Dogecoin (DOGE), an open-source cryptocurrency for peer-to–peer payments, is used to send and receive digital payment through the Dogecoin network. It was first created to poke fun at the crypto industry, but now it’s one of the world’s most popular cryptocurrencies.
You can read on for all the details about Dogecoin. Also, what happens to a joke when it is taken seriously.
Dogecoin: What is it?
Dogecoin, which was originally created as a joke cryptocurrency and parody on the moon following crypto communities, is now a fully functioning currency. Jackson Palmer started the joke first on Twitter. Later, he made a website. With the goal of making cryptocurrency more accessible and fun, Palmer and Billy Markus released Dogecoin in 2013.
Dogecoin is a fork of Luckycoin (LTC), which was no longer in existence. Named after Kabosu the Shiba Inu Dog, DOGE Meme was created. The Dogecoin team marketed it as a “fun and friendly internet currency, and it quickly built up a lively community of enthusiasts. Its price was below $0.01 from January 2021, despite its popularity within meme culture. Dogecoin reached a market capital of $88 Billion during the $0.712926 price spike in May 2021.
DOGE is used primarily for tipping and crowdfunding online content creators. To help the poor Jamaican bobsled team reach the 2014 Olympics, the team raised over $25,000 in Dogecoin. A water charity joined them to help raise thousands of dollars to increase clean water access in Kenya via the Doge4Water initiative.
Although DOGE started as a joke, Dogecoin is now a top cryptocurrency by market capital. It has 5000% return in 2021, and was endorsed millions of times by notable supporters such as Elon Musk, Snoop Dogg, and many others.
Musk loves Dogecoin, and regularly tweets about it. Musk’s company SpaceX announced a moon mission funded by Dogecoin, becoming the first cryptocurrency to go to the moon.
Dogecoin is mineable because it operates on Proof-of-Work protocols. To protect the network against malicious parties and attacks, miners validate and verify transactions. Each minute, one Dogecoin Block is created.
Recent developments have seen the acceptance of cryptocurrency by a growing number of merchants. This is in addition to the fact that it can be used for payment.
Dogecoin, which has a global market cap of $36,580.525,113, is one of the 10 most valuable cryptocurrencies. It’s probably the most favored digital asset in the world, second only to Bitcoin.
Dogecoin: Where can I buy it?
CoinStats and Binance are some of the most popular cryptocurrency exchanges that allow you to buy Dogecoin Doge. You can purchase Dogecoin Doge via a variety of payment methods, including using fiat currencies or cryptocurrencies such as Bitcoin and Ethereum.
Some exchanges provide a straightforward platform with lower fees. However, advanced trading platforms charge less.
Robinhood and other beginner-friendly investing apps offer brokerage services, however these will not permit you to send Dogecoin coins outside the app.
PancakeSwapV2, UniSwapV3, UniswapV2, SushiSwapV2, and UniswapV3 are some of the most popular decentralized platforms where Dogecoin can be purchased. You can trade cryptos anonymously, securely and anonymously through them. But they are not for everyone.
Although decentralized exchanges offer greater security, many users prefer to purchase their crypto assets on centralized exchanges. For you to purchase from these exchanges, it is necessary that you create an account. You also need KYC verification. Let’s take Binance as an example, as it’s the biggest cryptocurrency exchange in terms of trading volume worldwide. Binance will require you to open an account, fill out your personal information and undergo KYC verification. After your account is created, you can follow these steps to purchase Dogecoin.
How to buy Dogecoin at Binance
Binance, a top cryptocurrency exchange that allows crypto trading, is the best. The Exchange is easy to register and offers great liquidity. Binance allows you to buy Dogecoin at the lowest price and complete your trade in a matter of seconds. Binance offers a wide range of cryptocurrencies so that you can quickly convert Dogecoin later.
You can buy a doge
You can add money to your Binance account
Once you’ve logged into your verified Binance account, go to wallets and add money to your spot account through a credit/ debit card or a bank transfer. You can use various fiat currencies like USD, EURO, AUD, GBP, etc. You can risk as much as you want, because cryptocurrency trading can be risky.
After you’ve successfully added fiat money to your wallet it will display under your control. Fiat and Spot balance. Binance searches for Dogecoin will show you a comparison price of Dogecoin to other assets, such as BTC (BNB), ETH, USDT(TETHER), and others. CoinStats offers an alternative comparison tool. BTC and ETH both have trading pairs that allow you to trade with the majority of cryptocurrencies on Binance. BOTH can be traded on Binance for DOGE. Choose the asset you’d like to trade for Doge and purchase it depending on how much Doge you want to buy.
Dogecoin can be traded for the Asset
To place an order, go to Exchange> Basic. Let’s assume you deposited BTC. If you deposited another coin, don’t worry – the process is precisely the same.
Click the button in the upper-right corner to select BTC. Search for Doge. You should see the DOGE/BTC trading pairs. A price chart appears in the middle after clicking the trading pair. Place your buy order below the chart. You can use this form to purchase Doge once it has reached a certain price. Limit order. Click the Buy DOGE button and enter the price in BTC. If you’re going to buy Dogecoin at its current price, click on the Market Click on the tab, and then enter your desired amount. You will receive the DOGE immediately after placing your order.
Coinbase – How to buy Dogecoin
Coinbase, an American-based cryptocurrency exchange, has been in existence since 2012. It’s also one of the only publicly-traded crypto exchanges in America. Coinbase has a simple and easy to use interface and is one the most trusted digital currency exchanges in America. It’s also known for excellent liquidity, a high number of available cryptos, and excellent security. Coinbase, like Binance allows you to purchase Dogecoin on Exchange in exchange for many cryptocurrency tokens.
Register for a Coinbase account
If you don’t have a Coinbase account already, it’s very easy to set up one. Fill out your personal information and go through the KYC verification. After your account has been verified, you can buy Dogecoin or other cryptocurrency to start building your crypto portfolio.
Register a Payment Method
Once you’ve successfully created your Coinbase account, choose a payment method and your fiat currency. You can trade using a number of different payment options, including wire transfers and bank transfer. This depends on the country you are in. You can withdraw bank transfer funds within 5 days, but there are no transaction charges. While wire transfers are free of transaction fees there is no waiting time.
Now, click “Portfolios” and then “Deposit” on the top-right corner.
Dogecoin for sale
Input how much you’d like to buy, then click on “Withdraw.” Next, click “Trade,” then “Select Market.” Suppose you are buying from the USA, select “DOGE-USD.” Click “Buy” under the order form, input how much DOGE you want, then purchase. Your Dogecoins are now yours to hold, trade or sell. To increase security, you may also keep them in your Coinbase account.
Additional Exchanges for Dogecoin
Other than Binance and Coinbase there are several cryptocurrency exchanges where you can buy, trade or trade Dogecoin. They are all easy to use and allow you to purchase Dogecoin as well as other major cryptos. To buy crypto tokens, build your portfolio and/or invest in Dogecoin, you can choose any exchange.
How to store your dogecoin
When you buy Dogecoin, it’s kept in your Exchange’s crypto wallet. These coins are linked to the Internet, so you may prefer to withdraw them and keep them in a different wallet.
Dogecoins can either be kept in hot wallets or cold wallets outside your Exchange. Hot wallets can be digitally connected to the Internet. You can store your private keys to the Doge in them on your phone or computer. They are susceptible to malware. Instead, cold wallets store physical hardware and are not linked to the internet. Hot wallets tend to be less secure than cold wallets.
Let’s look into various types of crypto wallets.
Different types of wallets
You can store your crypto currencies in a variety of wallets. The amount of Dogecoin you own and your plans for using it will affect the type of wallet that you choose.
- Software wallets are used to securely store and access your digital assets. These wallets can be downloaded on your computer or smartphone and are custodial, or non-custodial. Custodial wallets allow you to keep your private keys safe and secure. Private keys are stored in non-custodial wallets using secure elements found on the device. Software wallets are more convenient but less secure than hardware wallets, meaning they’re better suited to inexperienced users with smaller amounts of DOGE. The CoinStats Wallet is one of the best software wallets. It allows you to store your entire assets in a safe place and tracks their growth. Trust Wallet is another example.
- Hardware wallet: This is the best way to store and back up your data offline. However, it tends to be more expensive and difficult to understand, so it’s probably more suitable for experienced traders with lots of DOGE to store. Ledger Nano X (or Ledger Nano S), Trezor T (or T) are some examples of cold/hardware storage wallets that are currently available. Each wallet allows the user to create their private keys.
You now know all about Dogecoin investing and safe storage. This article will show you how to buy Bitcoin.
Dogecoin is unique in its functionality and mission. It’s based on a decentralized network and was created as a fun and user-friendly digital currency for instant payments and cost-efficient transactions. DOGE is praised by a large and continuously-growing user base and advocates who are all in support of it. Their support for good causes has been a hallmark of their work.
The information and content contained in this content are provided for informational purposes and do not represent a recommendation to purchase, sell or hold any security or financial product or instrument. It does not include investment advice, financial advice or trading advice.