is inspired by online or social media jokes, influencers, and events. However, Baby Doge aims to work on a genuine purpose to rescue dogs in need, as well as to push crypto acceptance into the mainstream. Additionally, the project aims to introduce concepts such as rewards, non-fungible tokens (NFTs), decentralized exchanges (DEXs), and credit cards for crypto payment on its website.
Baby Doge Coin is a fun collectible token system based on the Binance Smart Chain. Binance Smart Chain (BSC) was created as a way to use Solidity-based smart contracts at a significantly better and more efficient rate than other competing chains. Baby Doge Coin, which uses BSC, seeks to deliver a better five-second block time and lower gas expenses.
According to the whitepaper, Baby Doge aims to provide the following offerings to users:
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Card Pay: The credit card for payments aims to feature exchange and trading cryptocurrencies for users. Moreover, the project seeks to employ TextBit technology in the card to allow users to text BabyDoge to anybody in the globe using a phone number.
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Paw Wallet: Baby Doge’s paw wallet seeks to let users monitor their rewards from reflections, coin valuation, wallet balance, and other information.
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NFTs: Through an NFT marketplace, Baby Doge aims to allow users to create, auction, and trade their own NFTs while donating a percentage of the proceeds to help preserve dogs.
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Merchandise Store: The store aims to enable token holders to actively support the meme project in the real world, with revenues benefiting the initiative and helping dogs in need.
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Swaps: The platform aims to enable decentralized token swaps on the website.
Represented by BabyDoge, the platform’s token is deflationary, M]meaning the tokens are burned to make it more scarce to increase value for users. The token primarily aims to reward holders by holding the token as reflections. Holders receive a 5% fee for each transaction in the Baby Doge network. This static reward implies that customers earn more Baby Doge simply by keeping it in their wallets. In addition, 5% of all transaction fees are contributed to liquidity.
History of Baby Doge Coin (BabyDoge)
Baby Doge Coin was launched on June 1, 2021. The platform reports a total supply of 420 quadrillion BabyDoge tokens, out of which, 125 quadrillion tokens were burnt.
The platform states that Baby Doge Coin partners and lists with platforms like CoinPayments.net, Shopify, WooCommerce, Magento, and others to integrate a coin payment plugin and accept BabyDoge token as a payment option.
How Are New Baby Doge Coins Created & Staked?
According to the platform’s whitepaper, Baby Doge has three simple functions, namely, reflection, liquidity provider (LP) acquisition, and burn. Each trade incurs a 10% fee, which is split two ways. Firstly, 5% of the fee is redistributed to the token holders as rewards. The redistribution is a static reflection that rewards holders that aim to automatically transfer new BabyDoge coins to users’ wallets with each transaction.
Secondly, the other 5% of the fee is divided in half, with one half being transferred by the contract into BNB. The other half is paired with BNB and placed as a liquidity pair on PancakeSwap. PancakeSwap is a BSC-based decentralized exchange for exchanging BEP-20 tokens. Users can obtain liquidity provider (LP) tokens in exchange for trading against liquidity pools. Further, they can regain their share as well as a fraction of the trading costs by using those tokens. In simple terms, users add liquidity and earn rewards.
What is Cryptocurrency? A Comprehensive Guide for Beginners
Cryptocurrency is digital or virtual currency that utilizes cryptography for security. It is not issued or backed by any government or central bank, meaning it exists outside traditional monetary systems. Cryptocurrency is arguably the most revolutionary financial technology of the digital age, and it has the potential to revolutionize how money is created, stored, and exchanged. It is quickly becoming a popular investment option among investors across the globe. In this comprehensive guide, we will help you understand the basics of cryptocurrency, and how you can use it to your advantage.
What Is Cryptocurrency?
Cryptocurrency is a type of digital or virtual currency that is secured by cryptography. It is not issued or backed by any government or central bank, meaning it exists outside traditional financial systems. Cryptocurrency is exchanged between individuals and can be used to transfer funds or make payments without the use of a traditional third party, such as a bank. All transactions are recorded on a public ledger, known as a blockchain. Each cryptocurrency has its own blockchain, which is an auditable record of each transaction ever made.
What Are the Different Types of Cryptocurrency?
Currently, there are over 6,700 different types of cryptocurrency. The most popular cryptocurrencies include Bitcoin, Ether, Litecoin, Ripple, and Dogecoin. Bitcoin is the world’s first and most popular cryptocurrency, having launched in 2009. Ethereum is the world's second-largest cryptocurrency by market capitalization. Litecoin is a faster and cheaper version of Bitcoin, and Ripple is a network for real-time financial transactions. Dogecoin is used to reward users for contributing to online communities.
How Do You Acquire Cryptocurrencies?
There are several different ways that you can acquire cryptocurrency. The most popular way to acquire cryptocurrency is through exchanges. Exchanges act as middlemen between buyers and sellers, allowing you to purchase cryptocurrency with your local currency or other cryptocurrencies. You can also acquire cryptocurrency through peer-to-peer and decentralized exchanges, mining, and earning it as a reward for completing tasks on certain websites. Additionally, many financial institutions, such as banks, credit unions, and asset management firms, offer cryptocurrency investing services.
What Are the Advantages of Investing in Cryptocurrencies?
Cryptocurrency provides several advantages to investors, including decentralization, anonymity, security, and accessibility. Since the currency is decentralized, it is not controlled by any central authority, meaning all transactions are transparent and secure. Transactions can also be anonymous, as no personal data is stored on the blockchain. Additionally, since cryptocurrency is digital, it is available to people all over the world, regardless of geographical location. Furthermore, since cryptocurrency is not controlled by banks or other financial institutions, fees are generally lower than traditional money transfers.
What Risks Are Associated with Investing in Cryptocurrencies?
Cryptocurrencies are volatile, meaning prices can change rapidly. This is due to the fact that the cryptocurrency market is still in its early stages. Additionally, since cryptocurrency is not backed by any government or bank, they are not subject to any financial regulations. As a result, investors should do their own due diligence before investing, as there is always a risk of fraudulent or malicious activity. Furthermore, since the cryptocurrency market is still new, the technology is continually evolving, meaning there may be unexpected risks that arise in the future.
How Do I Get Started with Cryptocurrency?
The first step in getting started with cryptocurrency is to choose an exchange and create an account. Make sure to research and compare different exchanges to ensure that you are choosing a reputable and secure platform. Additionally, make sure to look into the fees and available payment methods. Once you have chosen an exchange, you will need to fund your account with either your local currency or cryptocurrency. Lastly, determine which cryptocurrency you would like to invest in and begin trading! Always do your own research and understand both the risks and rewards before investing.
Conclusion
Cryptocurrency can be an exciting and lucrative investment opportunity, but it is important to do your own research and understand the risks associated with this new technology. With the right knowledge and preparation, investing in cryptocurrency can be a rewarding and profitable experience. Start by determining which cryptocurrency you would like to invest in, and make sure to compare the different exchanges to find one that is secure and reputable. With the proper research, you can be well on your way to a successful journey in the cryptocurrency market!
Exchanges List. where To Buy
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