What is Dogecoin?
Dogecoin is a digital currency that is represented by the Doge meme that became popular a few years ago. Upon first glance, it appears to be nothing more than a joke distributed throughout the internet community for their own amusement. On further inspection, though, it reveals itself to be one of the more accessible cryptocurrencies on the market and its value is only expected to rise, against the odds.
Is It a Joke?
The answer to this is both yes and no. The Shiba Inu Doge meme has been around for a while and when cryptocurrency exploded into our consciousness, it was perhaps unsurprising to find that the meme and cryptocurrency found themselves forever linked in the shape of Dogecoin.
Being released in December 2013, Dogecoin tripled its value by the end of January 2014. This was perhaps unexpected. Nevertheless, the demand for Dogecoin was high.
As much as it is connected with memes, internet culture and general silliness, Dogecoin also has many benefits that are are sometimes overlooked with other cryptocurrencies. Its lighthearted nature represents something entirely different for the very-serious attitudes towards more established cryptocurrency such as Bitcoin or Ethereum.
People will buy Dogecoin to tip other users across the internet in recognition for a job well done or after making comment considered above all other comments on discussion threads. Furthermore, Dogecoin has been used to give to charity and is used to fund an organisation known as the Dogecoin Foundation. This foundation is dedicated to promoting goodwill and charitable endeavours to help out anybody in need.
Its whimsical nature is perhaps what attracts such charitable exercises. The lighthearted approach to something that is taken so seriously by so many (that is, currency) allows people to have a little bit of fun with their money and give back.
Why Buy It?
Aside from maybe just wanting to get in on the joke, opting to buy Dogecoin can have more advantages than you might have first believed. These include the fact that the price is likely to rise, with it being associated with charitable exploits and a more laid back community. Furthermore, it is cheap (1 USD = 251 DOGE) meaning it is excellent for new traders wanting to wrap their heads around the market.
Additionally, with it being a strong currency, you can actually purchase things with it as well as help donate to charities, as mentioned above. Perhaps most attractively, Dogecoin is minable but restricted when it comes to using the expensive mining software associated with Bitcoin. This means that anyone can mine Dogecoin for themselves.
How To Buy It
If you are looking to buy Dogecoin, you can do so by visiting the Dogecoin official website and purchasing a Dogecoin wallet. Without the wallet, you will be unable to store the currency.
Following this, it is smart to purchase Bitcoin or Litecoin through one of the many crypto selling platforms available. This can be done via PayPal, credit or debit card, Western Union or even cash. When this is completed, you can set up an account on sites such as Bittrex which will help begin the process for purchasing different cryptocurrencies.
Some of these sites will offer differing levels of verification factors with either one-, two-factor verification or more. For the best security, selecting sites with more verification will provide you with adequate protection from a breach.
Exchange Your Currency
When this is done, you can exchange your Bitcoin or similar currency to buy Dogecoin. This will be represented by the currency code (DOGE for Dogecoin, BTC for Bitcoin, LTC for Litecoin, etc.) and select what exchange you want to process.
For changing Bitcoin to buy Dogecoin, the BTC/DOGE link is the one you want to click. For Litecoin to Dogecoin, LTC/DOGE is the one that needs to be selected.
After completing this step, you can select the desired amount of Dogecoins you want to buy depending on how much Bitcoin or Ethereum you possess. The screen displayed at this stage will show you the fluctuation of Dogecoin value over the past hour, day, week, month or year.
With your newly bought Dogecoins, you can then withdraw them to your Dogecoin wallet which can be done by inputting your wallet address, the amount of dogecoins you want your account password into the (popup) window. Click to submit and you’ve done it!
Keeping It Secure
As with all cryptocurrencies, owners still need to demonstrate some level of caution towards ensuring that their assets remain safe and secure. During setup, take care to make a note of any codes or unique keys, this will prove beneficial in the future should you lose your password or your phone breaks as without them you will not be able to retrieve or regenerate your Dogecoin wallet.
This will help you prevent becoming a victim of hacking. Cryptocurrency left in exchanges for too long run the risk of being breached and stolen. While hacks are never entirely guaranteed to be avoided, taking the necessary measures to do as much as you can will help you achieve peace of mind for you Dogecoins and yourself.