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Since the launch of Bitcoin in 2009, thousands of crypto coins or altcoins have flooded the digital marketplace. While some coins stay and others just swipe off if they do not have enough unique features to captivate the interest of investors. In this guide, we are going to talk about the recently hyped Dogecoin. Some of the animal lovers might get attracted with the cute fluffy face of Shiba Inu which is like a trademark of Dogecoin but some of the crypto enthusiasts might be aware of the fact that Dogecoin was created as a joke. Dogecoin is the sixth oldest currency of the crypto market place and was launched in 2013, is known to be one of the fastest-growing cryptocurrencies of the world. Let us explore more about the Dogecoin value which was started as a joke and now a viable currency.
What Is Dogecoin? | Dogecoin Value
Dogecoin or Doge was founded by Billy Markus and Jackson Marker in the cryptomarket on December 06, 2013. At the time of launch, it was open-source code and did not expect to gain traction in future. It was taken as a joke initially because the name “doge” was inspired by the meme and the community considered the coin as a joke. To keep the joke rolling in the crypto space, many of the investors kept on purchasing the coin and the market capitalisation continued to increase. Within just a few months, the coin which was started as the joke raised massive funds, became the star of the crypto marketplace and captured a huge percentage in crypto share. Ultimately the production of coins or Dogecoin mining increased as within two years of launch 100 billion coins were in circulation across the world which is growing till now. Recently, amid the pandemic and decrease in the credibility of Chinese mobile apps, Dogecoin news flashed that the circulation of coins has certainly increased by a huge percentage.
How? | Where? | Buy Dogecoin
Like any other cryptocurrency, you need to have a crypto wallet before purchasing or buying the Dogecoin either from centralised or decentralised crypto exchanges. Dogecoin being Reddit famous, so you can also find the Reddit subreddits willingly offering the help to purchase Dogecoins. One of the most common ways to buy Dogecoins is to log in on any reputed exchange either fiat to crypto or crypto to crypto (Binance, Poloniex, Bittrex, Kraken and many more) and can buy the number of coins from bank transfers, credit or debit cards, Paypal, etc. Another method is to sign in decentralised exchanges or the exchange offering the peer to peer exchange like Changelly, Shapeshift, Coinmama and many more. Just like any other cryptocurrency, you need to find out the seller of Dogecoin in return for the coins you hold and you can simply exchange them after the negotiation.
Storage of Dogecoins | Dogecoin Wallet
The easiest way to store your Dogecoins is your own hardware crypto wallet which can keep your coin safe and secured. Another simple way is to download the Dogecoin wallet from their website as per your requirements and compatibility of the operating system. Crypto Wallets actually stores the digital codes of the transaction, not any kind of coins. So, if you wish to have the best Dogecoin wallet, you can choose from the following options.
- Software Wallets: Website of Dogecoin offers two software wallets which can be downloaded from their site easily. First one is Dogecoin core which contains the Dogecoin Blockchain and can turn your system into a Dogecoin node. The second one is MultiDoge, which stores the information to utilise Dogecoin.
- Online Wallets: Online wallet available on the official site of Dogecoin allows you to secure your private keys with the customised features.
- Paper Wallets: Printable wallets which can be kept secure at any vault can also be used to store the keys of Dogecoin. Paper wallets can be easily generated from websites like Bitaddress, etc.
- Hardware Wallets: USB like devices are considered as the safest crypto wallets available in the market. You can choose from Ledger, Trezor and many more from any website and deliver it to your home. These hardware devices are compatible to store Dogecoins also.
Is Dogecoin A Good Option For Investment?
Cryptomarket is highly volatile and it would be difficult to advocate if the coin is good for investment or not. Let us still try to find out if Dogecoin price can prove to be a source of earning profits or not.
- With incredibly lower transaction fees and faster transactions with relatively stable value, traders are utilising Dogecoin as a means of trade and investment.
- Dogecoin is used for withdrawing money from a crypto exchange as it is less expensive than Bitcoin. So, many of the traders can be chosen to first trade their Bitcoin for Dogecoin and then withdraw the currency as Dogecoin before converting into something.
- Many of the investors use Dogecoin for speculation purposes by purchasing the hundreds of coins without spending a fortune and even a small increase can make reasonable gains.
- Dogecoin is accepted by various reputed exchanges,(both centralised and decentralised) so it can be said that the coin can be considered as the good option for investment.
- Short block time of Dogecoin gives the added advantage to it as it becomes more accessible than Bitcoin. Thus, Dogecoin can be easily accessed from crypto markets. Thus, Dogecoin can be an interesting cryptocurrency and can be the option for investment in crypto markets.
Summing Up
Dogecoin was initiated as a joke and was constructed after the meme of Dog but gradually strengthened its position on the charts of the top 50 cryptocurrencies in terms of market capitalisation. Recent events and Dogecoin price are showing that the global adoption of this cryptocurrency is increasing at a higher pace with a better chance of survival. Dogecoin value is increasing day by day though it has faced the downfall in the past, but presently it seems that it can prove a good option of investment and can aid in earning high profits in future.
