Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, since the system works without a central repository or single administrator. It was invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
The Dogecoin was created by the programmer and former IBM engineer Billy Markus, a native of Portland, Oregon, who originally tried to fiddle with an existing cryptocurrency called "Bells," based on Nintendo's Animal Crossing, hoping to reach a base of users more extensive than the investors who created the Bitcoin, and something that was not involved with the controversial story behind Bitcoin (specifically its association with the black market Silk Road.) At the same time, his friend Jackson Palmer, a worker of the marketing department of Adobe Systems in Sydney, Australia, and the person who originally conceived the idea of Dogecoin, was encouraged on Twitter by a Front Range Community College student to make the idea a reality, which led Palmer to contact with Markus