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Rich Dad Poor Dad Simplified Summary

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rich dad poor dad
rich dad poor dad

The Story Explained In 3 Sentences

  1. The Story revolves around Robert Kiyosaki. Rich Dad Poor Dad refers to the actual father(Poor Dad) and the father of one of his friend(Rich Dad)- and the way both dads provoke the thoughts of kiyosaki about money and invensting.
  2. You do not need a high income to be rich.
  3. Rich people make money by working for themselves.

The Big 5 Idea

  1. Those who work for money are the poor and middle class. For the rich, their money works for them.
  2. The Money you make have very few importance. Its the money that is left after expense matters the most.
  3. Rich people are obssesed with assets whereas the poor peoples misunderstand liabilities as assets.
  4. Above all, Mind is the supreme asset of all.
  5. The summary at the end is that what you do with money once you make it, how you keep people from taking it from you, how to keep it longer, and how you make money work hard for you are the basic factors.

Lessons From Rich Dad Poor Dad

  1. The Rich Don’t Work for Money
  2. Why Teach Financial Literacy?
  3. Mind Your Own Business
  4. The History of Taxes and The Power of Corporations
  5. The Rich Invent Money
  6. Work to Learn—Don’t Work for Money

Rich Dad Poor Dad Summary

“There is a difference between being poor and being broke. Broke is temporary. Poor is eternal.”

“Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth.”

“People’s lives are forever controlled by two emotions: fear and greed.”

“So many people say, ‘Oh, I’m not interested in money.’ Yet they’ll work at a job for eight hours a day.”

“Thinking that a job makes you secure is lying to yourself.”

“Intelligence solves problems and produces money.”

“You must know the difference between an asset and a liability, and buy assets.”

An asset puts money in your pocket. A liability takes money out of your pocket.

“Illiteracy, both in words and numbers, is the foundation of financial struggle.”

“Money often makes obvious our tragic human flaws, putting a spotlight on what we don’t know.”

“Cash flow tells the story of how a person handles money.”

“Most people don’t understand why they struggle financially because they don’t understand cash flow.”

“The number-one expense for most people is taxes.”

Higher incomes cause higher taxes. This is known as “bracket creep.”

“More money seldom solves someone’s money problems.”

“The fear of being different prevents most people from seeking new ways to solve their problems.”

“A person can be highly educated, professionally successful, and financially illiterate.”

“Many financial problems are caused by trying to keep up with the Joneses.”

Once you understand the difference between assets and liabilities, concentrate your efforts on buying income-generating assets.

“The problem with simply working harder is that each of these three levels takes a greater share of your increased efforts. You need to learn how to have your increased efforts benefit you and your family directly.”

“Wealth is a person’s ability to survive so many numbers of days forward—or, if I stopped working today, how long could I survive?”

“The rich buy assets. The poor only have expenses. The middle class buy liabilities they think are assets.”

“The rich focus on their asset columns while everyone else focuses on their income statements.”

“Financial struggle is often directly the result of people working all their lives for someone else.”

“The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else’s business and making that person rich.”

“To become financially secure, a person needs to mind their own business.”

“Financial struggle is often the result of people working all their lives for someone else.”

“The primary reason the majority of the poor and middle class are fiscally conservative—which means, ‘I can’t afford to take risks—is that they have no financial foundation.”

“One of the main reasons net worth is not accurate is simply because, the moment you begin selling your assets, you are taxed for any gains.”

“A new car loses nearly 25 percent of the price you pay for it the moment you drive it off the lot.”

“Keep expenses low, reduce liabilities, and diligently build a base of solid assets.”

Kiyosaki says he owns businesses that do not require his presence. “If I have to work there, it’s not a business. It becomes my job.”

According to Kiyosaki, real assets fall into the following categories:

  1. Stocks
  2. Bonds
  3. Income-generating real estate
  4. Notes (IOUs)
  5. Royalties from intellectual property such as music, scripts, and patents
  6. Anything else that has value, produces income or appreciates, and has a ready market

“For people who hate real estate, they shouldn’t buy it.”

Kiyosaki generally holds real estate for less than seven years.

Start minding your own business. Keep your daytime job, but start buying real assets, not liabilities.

When Kiyosaki says mind your own business, he means building and keeping your asset column strong. Once a dollar goes into it, never let it come out.

“The best thing about money is that it works 24 hours a day and can work for generations.”

“An important distinction is that rich people buy luxuries last, while the poor and middle class tend to buy luxuries first.”

“A true luxury is a reward for investing in and developing a real asset.”

Kiyosaki’s rich dad did not see Robin Hood as a hero. He called Robin Hood a crook.

“If you work for money, you give power to your employer. If money works for you, you keep the power and control it.”

“Each dollar in my asset column was a great employee, working hard to make more employees and buy the boss a new Porsche.”

Kiyosaki reminds people that financial IQ is made up of knowledge from four broad areas of expertise:

  1. Accounting
  2. Investing
  3. Understanding markets
  4. The law

“A corporation earns, spends everything it can, and is taxed on anything that is left. It’s one of the biggest legal tax loopholes that the rich use.”

“Garret Sutton’s books on corporations provide wonderful insight into the power of personal corporations.”

“Often in the real world, it’s not the smart who get ahead, but the bold.”

Kiyosaki sees one thing in common in all of us, himself included. We all have tremendous potential, and we are blessed with gifts. Yet the one thing that holds all of us back is some degree of self-doubt.

In Kiyosaki’s personal experience, your financial genius requires both technical bits of knowledge as well as courage.

Kiyosaki always encourages adult students to look at games as reflecting back to them what they know and what they need to learn.

“Games reflect behavior. They are instant feedback systems.”

“Financial intelligence is simply having more options.”

“The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth.”

“The world is always handing you opportunities of a lifetime, every day of your life, but all too often we fail to see them.”

Richard uses two main vehicles to achieve financial growth: real estate and small-cap stocks.

“Simple math and common sense are all you need to do well financially.”

“The problem with ‘secure’ investments is that they are often sanitized, that is, made so safe that the gains are less.”

“It is not gambling if you know what you’re doing. It is gambling if you’re just throwing money into a deal and praying.”

“Most people never get wealthy simply because they are not trained financially to recognize opportunities right in front of them.”

“Great opportunities are not seen with your eyes. They are seen with your mind.”

“You want to know a little about a lot” was rich dad’s suggestion.

“Job is an acronym for ‘Just Over Broke.’”

“Look down the road at what skills they want to acquire before choosing a specific profession and before getting trapped in the Rat Race.”

“Education is more valuable than money, in the long run.”

“The reason so many talented people are poor is that they focus on building a better hamburger and know little to nothing about business systems.”

The main management skills needed for success are:

  1. Management of cash flow
  2. Management of systems
  3. Management of people

“The most important specialized skills are sales and marketing.”

“To be truly rich, we need to be able to give as well as to receive.”

“Giving money is the secret to most great wealthy families.”

“The primary difference between a rich person and a poor person is how they manage fear.”

There are five main reasons why financially literate people may still not develop abundant asset columns that could produce a large cash flow. The five reasons are:

  1. Fear
  2. Cynicism
  3. Laziness
  4. Bad habits
  5. Arrogance

“For most people, the reason they don’t win financially is that the pain of losing money is far greater than the joy of being rich.”

“Failure inspires winners. Failure defeats losers.”

“Real estate is a powerful investment tool for anyone seeking financial independence or freedom.”

“A great property manager is key to success in real estate.”

The most common form of laziness is staying busy.

“Rich dad believed that the words ‘I can’t afford it’ shut down your brain. ‘How can I afford it?’ opens up possibilities, excitement, and dreams.”

“Whenever you find yourself avoiding something you know you should be doing, then the only thing to ask yourself is, ‘What’s in it for me?’ Be a little greedy. It’s the best cure for laziness.”

Richard has found that many people use arrogance to try to hide their own ignorance.

“There is gold everywhere. Most people are not trained to see it.”

“To find million-dollar ‘deals of a lifetime’ requires us to call on our financial genius.”

A reason or a purpose is a combination of ‘wants’ and ‘don’t want.’”

“Most people simply buy investments rather than first investing in learning about investing.”

Richard believes one of the hardest things about wealth-building is to be true to yourself and to be willing to not go along with the crowd.

“The rich know that savings are only used to create more money, not to pay bills.”

“The sophisticated investor’s first question is: ‘How fast do I get my money back?’”

If Richard could leave one single idea with you, it is that idea. Whenever you feel short or in need of something, give what you want first and it will come back in buckets.

In the world of accounting, there are three different types of income:

  1. Ordinary earned
  2. Portfolio
  3. Passive

If you are interested in reading summaries of any other books click here

How To Get Discord Nitro for Free On The Epic Games Store 2022?

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Discord Nitro For Free On Epic Games Store
Discord Nitro For Free On Epic Games Store

I won’t be giving any bullshit intro on what Discord is.. so let’s jump right into the process of how to get Discord Nitro for free on the Epic games store. Well, If you don’t really know what discord is then go to the end of the article where I would be addressing that.

The Best App In The Market🔥🔥🔥

Have heard about Krisp? You can literally mute your background noise😂 while you play games or attend meeting calls or even your online classes. Try for free

Steps To Get Discord Nitro for Free

Step 1: Sign in to your account or create a new Epic Games account if you don’t have one already. It’s actually very simple to create an Epic Games account. You can use multiple gateways including Gmail, Facebook, Email, Xbox Live, Playstation Network, Nintendo Account, Steam to verify and create the account. Fill up your information and allow access to the needed. Just follow the screen and you are fine.

Epic Games Sign Up

Step 2: After you sign up/sign in to your account you can find the store option on the left-hand side if you have the Epic games app on your PC. You can see an option called Discord Nitro Mega Deal on the right-hand side of the featured posts.

Epic Games Homepage
Epic Games Homepage

If you are doing the process using Epic Games official website then it is somewhat similar to the app just you have to find the same in the featured post of the discover section.

Optional: If by any chance you are not getting the Discord Nitro Mega-Deal option on the homepage you can search discord on the search bar and scroll down to get an option of add on ( I assume you already have discord downloaded on your Pc else you can do that from the Epic Games store for free. Direct link – ( Discord Nitro for Free – Epic Games Store )

Epic games Discord
Result After You Search Discord On Epic Games Store
Epic Games Add Ons Discord Nitro
Scroll Down To Add Ons

Scroll down here to add ons option and get it as I have already done that so am getting owned status.

Step 3: This is where you get discord nitro for free which includes 3 months of free subscriptions to the nitro service. Just click on the get button and complete the process as you do to purchase free games on the Epic Games store. That’s it you are all done now sit back and relax.

After around 20-40 min you will be getting a mail from the Epic games store with the subject “Your Discord Nitro Code”. Click on redeem. You will be directed to your discord webpage and may be asked to sign in if not already.

Epic games Mail Discord Nitro Code
Email from Epic Games Store

Then you will get a popup saying “get 3 months nitro for free” go ahead and click next. Thereafter it will ask for a payment method( Don’t worry you won’t be charged at the moment as it is a free 3 months trial and you can cancel at any time). If you don’t have a credit card then you can create a Paypal account and integrate your debit card to work for the payment option. After you complete the process, you may get a warning saying this code is already redeemed but don’t worry in most cases it is because your nitro has just been activated. Enjoy your 3 months of Nitro.

So this was pretty much it on how to get Discord Nitro for free. If you want to read more about what are the perks of discord nitro watch out below.

How Does Google Search Works And How It Influences The Internet?

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how does google search works
Google Search

Introduction

If you are wondering how does Google search works then you are one of those nerds who likes to dig deep into the functioning of everything. In this article, I have tried my best to explain the basics of how Google search works.

As of 2021 Google constitutes almost 91% of the search engine market cap so it is quite fascinating to know how it works. Even If you are a website developer, work on a CMS ( Content Management System like WordPress, Blogger, Joomla, Wix, Squarespace, etc. ) or have your own offline business that you plan to shift online someday in the near future then this might give you the basic idea.

How Does Google Search Works?

First of all, sites are not charged to be included in google search results. The easiest part is you have to do nothing to be included in the index because Google is a fully automated search engine that uses something called a google search crawler that travels through the world wide web regularly and finds sites to add to the search results to the Google search index. Some SEO Experts will be surprised to know that most of the sites ranked in google are not manually added but were done by the google crawler.

Three Essential Steps In Which Google Search Works

To properly understand how does google search works you have to understand the steps that are going on in the backend.

  • Crawling: This is where the entire process begins as automated software like google crawler sets into the web looking for pages, sites that are newly formed or recently updated. Now the software sends the data to google’s database of big lists to store the addresses (mostly page URLs). The main method by which we find pages are following links from pages of websites that we already know about.
  • Indexing: Now the second process begins where google visits the pages again that it found recently and analyses it ends to end including all content, images, and video files trying to understand what the page is about then the information is stored back in the database which is then used by Google for indexing process.
  • Serving search results: Now when it comes to showing the result, Google is a very user-oriented company so it determines which site would be suitable for the user by serving the best quality content. There are several factors that google takes into consideration while determining the best content for the end-user some of them are the user’s location, language, device (desktop or phone) and previous queries. There is no option to rank organically on google using paid option ( Advertisements are different ) and everything is done organically using Google’s secret algorithm

how does google search works should not be a mystery to you anymore? Cheers😀😀

What Is Hyperloop? How Far Are We From This Futuristic Tech? Latest Updates 2021.

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hyperloop wallpaper
Hyperloop

Introduction

Hyperloop technologies were never a new concept as some of us might think the case is but it is derived from the years-old concept of Vactrain. Many of us were introduced to the term Hyperloop only in recent years mostly because tech giants like Tesla, SpaceX, Virgin Hyperloop, etc. started talking about it.

The concept to build a more advanced train that would travel in low pressured tubes using vacuum and maglev system is based on various studies some of which are even three centuries old. One of the very first founding fathers of this concept was George Medhurst. He was a British inventor and philanthropist who pioneered the use of compressed air as means of propulsion. A patent was filed by him for a technology that could transport goods through a system of iron pipes in 1799. Since then many experiments were conducted in which vacuums were created in between rails and the train, causing it to be pushed by atmospheric pressure.

So What Is Modern Hyperloop System?

So according to Wikipedia, Hyperloop is a sealed tube or system of tubes with low air pressure through which pods could move at an extremely high speed as the air resistance, friction would have a very small impact on it. The modern hyperloop was first publicly introduced by Elon Musk in 2012. His initial concept included reduced-pressure cells in which pressurized containers travel on air bearings driven by linear induction motors and axial compressors. The technology is constantly improving with passing time so it is quite difficult to finitely define it.

Companies In the Process Of Development

As hyperloop is described as an open-source vactrain design released by a joint team from Tesla and SpaceX, several companies and startups have entered into the market trying to develop prototypes of their own. The most prominent of them include :

  • Virgin Hyperloop
  • Hyperloop Transportation Technologies
  • TransPod
  • DGWHyperloop
  • Arrivo
  • Hardt Global Mobility
  • Zeleros
  • Nevomo (previously Hyper Poland)

Timeline And Latest News Till Now

Founded after winning the Best Hyperloop Proposal Prize and Best Hyperloop Propulsion Prize at the SpaceX-sponsored 2015 Hyperloop Pod Competition, Valencia-based Zeleros Hyperloop began working to make its prototype a reality in 2016.

In June 2020, the company managed to secure €7m, completing the financing stage. “The next steps will require building a complete vehicle, to integrate all the technologies we have already validated at the laboratory scale, and our test track to run it in operational conditions,” added Pistoni.

https://twitter.com/virginhyperloop/status/1325714594652856322

Virgin Hyperloop successfully completed the first-ever human trial in the hyperloop pod at the DevLoop test facility in the US, where the company has previously run over 400 unoccupied tests.

Two passengers, both company staff, traveled 500 meters in 15 seconds, reaching 107 mph (172 km per hour), marking the completion of the first-ever trial, the company said.

https://twitter.com/virginhyperloop/status/1400162302423449601

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Deepfakes-An Emerging Technology That Is Still Alien To The World.

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Deepfakes
Deepfakes

Deepfakes: So recently I came across many funny videos on social media where people were putting some of their friend’s or relative’s pictures to do some funny expressions. Then there are some other videos where people were literally putting their own face in a movie scene. I was so amazed by what I saw and am pretty sure so are you. So thus I researched what is this all going on and came across something called Deepfakes. This is what I got to know by spending all my hours lol.

What in the world are Deepfakes?

Deepfakes are techniques or algorithms which are used to create synthetic video or image content basically fake by manipulating original faces of people into something that never existed. This is done using artificial intelligence and machine learning. So have you ever seen videos of Bill Gates saying that he is a secret member of the Illuminati or Mark Zuckerberg confessing how he has control over the world through the user data of Facebook? If yes, then there is a high chance you have seen a video altered with Deepfakes.

deepfakes
Deepfakes

Where did it originate?

Though the technology existed for several years, the term Deepfakes was coined somewhere around December of 2017 by a Reddit user with the same name who used to make p*rnographic videos by swapping the p*rn performers with celebrities. Thereafter in Jan 2018 many software came to the market which were based on the same technique. The technique used was an artificial neural network which is a type of machine learning technique that works somewhere like our own brain in which the algorithm tries to find the underlying relationships in a group of data to make decisions of its own.

What are Deepfakes actually used for?

Though the technology is genius and some call it the photoshop of the 21st century but it had majorly been associated with notorious acts. According to some AI firms, it is estimated that 99% of the videos using Deepfakes are adult videos. As there are many new techniques and software which allow users to create a realistic video without any skill with only a handful of images. Apart from this, Deepfakes are mostly used for pranks, fun, and some notorious minds use them for revenge.

Can these videos be spotted and distinguished?

So the answer is actually yes and no. With the improving technology, it becomes harder to spot the difference between a real and a fake one. We are not far away from the day when it will be near impossible to separate a real video from fakes.

In 2018, some US researchers found that some of these videos had people who were not blinking even once. As we all know the videos are made with few images and as images are taken with open eyes then it was quite difficult for the software to create a blinking eye. But no sooner after the research got published, videos appeared with blinking eyes seamlessly integrated. This shows that technology is almost unbeatable as soon as the fault floats it gets fixed.

It is worth mentioning that these Deepfakes to create requires very high-end hardware which is why most of the videos floating on the web are of poor quality.  Lip-synching might be bad, or the skin tone patch, glitchy around the edges of transposed faces. And fine details, such as hair, are particularly hard for Deepfakes to render well, especially where strands are visible on the fringe. Badly rendered jewelry and teeth can also be a way to spot, as can strange lighting effects, such as inconsistent illumination and reflections on the iris can also distinguish fake videos.

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Netflix Confirms Money Heist Season 5 Release Date? Fresh Updates Coming.

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Money Heist Season 5 Release Date
Money Heist Season 5 Release Date

The most awaited Money Heist Season 5 release date is here. Fans could hear from the official sources soon.

Introduction

Nevertheless, April 2021 is sinisterly akin to April 2020 in almost all ways. The entire world has been doomed by the pandemic. No traces of joy, happiness, excitement is around and we are just surrounded by anxiety. For the fans out there, something is missing and it is the new season of Money Heist which was initially confirmed by Netflix to release in April 2021, but everything went to vain with the pandemic. Because of the production delay, the release date got delayed to little further. The wait is over now as there are many good news coming for Netflix fans as Money Heist along with many other popular titles are coming to the platform in the next half of 2021.

Money Heist (La Casa De Papel) is returning for a fifth and final season on Netflix in the second half of 2021. Here’s the latest and everything we know so far about Money Heist season 5 including when we can expect the release date, where the show is in filming and some teases about potential spin-offs. 

Money Heist currently holds the current record of being the most-watched non-English title on Netflix. Once again, for the fourth season, the series smashed all of the previous records it set. The fourth part of Money Heist managed to rack up an incredible 65 million views.

Netflix Youtube

Before we move onto what we know about season 5, you should check out the accompanying documentary released on April 3rd, 2020, called Money Heist: The Phenomenon. It documents the meteoric rise of the series with guests including Ted Sarandos as well as much of the cast and the creators. It gave us some stunning insights including the fact the show was almost axed.

Part four of Money Heist was released on Netflix globally on April 3rd, 2020, and consisted of eight episodes.

Money Heist Season 5 Release Date

Though it took ages for Netflix to make any announcement now they have officially made it. The announcement has been made and the Money Heist season 5 release date is 3rd September 2021. The Sad part is that they also confirmed the heist ending. Money Heist Season 5 is going to be the final season of the hit Spanish series.

PUBG Mobile Release Date In 2021. Latest Update As Of Now To Hype You Up

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Pubg Mobile Release Date In India
PUBG Corporation

The PUBG mobile release date is maybe the most awaited event in the Indian mobile gaming community. Indian players will be not be allowed to play PUBG in India with Korean and Japanese versions anymore as announced by the corporation.

As we all know, PUBG Mobile has different region-specific variants, and PUBG Mobile Korea is known to be one of the most popular versions of the game so far, and here comes the announcement from the PUBG developers that PUBG Kr will be accessible in India till June 30.

PUBG has been banned in India for quite a while now and this update will restrict the Indian player base from playing the Korean version of the game.

PUBG Mobile Release Date

The recent restrictions by developers also hint that PUBG Mobile India could be launching soon. Recently, PUBG Corporation confirmed its plan to put up an Indian subsidiary and will launch PUBG Mobile India as soon as possible. It is expected that the PUBG Mobile release date in India could be somewhere around June. The game developers recently posted a new job listing on LinkedIn for the India subsidiary, an Investment and Strategy Analyst who will be responsible for mergers and acquisitions in the country.

Another job posting on LinkedIn, a Product Manager in the country, was also recently posted by PUBG. It is to be noted that PUBG currently has six job listings listed under PUBG Corporation.

It is to be noted that PUBG Mobile India was banned by the Indian government in September 2020 due to data privacy concerns. While PUBG developers are yet to make any official announcement regarding the relaunch of PUBG Mobile India, speculations are rife that PUBG Mobile India would be relaunched soon. The possibilities of the game’s return have increased due to constant job listings by the company on LinkedIn.

So hype up players as PUBG Mobile release date could be officially announced soon !

Will You Be Getting Amazon Audible With Prime Subscription?

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amazon audible with prime

If you are the type of person who loves hearing stories from grandfather at night rather than reading a book then you are at the right place. If you already have an Amazon Prime subscription then read below to know if you will be getting Amazon Audible with Prime subscription.

No Amazon Audible With Prime

So as said earlier, Amazon Audible is considered to be a separate service by amazon. Unlike Amazon Prime in which you were getting access to many other services like Amazon Prime to watch your favorite movies and shows, Amazon Music to listen to your favorite songs, You won’t be getting Audible to hear your favorite audiobooks.

But Prime members would be happy to know that they would be getting access to a number of free podcasts and Audible books, and though the latter includes both classics and recent works, the titles number in the dozens as opposed to the hundreds of thousands in the main Audible library.

Audible 30 Days Free Trial

Here is a great offer from Amazon Audible. You get a free 30 days trial to listen to all your favorite audiobooks. Am pretty sure you would like the service and continue it further.

Amazon Audible Free Trial

Valorant new map is nuts. Here is everything we know about the 6th map.

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Hey Valiant, If some of you are bored from Valorant then here is Riot games coming up with the all-new map to spice up things again. Here is everything we know about Valorant new map “Breeze“.

Introduction

Valorant new map will be the sixth map getting released as confirmed by Riot Games itself on their Twitter handle. They will release with the battle pass of Episode 2 Act 3. Fans have been really desperate to see some changes in the game and have been constantly teasing Riot games, Breeze will be finally coming out in some days.

Location Set

So Riot Games is teleporting fans from a secret kingdom in the poles to a tropical island in the Southern part of the Bermuda Triangle. The Sun will shine brightly above your head and the atmosphere is going to be humid so do not forget to carry a water bottle or an energy drink with you whenever you are going to a fight on the sandy beaches.

Something that will make it a noticeable change from the previous map “Icebox” to valorant new map “Breeze” is that it will have a colorful surrounding with flowers, trees, blue sea, skies, clouds, houses rather than being all white and snowy around.

Valorant new map
Source : Valorant Twitter

The Release Date

Valorant new map is all set to be released on April 27, 2021, and Riot is planning to release it with the Act 3 Episode 2 Battle pass release. Another piece of information we got from Riot that they don’t have any plans to release any new agents as they want to focus on this map pool going to the VCT Stage 2 Masters, which is going to be held at Reykjavík, Iceland, in May. For the first time ever in the history of Valorant that Pro players will be competing in an official LAN event by Valorant themselves.

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What is Dogecoin, the robust digital currency that is storming the internet now in 2021?

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dogecoin
Dogecoin, litecoin, ethereum and bitcoin on black backgrund.

Here you will get all the information about what is dogecoin, where did it originate, and why it is booming right now in 2021?

What is Dogecoin?

What us dogecoin
The golden dogecoin isolated on white background.

If you are wondering what is Dogecoin? So, Dogecoin is basically a meme-inspired cryptocurrency that was no more than a satire topic till this year when it gained immense popularity from mainstream social media. It was developed by two software engineers Billy Markus and Jackson Palmer in 2013 with the purpose to serve as an alternative to the then famous digital token bitcoin. The founders developed it as a faster and more interactive payment method. Founders took the idea of the digital asset from the meme of a dog breed from japan called Shiba Inu also known by its internet name ”Doge” which went viral in the early 2010s. The crypto’s market cap stands at a whopping $39,962,341,743.24 as of 22 April 2021.

How does it work?

blockchain dogecoin
blockchain technology

So its working is similar to some other big crypto giants like Bitcoin and Ethereum. The building block here also remains the blockchain. A blockchain is a peer-to-peer network of the decentralized and distributed registry that can be verified by anyone using different parties. When a transaction is done, it is registered on a “block.” When a block’s memory is full, it is added to the end of the blockchain, in successive order. Thereafter it is a piece of the permanent ledger of transaction of the blockchain. For instance, Bitcoin works on a blockchain that registers all the transaction details including transaction data, time of the transaction, amount of transaction, etc. Dogecoin uses blockchain cryptography to secure all its transaction. For this miners have to solve a complex mathematical equation as proof that the transaction was made and for which they can claim a small piece of transaction for themself too.

Why it exploded?

So there are multiple reasons because of which the digital asset exploded in popularity out of nowhere. The first reason being the same factor that made Bitcoin and Ethereum touch their all-time peak which is the public listing of Coinbase, a very popular crypto trading platform based in CA, USA. The market cap of Coinbase reached 100 billion Us dollars after its initial listing on Wednesday thus playing a vital role in propelling the crypto values including Bitcoin to $64,000 and ethereum to $2,500. Dogecoin is believed to be part of the same mania.

Moreover, Dogecoin stormed the internet when many internet celebrities like Snoop Dog, rock musician Gene Simmon, and Elon Musk showed their interest in crypto. Elon Musk alone is believed to have made a great impact on the value of dogecoin. Many people purchased a large amount of DOGE thereafter, thus giving a sudden spike on the graph taking the value of the coin from $0.062 to $0.078, a 20 % increase in just 24 hours.

Take a look below on some of the tweets made on Dogecoin : )

Elon musk tweet to put a physical literal of the dogecoin on moon
Elon musk tweeting a picture with a storm with the face of shiba Inu dog saying it is inevitable
Dogecoin being shown as the master of bitcoin on twitter

Dogecoin vs other cryptos. What is the difference?

dogecoin
Dogecoin, Litecoin, Ethereum and bitcoin on black background.

As stated by its owner dogecoin is more fun and quicker alternative to cryptos like Bitcoin. Some features that make dogecoin different from bitcoin is that it’s quick and easy to mine by solving mathematical equations. Thereafter it gets recorded in the registry which makes dogecoin more payment efficient than bitcoin.

It takes almost 10 minutes for bitcoin to verify the transaction and add up in its blockchain peer network whereas it takes only 1 min for Dogecoin to do the same informed by Gary DeWaal, Chair of Katten’s Financial Markets and Regulation group.

So you must be wondering what is Dogecoin capped on? or what is the total volume of Dogecoin that is supplied to the market? One of the most significant differences that make dogecoin stand out from other cryptos is the fact that it does not have any lifetime cap in its number and there is no possible limit to how many Dogecoins can be created. Whereas most popular cryptos like Bitcoin, Ethereum, Litecoins have some sort of cap on how many of them can be created. The Lifetime cap on Bitcoin is $21 million, the cap on Ethereum is $18 million per year.

Is this a good investment and should you buy it?

dogecoin investment
Euro money coins and silver colored ball pen on top of light rose colored stock market chart

No one knows what is dogecoin’s future going to be. Some investors are afraid that Dogecoin is a hoax bubble that will explode leading to massive loss. The truth is bitter but buyers have no plan of long-term investment and will continue to trade as long as the digital asset in gaining profit by blowing air inside its popularity bubble.

It’s the same thought which was also prevalent when Bitcoin first came to mainstream media. Many had risked their saving by investing in the asset and the rest is history as we all know bitcoin touched its all-time high of $65000 in early 2021. Experts suggest that investing in such a volatile coin is risky but can also be rewarding. So invest as much you can bear.

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