Dogecoin, known as "Dogcoin" was made on December 8, 2013. Based on the Scrypt algorithm, it is a digital currency commonly used in the world. Digital currency is a universal currency launched by common folk, and does not belong to a certain legal currency. It has the advantage of easy access for anyone with internet, and fast global transfers. Within a few seconds money can be transferred from the one country to another with low costs and no worry for fluctuating value between legal currencies. Dogecoin does not take Bitcoin's profit-making route, but makes good use of the US tipping culture. Compared to the expensive bitcoin, the threshold of the dog's currency is lower and more approachable. After the system went online for a week, it became the second most popular "electronic tip" in the US. It’s cute and approachable nature has earned itself a niche position in the growing cryptocurrency market.